Ferrari’s (RACE) Overweight Rating Reaffirmed at Morgan Stanley

Morgan Stanley reaffirmed their overweight rating on shares of Ferrari (NYSE:RACE) in a research note published on Monday morning, Benzinga reports. They currently have a $400.00 price target on the stock.

A number of other equities research analysts have also issued reports on RACE. StockNews.com raised Ferrari from a hold rating to a buy rating in a research report on Friday, March 22nd. Sanford C. Bernstein lifted their price target on Ferrari from $448.00 to $512.00 and gave the company an outperform rating in a report on Thursday, April 18th. Evercore ISI lifted their price target on Ferrari from $430.00 to $465.00 and gave the company an outperform rating in a report on Monday. UBS Group lifted their price target on Ferrari from $413.00 to $448.00 and gave the company a buy rating in a report on Friday, February 2nd. Finally, Citigroup downgraded Ferrari from a neutral rating to a sell rating in a report on Monday, March 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $413.86.

Ferrari Price Performance

Shares of Ferrari stock opened at $412.19 on Monday. The stock’s fifty day moving average is $419.59 and its 200-day moving average is $370.21. The company has a quick ratio of 2.98, a current ratio of 3.91 and a debt-to-equity ratio of 0.81. Ferrari has a 12-month low of $273.39 and a 12-month high of $442.80.

Ferrari (NYSE:RACE) last announced its earnings results on Thursday, February 1st. The company reported $1.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.59 by $0.15. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.61 billion. Ferrari had a return on equity of 43.84% and a net margin of 21.06%. Equities research analysts predict that Ferrari will post 8.31 EPS for the current fiscal year.

Ferrari Announces Dividend

The company also recently announced an annual dividend, which will be paid on Friday, May 3rd. Shareholders of record on Tuesday, April 23rd will be paid a $2.443 dividend. The ex-dividend date of this dividend is Monday, April 22nd. This represents a yield of 0.62%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Ferrari by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 4,488,346 shares of the company’s stock valued at $1,518,991,000 after purchasing an additional 46,938 shares in the last quarter. Norges Bank acquired a new stake in shares of Ferrari in the fourth quarter worth about $572,523,000. Bank of New York Mellon Corp lifted its position in shares of Ferrari by 0.3% in the third quarter. Bank of New York Mellon Corp now owns 1,635,501 shares of the company’s stock worth $483,356,000 after buying an additional 5,310 shares during the last quarter. Capital Research Global Investors lifted its position in shares of Ferrari by 0.6% in the fourth quarter. Capital Research Global Investors now owns 1,280,347 shares of the company’s stock worth $431,876,000 after buying an additional 7,451 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Ferrari by 8,986.8% in the third quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock worth $297,327,000 after buying an additional 993,044 shares during the last quarter.

Ferrari Company Profile

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.