Bleakley Financial Group LLC Raises Stock Holdings in Ferrari (NYSE:RACE)

Bleakley Financial Group LLC raised its position in Ferrari (NYSE:RACE) by 2.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 3,408 shares of the company’s stock after purchasing an additional 97 shares during the period. Bleakley Financial Group LLC’s holdings in Ferrari were worth $1,601,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jamison Private Wealth Management Inc. grew its holdings in Ferrari by 27.2% during the third quarter. Jamison Private Wealth Management Inc. now owns 103 shares of the company’s stock worth $48,000 after acquiring an additional 22 shares during the period. Contravisory Investment Management Inc. lifted its position in shares of Ferrari by 4.6% in the second quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock valued at $212,000 after acquiring an additional 23 shares in the last quarter. First Citizens Bank & Trust Co. lifted its position in Ferrari by 3.3% during the second quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock worth $321,000 after buying an additional 25 shares during the period. Columbia Asset Management lifted its position in Ferrari by 1.8% during the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock worth $582,000 after buying an additional 25 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in Ferrari by 12.5% during the first quarter. EverSource Wealth Advisors LLC now owns 243 shares of the company’s stock worth $101,000 after buying an additional 27 shares during the period.

Ferrari Trading Up 0.0 %

NYSE:RACE opened at $482.35 on Friday. Ferrari has a 12-month low of $296.34 and a 12-month high of $498.23. The firm has a market capitalization of $89.11 billion, a P/E ratio of 61.60, a P/E/G ratio of 5.00 and a beta of 0.99. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32. The business has a 50 day simple moving average of $469.46 and a 200 day simple moving average of $435.50.

Ferrari (NYSE:RACE) last announced its quarterly earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.08. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The company had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the firm posted $1.99 EPS. The firm’s quarterly revenue was up 16.1% on a year-over-year basis. Equities research analysts predict that Ferrari will post 8.81 EPS for the current year.

Analyst Upgrades and Downgrades

RACE has been the subject of several research analyst reports. Morgan Stanley upped their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. UBS Group raised their target price on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a report on Monday, June 24th. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $385.00 to $525.00 in a report on Friday, October 11th. Finally, Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $487.86.

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.