Mediolanum International Funds Ltd Cuts Stock Position in Ferrari (NYSE:RACE)

Mediolanum International Funds Ltd trimmed its stake in shares of Ferrari (NYSE:RACE) by 9.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,275 shares of the company’s stock after selling 732 shares during the quarter. Mediolanum International Funds Ltd’s holdings in Ferrari were worth $3,449,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of RACE. Rothschild Investment LLC acquired a new stake in shares of Ferrari during the 2nd quarter worth about $29,000. Register Financial Advisors LLC acquired a new position in Ferrari in the 1st quarter valued at $33,000. Valley Wealth Managers Inc. purchased a new position in Ferrari during the second quarter worth about $33,000. Denver PWM LLC acquired a new stake in shares of Ferrari in the 2nd quarter valued at approximately $35,000. Finally, Pittenger & Anderson Inc. lifted its holdings in Ferrari by 168.6% in the first quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock valued at $41,000 after acquiring an additional 59 shares during the period.

Ferrari Price Performance

Shares of NYSE:RACE opened at $484.73 on Friday. 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 company’s fifty day moving average is $473.28 and its two-hundred day moving average is $437.59. Ferrari has a 1-year low of $296.34 and a 1-year high of $498.23.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.29 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.08. The firm had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The firm’s revenue was up 16.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.99 EPS. Equities research analysts forecast that Ferrari will post 8.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RACE shares. Evercore ISI boosted their price target on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Morgan Stanley upped their price objective on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and upped 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 note on Friday, August 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $502.14.

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.