Mackenzie Financial Corp Sells 32,378 Shares of Ferrari (NYSE:RACE)

Mackenzie Financial Corp cut its holdings in Ferrari (NYSE:RACE) by 10.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 274,667 shares of the company’s stock after selling 32,378 shares during the period. Mackenzie Financial Corp owned about 0.15% of Ferrari worth $112,132,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Rothschild Investment LLC bought a new stake in Ferrari in the second quarter worth about $29,000. Register Financial Advisors LLC bought a new stake in shares of Ferrari in the 1st quarter worth approximately $33,000. Valley Wealth Managers Inc. purchased a new position in Ferrari in the second quarter valued at approximately $33,000. Denver PWM LLC bought a new position in Ferrari during the second quarter valued at $35,000. Finally, Pittenger & Anderson Inc. raised its stake in shares of 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 buying an additional 59 shares during the period.

Ferrari Stock Down 1.3 %

Shares of Ferrari stock opened at $471.69 on Friday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.32 and a current ratio of 4.35. Ferrari has a 52-week low of $289.92 and a 52-week high of $498.23. The company’s 50 day moving average price is $454.62 and its 200-day moving average price is $431.59. The stock has a market capitalization of $87.14 billion, a price-to-earnings ratio of 60.24, a P/E/G ratio of 4.97 and a beta of 1.00.

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

Wall Street Analysts Forecast Growth

RACE has been the subject of several research reports. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. UBS Group lifted their price objective on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Morgan Stanley upped their target price on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, Barclays raised shares of 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, three have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $481.67.

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.