Evercore ISI Boosts Ferrari (NYSE:RACE) Price Target to $465.00

Ferrari (NYSE:RACE) had its price target lifted by Evercore ISI from $430.00 to $465.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities analysts have also recently issued reports on RACE. UBS Group upped their price objective on shares of Ferrari from $413.00 to $448.00 and gave the stock a buy rating in a research report on Friday, February 2nd. Citigroup lowered shares of Ferrari from a neutral rating to a sell rating in a report on Monday, March 4th. StockNews.com raised shares of Ferrari from a hold rating to a buy rating in a report on Friday, March 22nd. Bank of America boosted their target price on shares of Ferrari from $458.00 to $512.00 and gave the stock a buy rating in a report on Wednesday, April 10th. Finally, Sanford C. Bernstein boosted their target price on shares of Ferrari from $448.00 to $512.00 and gave the stock an outperform rating in a report on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $413.86.

Ferrari Price Performance

Shares of NYSE:RACE opened at $420.33 on Monday. The firm has a 50 day moving average of $419.13 and a 200-day moving average of $369.92. The stock has a market capitalization of $77.66 billion, a PE ratio of 56.42, a PEG ratio of 3.14 and a beta of 0.97. The company has a current ratio of 3.91, a quick ratio of 2.98 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 issued its earnings results on Thursday, February 1st. The company reported $1.74 EPS for the quarter, beating the consensus estimate of $1.59 by $0.15. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Ferrari had a net margin of 21.06% and a return on equity of 43.84%. On average, equities research analysts predict that Ferrari will post 8.31 EPS for the current fiscal year.

Ferrari Dividend Announcement

The company also recently disclosed an annual dividend, which will be paid on Friday, May 3rd. Stockholders of record on Tuesday, April 23rd will be paid a $2.443 dividend. This represents a dividend yield of 0.62%. The ex-dividend date is Monday, April 22nd. Ferrari’s dividend payout ratio is currently 6.91%.

Institutional Investors Weigh In On Ferrari

A number of institutional investors have recently modified their holdings of RACE. Vanguard Group Inc. boosted its stake in Ferrari by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 4,488,346 shares of the company’s stock worth $1,518,991,000 after acquiring an additional 46,938 shares in the last quarter. Norges Bank bought a new position in Ferrari during the fourth quarter worth $572,523,000. Bank of New York Mellon Corp boosted its stake in Ferrari by 0.3% during 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 acquiring an additional 5,310 shares in the last quarter. Capital Research Global Investors boosted its stake in Ferrari by 0.6% during the fourth quarter. Capital Research Global Investors now owns 1,280,347 shares of the company’s stock worth $431,876,000 after acquiring an additional 7,451 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in Ferrari by 8,986.8% during the third quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock worth $297,327,000 after acquiring an additional 993,044 shares in 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.