Mount Yale Investment Advisors LLC Lowers Stake in Ferrari (NYSE:RACE)

Mount Yale Investment Advisors LLC lessened its stake in Ferrari (NYSE:RACE) by 10.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 6,865 shares of the company’s stock after selling 837 shares during the quarter. Mount Yale Investment Advisors LLC’s holdings in Ferrari were worth $3,227,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Jamison Private Wealth Management Inc. grew its stake in Ferrari by 27.2% in the third quarter. Jamison Private Wealth Management Inc. now owns 103 shares of the company’s stock worth $48,000 after purchasing an additional 22 shares in the last quarter. Contravisory Investment Management Inc. grew its position in shares of Ferrari by 4.6% during the 2nd quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock worth $212,000 after buying an additional 23 shares in the last quarter. First Citizens Bank & Trust Co. increased its stake in shares of Ferrari by 3.3% during the second quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock valued at $321,000 after buying an additional 25 shares during the period. Columbia Asset Management raised its holdings in shares of Ferrari by 1.8% in the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock valued at $582,000 after acquiring an additional 25 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Ferrari by 12.5% in the first quarter. EverSource Wealth Advisors LLC now owns 243 shares of the company’s stock worth $101,000 after acquiring an additional 27 shares during the period.

Ferrari Trading Up 0.8 %

Shares of RACE stock opened at $486.43 on Friday. Ferrari has a 52-week low of $296.34 and a 52-week high of $498.23. The business has a 50-day simple moving average of $472.13 and a 200-day simple moving average of $436.82. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.29 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.08. The business had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The business’s revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the company earned $1.99 EPS. Research analysts predict that Ferrari will post 8.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

RACE has been the topic of several recent research reports. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Evercore ISI raised their price target on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday. Morgan Stanley boosted their price objective on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and raised their target price for the company from $385.00 to $525.00 in a research note on Friday, October 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $502.14.

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.