Pitcairn Co. Sells 81 Shares of Ferrari (NYSE:RACE)

Pitcairn Co. trimmed its position in Ferrari (NYSE:RACE) by 10.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 725 shares of the company’s stock after selling 81 shares during the period. Pitcairn Co.’s holdings in Ferrari were worth $341,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Blue Trust Inc. boosted its holdings in shares of Ferrari by 3,806.5% in the second 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 during the period. Raymond James & Associates grew its holdings in shares of Ferrari by 1.3% during the second quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock worth $20,519,000 after buying an additional 655 shares in the last quarter. Gateway Investment Advisers LLC raised its position in Ferrari by 46.7% in the 2nd quarter. Gateway Investment Advisers LLC now owns 6,864 shares of the company’s stock valued at $2,803,000 after buying an additional 2,185 shares during the last quarter. Rheos Capital Works Inc. lifted its stake in Ferrari by 30.3% in the 3rd quarter. Rheos Capital Works Inc. now owns 111,700 shares of the company’s stock valued at $52,511,000 after acquiring an additional 26,000 shares in the last quarter. Finally, LRI Investments LLC boosted its position in Ferrari by 379.0% during the 2nd quarter. LRI Investments LLC now owns 958 shares of the company’s stock worth $391,000 after acquiring an additional 758 shares during the last quarter.

Ferrari Price Performance

NYSE:RACE opened at $431.40 on Wednesday. The company has a market cap of $79.70 billion, a P/E ratio of 50.10, a P/E/G ratio of 4.07 and a beta of 0.99. The firm’s fifty day moving average price is $461.10 and its two-hundred day moving average price is $443.24. Ferrari has a one year low of $330.15 and a one 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 earnings results on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.03). The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.98 earnings per share. Equities analysts expect that Ferrari will post 8.66 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Evercore ISI lifted their price target on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. raised 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, StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

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.