UBS Group Cuts Ferrari (NYSE:RACE) Price Target to $520.00

Ferrari (NYSE:RACE) had its target price lowered by UBS Group from $584.00 to $520.00 in a report published on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts have also commented on RACE. JPMorgan Chase & Co. reduced their price target on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Kepler Capital Markets upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Friday, March 28th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, March 28th. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Ferrari currently has an average rating of “Moderate Buy” and a consensus price target of $490.29.

Ferrari Price Performance

Shares of NYSE:RACE opened at $431.33 on Tuesday. The company has a 50 day moving average of $455.81 and a 200 day moving average of $451.40. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The stock has a market cap of $104.54 billion, a P/E ratio of 47.14, a P/E/G ratio of 4.43 and a beta of 0.94. Ferrari has a 12 month low of $399.27 and a 12 month high of $509.13.

Ferrari Increases Dividend

The company also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be given a $3.1265 dividend. This is an increase from Ferrari’s previous annual dividend of $2.44. The ex-dividend date is Wednesday, April 23rd. This represents a yield of 0.5%. Ferrari’s payout ratio is presently 5.63%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. HBK Sorce Advisory LLC boosted its stake in shares of Ferrari by 3.6% in the 4th quarter. HBK Sorce Advisory LLC now owns 626 shares of the company’s stock valued at $266,000 after purchasing an additional 22 shares in the last quarter. Citizens Financial Group Inc. RI lifted its stake in Ferrari by 4.4% in the fourth quarter. Citizens Financial Group Inc. RI now owns 591 shares of the company’s stock worth $251,000 after purchasing an additional 25 shares during the last quarter. Garde Capital Inc. boosted its position in Ferrari by 5.0% during the fourth quarter. Garde Capital Inc. now owns 525 shares of the company’s stock valued at $223,000 after buying an additional 25 shares during the period. PDS Planning Inc grew its stake in shares of Ferrari by 4.8% during the fourth quarter. PDS Planning Inc now owns 589 shares of the company’s stock valued at $250,000 after buying an additional 27 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its stake in shares of Ferrari by 10.0% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 329 shares of the company’s stock valued at $140,000 after buying an additional 30 shares during the last quarter.

About Ferrari

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.