Ferrari (NYSE:RACE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.
According to Zacks, “Ferrari N.V. is engaged in designing, manufacturing and selling sports cars. Its products include sports car models consists of 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A as well as two grand tourer (GT) cars: California T and FF. The Company also produces a limited edition supercar, LaFerrari and limited series and one-off cars. It operates primarily in Europe, the Middle East, India, Africa, Americas, Greater China and Rest of Asia-Pacific region. Ferrari N.V. is headquartered in Maranello, Italy. “
Several other research firms also recently weighed in on RACE. UBS Group cut their price objective on Ferrari from $247.00 to $238.00 and set a “buy” rating on the stock in a report on Tuesday, March 30th. Kepler Capital Markets reissued a “hold” rating on shares of Ferrari in a report on Friday, March 5th. Morgan Stanley raised their price objective on Ferrari from $265.00 to $273.00 and gave the company an “overweight” rating in a report on Wednesday, February 3rd. HSBC downgraded Ferrari from a “buy” rating to a “hold” rating in a report on Thursday, February 11th. Finally, Citigroup downgraded Ferrari from a “neutral” rating to a “sell” rating in a research note on Wednesday, February 3rd. Three analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. Ferrari has a consensus rating of “Hold” and a consensus price target of $216.30.
NYSE:RACE opened at $210.20 on Wednesday. The stock has a 50 day simple moving average of $200.26 and a 200 day simple moving average of $204.42. Ferrari has a 1-year low of $147.08 and a 1-year high of $233.66. The company has a current ratio of 4.63, a quick ratio of 3.93 and a debt-to-equity ratio of 1.80. The stock has a market cap of $38.83 billion, a P/E ratio of 67.59, a PEG ratio of 4.59 and a beta of 1.00.
Ferrari (NYSE:RACE) last issued its quarterly earnings results on Monday, February 1st. The company reported $1.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.17 by $0.24. Ferrari had a return on equity of 34.85% and a net margin of 15.50%. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.05 billion. During the same quarter last year, the company posted $0.90 EPS. The company’s revenue for the quarter was up 15.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Ferrari will post 3.31 EPS for the current year.
Several large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. bought a new position in Ferrari in the fourth quarter valued at $10,208,000. M&G Investment Management Ltd. increased its stake in Ferrari by 1.6% in the fourth quarter. M&G Investment Management Ltd. now owns 42,481 shares of the company’s stock valued at $88,092,000 after acquiring an additional 662 shares during the last quarter. International Assets Investment Management LLC bought a new position in Ferrari in the fourth quarter valued at $125,000. Captrust Financial Advisors increased its stake in Ferrari by 106.3% in the third quarter. Captrust Financial Advisors now owns 3,120 shares of the company’s stock valued at $576,000 after acquiring an additional 1,608 shares during the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Ferrari by 55.0% during the fourth quarter. Alliancebernstein L.P. now owns 61,409 shares of the company’s stock valued at $14,095,000 after buying an additional 21,785 shares during the last quarter. Hedge funds and other institutional investors own 32.49% of the company’s stock.
Ferrari Company Profile
Ferrari N.V., through its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; one-off and track cars; and Icona cars. It also provides racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.