Ferrari (RACE) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Ferrari (NYSE:RACE) from a sell rating to a hold rating in a research report sent to investors on Wednesday.

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 analysts have also commented on the stock. ValuEngine lowered shares of Ferrari from a buy rating to a hold rating in a report on Thursday, November 8th. Jefferies Financial Group lowered shares of Ferrari from a buy rating to a hold rating in a report on Thursday, October 11th. Societe Generale upgraded shares of Ferrari from a sell rating to a hold rating and raised their price objective for the stock from $94.00 to $130.00 in a report on Wednesday, October 10th. Morgan Stanley restated an equal weight rating and issued a $140.00 price objective (up from $120.00) on shares of Ferrari in a report on Tuesday, October 2nd. Finally, Credit Suisse Group raised their price objective on shares of Ferrari from $156.00 to $160.00 and gave the stock an outperform rating in a report on Thursday, September 20th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Ferrari presently has a consensus rating of Hold and an average target price of $148.80.

Ferrari stock opened at $110.84 on Wednesday. The company has a quick ratio of 3.40, a current ratio of 4.05 and a debt-to-equity ratio of 1.53. The stock has a market cap of $21.01 billion, a PE ratio of 34.75, a PEG ratio of 2.00 and a beta of 1.34. Ferrari has a 1-year low of $93.85 and a 1-year high of $149.85.

Ferrari (NYSE:RACE) last posted its earnings results on Monday, November 5th. The company reported $0.90 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.02. The company had revenue of $838.00 million during the quarter, compared to analyst estimates of $864.50 million. Ferrari had a net margin of 21.34% and a return on equity of 62.07%. Ferrari’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the prior year, the business posted $0.74 earnings per share. Sell-side analysts predict that Ferrari will post 3.57 earnings per share for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Aperio Group LLC increased its stake in shares of Ferrari by 0.4% during the third quarter. Aperio Group LLC now owns 127,394 shares of the company’s stock valued at $17,442,000 after purchasing an additional 460 shares in the last quarter. San Francisco Sentry Investment Group CA increased its stake in shares of Ferrari by 9.7% during the third quarter. San Francisco Sentry Investment Group CA now owns 5,442 shares of the company’s stock valued at $745,000 after purchasing an additional 480 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Ferrari by 2.8% during the third quarter. Dimensional Fund Advisors LP now owns 22,553 shares of the company’s stock valued at $3,088,000 after purchasing an additional 624 shares in the last quarter. Voya Investment Management LLC increased its stake in shares of Ferrari by 4.5% during the second quarter. Voya Investment Management LLC now owns 14,935 shares of the company’s stock valued at $2,031,000 after purchasing an additional 646 shares in the last quarter. Finally, Rehmann Capital Advisory Group increased its stake in shares of Ferrari by 446.8% during the third quarter. Rehmann Capital Advisory Group now owns 864 shares of the company’s stock valued at $118,000 after purchasing an additional 706 shares in the last quarter. Institutional investors and hedge funds own 34.48% of the company’s stock.

About Ferrari

Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports cars, GT cars, special series cars, limited edition supercars, limited editions series, and one-off cars; and open air roadsters and two-seater mid-rear-engined roadsters.

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