QRG Capital Management Inc. Makes New $267,000 Investment in Ferrari (NYSE:RACE)

QRG Capital Management Inc. bought a new stake in shares of Ferrari (NYSE:RACE) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 569 shares of the company’s stock, valued at approximately $267,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Janney Montgomery Scott LLC boosted its position in Ferrari by 4.1% during the third quarter. Janney Montgomery Scott LLC now owns 69,257 shares of the company’s stock valued at $32,559,000 after purchasing an additional 2,722 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of Ferrari by 83.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 728 shares of the company’s stock worth $342,000 after purchasing an additional 331 shares in the last quarter. AustralianSuper Pty Ltd lifted its holdings in shares of Ferrari by 3.5% during the 3rd quarter. AustralianSuper Pty Ltd now owns 7,469 shares of the company’s stock valued at $3,491,000 after buying an additional 252 shares during the last quarter. US Bancorp DE grew its stake in shares of Ferrari by 1.7% in the 3rd quarter. US Bancorp DE now owns 16,483 shares of the company’s stock valued at $7,750,000 after buying an additional 282 shares in the last quarter. Finally, Tevis Investment Management increased its holdings in Ferrari by 20.2% in the third quarter. Tevis Investment Management now owns 1,001 shares of the company’s stock worth $471,000 after buying an additional 168 shares during the last quarter.

Wall Street Analyst Weigh In

RACE has been the subject of several recent research reports. Morgan Stanley boosted their target price on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Evercore ISI upped 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. StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. Finally, Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. One investment 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. Based on data from MarketBeat.com, Ferrari presently has a consensus rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Stock Performance

NYSE RACE opened at $452.45 on Tuesday. The stock has a 50-day simple moving average of $470.58 and a 200 day simple moving average of $441.59. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.32. Ferrari has a twelve month low of $330.15 and a twelve month high of $498.23.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.80 billion. During the same period in the prior year, the company posted $1.98 earnings per share. The firm’s revenue was up 6.5% compared to the same quarter last year. On average, research analysts forecast that Ferrari will post 8.75 EPS 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.