JPMorgan Chase & Co. Cuts Ferrari (NYSE:RACE) Price Target to $460.00

Ferrari (NYSE:RACE) had its price target reduced by JPMorgan Chase & Co. from $525.00 to $460.00 in a research note released on Thursday, MarketBeat Ratings reports. They currently have an overweight rating on the stock.

Other equities analysts have also issued research reports about the company. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $497.86.

Ferrari Price Performance

Shares of NYSE RACE opened at $429.93 on Thursday. The stock’s 50-day simple moving average is $456.00 and its 200-day simple moving average is $452.36. The firm has a market capitalization of $104.21 billion, a PE ratio of 46.99, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. Ferrari has a fifty-two week low of $399.27 and a fifty-two week high of $509.13. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

Ferrari Increases Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new stake in Ferrari in the 4th quarter valued at approximately $697,226,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Ferrari by 49.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock valued at $763,125,000 after buying an additional 594,547 shares in the last quarter. Barclays PLC grew its holdings in Ferrari by 198.0% during the fourth quarter. Barclays PLC now owns 853,971 shares of the company’s stock worth $362,802,000 after acquiring an additional 567,407 shares during the period. Marshall Wace LLP raised its position in Ferrari by 62.1% in the fourth quarter. Marshall Wace LLP now owns 1,358,467 shares of the company’s stock worth $579,561,000 after acquiring an additional 520,337 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its holdings in Ferrari by 380.7% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 243,306 shares of the company’s stock valued at $107,770,000 after acquiring an additional 192,694 shares during the period.

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.