Bank of Montreal Can Grows Stock Position in Ferrari (NYSE:RACE)

Bank of Montreal Can increased its stake in Ferrari (NYSE:RACE) by 36.3% in the third quarter, HoldingsChannel reports. The fund owned 181,539 shares of the company’s stock after purchasing an additional 48,300 shares during the period. Bank of Montreal Can’s holdings in Ferrari were worth $85,628,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Jennison Associates LLC boosted its stake in shares of Ferrari by 910.1% during the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after purchasing an additional 2,636,869 shares during the period. Legal & General Group Plc boosted its position in Ferrari by 2.4% during the 2nd quarter. Legal & General Group Plc now owns 1,256,482 shares of the company’s stock valued at $512,660,000 after buying an additional 30,014 shares during the period. International Assets Investment Management LLC grew its holdings in Ferrari by 47,023.5% in the 3rd quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock worth $5,551,600,000 after acquiring an additional 1,178,410 shares during the last quarter. Marshall Wace LLP grew its holdings in Ferrari by 108.4% in the 2nd quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock worth $361,961,000 after acquiring an additional 461,409 shares during the last quarter. Finally, Clearbridge Investments LLC increased its position in shares of Ferrari by 25.8% in the second quarter. Clearbridge Investments LLC now owns 479,135 shares of the company’s stock valued at $195,664,000 after acquiring an additional 98,225 shares during the period.

Analyst Ratings Changes

A number of research firms have recently weighed in on RACE. Evercore ISI increased their target price on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. UBS Group lifted their price objective 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 downgraded Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Morgan Stanley lifted their price target on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Finally, Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Ferrari currently has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Stock Performance

Shares of RACE stock opened at $431.40 on Wednesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The company’s fifty day moving average price is $461.10 and its 200-day moving average price is $443.24. Ferrari has a 12 month low of $330.15 and a 12 month high of $498.23.

Ferrari (NYSE:RACE) last announced its quarterly earnings data 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). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter last year, the company posted $1.98 EPS. Ferrari’s revenue for the quarter was up 6.5% compared to the same quarter last year. Equities analysts expect that Ferrari will post 8.66 earnings per share for the current year.

Ferrari Company 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.