Whittier Trust Co. Increases Stock Holdings in Ferrari (NYSE:RACE)

Whittier Trust Co. boosted its position in shares of Ferrari (NYSE:RACE) by 9.3% during the second quarter, Holdings Channel.com reports. The firm owned 3,783 shares of the company’s stock after buying an additional 322 shares during the quarter. Whittier Trust Co.’s holdings in Ferrari were worth $1,545,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Ferrari by 1.4% in the first quarter. Vanguard Group Inc. now owns 4,549,934 shares of the company’s stock worth $1,983,498,000 after acquiring an additional 61,588 shares during the period. Norges Bank purchased a new position in Ferrari in the fourth quarter worth approximately $572,523,000. Capital Research Global Investors grew its position in Ferrari by 3.9% in the first quarter. Capital Research Global Investors now owns 1,329,714 shares of the company’s stock worth $579,585,000 after acquiring an additional 49,367 shares during the period. Capital International Investors grew its position in Ferrari by 314.3% in the first quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock worth $454,792,000 after acquiring an additional 791,596 shares during the period. Finally, Capital World Investors boosted its position in shares of Ferrari by 34.3% during the first quarter. Capital World Investors now owns 962,583 shares of the company’s stock worth $419,547,000 after buying an additional 245,872 shares during the period.

Ferrari Price Performance

RACE stock opened at $490.59 on Friday. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. Ferrari has a fifty-two week low of $285.02 and a fifty-two week high of $495.38. The business has a 50 day moving average price of $431.83 and a 200 day moving average price of $421.62. The stock has a market cap of $90.64 billion, a price-to-earnings ratio of 62.66, a PEG ratio of 4.85 and a beta of 0.99.

Ferrari (NYSE:RACE) last posted its earnings results on Thursday, August 1st. The company reported $2.29 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.08. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the firm posted $1.99 EPS. The company’s revenue was up 16.1% on a year-over-year basis. Equities research analysts anticipate that Ferrari will post 8.71 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RACE has been the subject of several research analyst reports. Morgan Stanley raised their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. UBS Group raised their price target on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Jefferies Financial Group began coverage on Ferrari in a research note on Friday, May 10th. They issued a “hold” rating and a $403.00 price objective on the stock. Finally, Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $481.67.

Ferrari 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.