Whittier Trust Co. of Nevada Inc. Boosts Stock Position in Ferrari (NYSE:RACE)

Whittier Trust Co. of Nevada Inc. grew its stake in Ferrari (NYSE:RACE) by 58.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,124 shares of the company’s stock after purchasing an additional 415 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in Ferrari were worth $459,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in RACE. Norges Bank acquired a new position in Ferrari in the fourth quarter valued at approximately $572,523,000. Capital International Investors lifted its holdings in Ferrari by 314.3% in the first quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock valued at $454,792,000 after acquiring an additional 791,596 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in Ferrari by 6,024.9% in the first quarter. Clearbridge Investments LLC now owns 380,910 shares of the company’s stock valued at $166,054,000 after acquiring an additional 374,691 shares during the last quarter. Capital World Investors lifted its holdings in Ferrari by 34.3% in the first quarter. Capital World Investors now owns 962,583 shares of the company’s stock valued at $419,547,000 after acquiring an additional 245,872 shares during the last quarter. Finally, Capital International Inc. CA lifted its holdings in Ferrari by 207.3% in the first quarter. Capital International Inc. CA now owns 237,277 shares of the company’s stock valued at $103,419,000 after acquiring an additional 160,055 shares during the last quarter.

Analyst Ratings Changes

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

Ferrari Trading Up 0.8 %

Shares of RACE opened at $490.59 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 firm has a 50 day simple moving average of $431.83 and a 200-day simple moving average of $421.62. Ferrari has a 1-year low of $285.02 and a 1-year high of $495.38. The stock has a market cap of $90.64 billion, a price-to-earnings ratio of 62.66, a price-to-earnings-growth ratio of 4.85 and a beta of 0.99.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, topping 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 business had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period last year, the company posted $1.99 EPS. The company’s revenue was up 16.1% on a year-over-year basis. Equities analysts forecast that Ferrari will post 8.71 EPS for the current fiscal year.

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.