Pitcairn Co. Sells 81 Shares of Ferrari (NYSE:RACE)

Pitcairn Co. cut its stake in shares of Ferrari (NYSE:RACE) by 10.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 725 shares of the company’s stock after selling 81 shares during the quarter. Pitcairn Co.’s holdings in Ferrari were worth $341,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Advisors Asset Management Inc. increased its position in Ferrari by 2.2% during the 1st quarter. Advisors Asset Management Inc. now owns 1,442 shares of the company’s stock valued at $629,000 after purchasing an additional 31 shares during the period. Janus Henderson Group PLC lifted its position in shares of Ferrari by 10.4% in the 1st quarter. Janus Henderson Group PLC now owns 77,864 shares of the company’s stock worth $34,013,000 after purchasing an additional 7,336 shares during the period. Virtu Financial LLC bought a new stake in shares of Ferrari in the 1st quarter valued at $293,000. LRI Investments LLC acquired a new stake in shares of Ferrari during the first quarter worth $87,000. Finally, Atria Investments Inc raised its stake in Ferrari by 34.6% during the first quarter. Atria Investments Inc now owns 7,017 shares of the company’s stock worth $3,059,000 after buying an additional 1,804 shares during the last quarter.

Ferrari Trading Down 0.9 %

NYSE RACE opened at $431.40 on Wednesday. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. Ferrari has a 52 week low of $330.15 and a 52 week high of $498.23. The business has a 50 day moving average price of $461.10 and a 200-day moving average price of $443.24. The company has a market cap of $79.70 billion, a price-to-earnings ratio of 50.10, a P/E/G ratio of 4.07 and a beta of 0.99.

Ferrari (NYSE:RACE) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter last year, the firm posted $1.98 EPS. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, equities analysts expect that Ferrari will post 8.66 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on RACE shares. UBS Group upped their price target on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Evercore ISI upped their target price on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

About Ferrari

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.