Pinnacle Associates Ltd. Reduces Stock Position in Ferrari (NYSE:RACE)

Pinnacle Associates Ltd. decreased its holdings in Ferrari (NYSE:RACE) by 3.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,237 shares of the company’s stock after selling 40 shares during the period. Pinnacle Associates Ltd.’s holdings in Ferrari were worth $582,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Blue Trust Inc. lifted its holdings in Ferrari by 3,806.5% during the 2nd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $528,000 after buying an additional 1,180 shares in the last quarter. Raymond James & Associates grew its stake in Ferrari by 1.3% in the second quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock worth $20,519,000 after purchasing an additional 655 shares in the last quarter. Jennison Associates LLC increased its holdings in Ferrari by 10.5% during the 1st quarter. Jennison Associates LLC now owns 266,608 shares of the company’s stock worth $116,225,000 after purchasing an additional 25,228 shares during the period. Capital Wealth Planning LLC raised its position in Ferrari by 127.6% during the 1st quarter. Capital Wealth Planning LLC now owns 7,511 shares of the company’s stock valued at $3,274,000 after purchasing an additional 4,211 shares in the last quarter. Finally, Gateway Investment Advisers LLC lifted its holdings in shares of Ferrari by 46.7% in the 2nd quarter. Gateway Investment Advisers LLC now owns 6,864 shares of the company’s stock worth $2,803,000 after buying an additional 2,185 shares during the period.

Ferrari Stock Up 0.2 %

Shares of NYSE:RACE opened at $476.76 on Friday. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. The business’s 50-day moving average is $474.09 and its 200 day moving average is $440.07. Ferrari has a 1 year low of $315.54 and a 1 year high of $498.23.

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

Analyst Ratings Changes

Several analysts recently weighed in on RACE shares. Morgan Stanley lifted their price objective on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and increased their target price for the company from $385.00 to $525.00 in a research report on Friday, October 11th. Finally, Evercore ISI boosted their price target on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Ferrari has an average rating of “Moderate Buy” and an average target price of $502.14.

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.