International Assets Investment Management LLC Cuts Stake in Ferrari (NYSE:RACE)

International Assets Investment Management LLC reduced its holdings in shares of Ferrari (NYSE:RACE) by 99.8% during the fourth quarter, Holdings Channel reports. The fund owned 2,677 shares of the company’s stock after selling 1,178,239 shares during the period. International Assets Investment Management LLC’s holdings in Ferrari were worth $1,115,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in RACE. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of Ferrari during the 3rd quarter valued at $29,000. Planning Capital Management Corp purchased a new stake in Ferrari during the third quarter valued at about $30,000. Valley Wealth Managers Inc. bought a new position in shares of Ferrari during the second quarter valued at about $33,000. Ashton Thomas Securities LLC bought a new stake in shares of Ferrari in the 3rd quarter valued at about $33,000. Finally, FSC Wealth Advisors LLC purchased a new stake in Ferrari during the 3rd quarter valued at about $47,000.

Wall Street Analyst Weigh In

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

Ferrari Price Performance

Shares of NYSE RACE opened at $433.64 on Thursday. Ferrari has a 1 year low of $330.15 and a 1 year high of $498.23. The stock has a market capitalization of $80.11 billion, a P/E ratio of 50.36, a P/E/G ratio of 4.26 and a beta of 0.95. The company’s 50-day moving average is $438.64 and its 200 day moving average is $447.45. 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 posted its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). The firm 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 firm’s revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the company posted $1.98 EPS. On average, sell-side analysts expect that Ferrari will post 8.58 earnings per share for the current year.

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.