PNC Financial Services Group Inc. Raises Holdings in Ferrari (NYSE:RACE)

PNC Financial Services Group Inc. boosted its stake in shares of Ferrari (NYSE:RACE) by 0.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,329 shares of the company’s stock after acquiring an additional 101 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Ferrari were worth $6,736,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Prospera Financial Services Inc purchased a new position in shares of Ferrari during the 3rd quarter valued at approximately $257,000. Caprock Group LLC increased its holdings in Ferrari by 1.7% in the third quarter. Caprock Group LLC now owns 1,823 shares of the company’s stock valued at $857,000 after buying an additional 31 shares in the last quarter. Pathstone Holdings LLC raised its position in shares of Ferrari by 1.9% in the third quarter. Pathstone Holdings LLC now owns 33,131 shares of the company’s stock worth $15,575,000 after acquiring an additional 633 shares during the period. Aljian Capital Management LLC purchased a new stake in shares of Ferrari during the 3rd quarter worth about $363,000. Finally, Swiss National Bank grew its position in shares of Ferrari by 0.5% during the 3rd quarter. Swiss National Bank now owns 377,857 shares of the company’s stock valued at $177,157,000 after acquiring an additional 1,914 shares during the period.

Ferrari Stock Up 1.9 %

RACE opened at $437.62 on Friday. The company’s 50 day simple moving average is $462.30 and its two-hundred day simple moving average is $442.60. Ferrari has a 1-year low of $330.15 and a 1-year high of $498.23. 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 announced its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.98 EPS. Research analysts anticipate that Ferrari will post 8.75 earnings per share for the current year.

Wall Street Analyst Weigh In

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

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.