Park Avenue Securities LLC Cuts Stake in Ferrari (NYSE:RACE)

Park Avenue Securities LLC reduced its position in shares of Ferrari (NYSE:RACE) by 6.4% in the fourth quarter, Holdings Channel reports. The fund owned 3,555 shares of the company’s stock after selling 245 shares during the quarter. Park Avenue Securities LLC’s holdings in Ferrari were worth $1,518,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position in shares of Ferrari by 25.1% during the second quarter. Dimensional Fund Advisors LP now owns 151,750 shares of the company’s stock worth $61,970,000 after purchasing an additional 30,461 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Ferrari by 84.2% during the second quarter. Renaissance Technologies LLC now owns 45,348 shares of the company’s stock worth $18,493,000 after acquiring an additional 20,733 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Ferrari by 12.2% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,208 shares of the company’s stock worth $2,106,000 after purchasing an additional 566 shares during the period. Blair William & Co. IL lifted its holdings in Ferrari by 2.0% in the second quarter. Blair William & Co. IL now owns 3,805 shares of the company’s stock valued at $1,554,000 after acquiring an additional 74 shares during the period. Finally, Benjamin F. Edwards & Company Inc. lifted its holdings in Ferrari by 5.0% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 588 shares of the company’s stock valued at $240,000 after acquiring an additional 28 shares during the period.

Wall Street Analysts Forecast Growth

RACE has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $385.00 to $525.00 in a research report on Friday, October 11th. UBS Group lifted 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. StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Evercore ISI raised their price objective on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Price Performance

Shares of RACE opened at $436.17 on Friday. Ferrari has a 1 year low of $330.15 and a 1 year high of $498.23. The company’s fifty day moving average is $434.32 and its two-hundred day moving average is $447.94. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the prior year, the firm earned $1.98 earnings per share. Ferrari’s quarterly revenue was up 6.5% on a year-over-year basis. On average, analysts forecast that Ferrari will post 8.59 earnings per share for the current fiscal year.

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.