Price T Rowe Associates Inc. MD Trims Holdings in Ferrari (NYSE:RACE)

Price T Rowe Associates Inc. MD decreased its holdings in Ferrari (NYSE:RACE) by 24.2% in the 1st quarter, Holdings Channel reports. The firm owned 1,480,858 shares of the company’s stock after selling 471,851 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Ferrari were worth $645,566,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of RACE. Vanguard Group Inc. raised its position in Ferrari by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 4,549,934 shares of the company’s stock worth $1,983,498,000 after buying an additional 61,588 shares during the last quarter. Norges Bank purchased a new position in Ferrari during the 4th quarter worth $572,523,000. Capital Research Global Investors raised its position in Ferrari by 3.9% during the 1st quarter. Capital Research Global Investors now owns 1,329,714 shares of the company’s stock worth $579,585,000 after buying an additional 49,367 shares during the last quarter. Capital International Investors raised its position in Ferrari by 314.3% during the 1st quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock worth $454,792,000 after buying an additional 791,596 shares during the last quarter. Finally, Capital World Investors raised its position in Ferrari by 34.3% during the 1st quarter. Capital World Investors now owns 962,583 shares of the company’s stock worth $419,547,000 after buying an additional 245,872 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have commented on RACE shares. Evercore ISI upped their price objective on shares of Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a research report on Monday, April 22nd. Jefferies Financial Group started coverage on shares of Ferrari in a research report on Friday, May 10th. They set a “hold” rating and a $403.00 price objective for the company. Sanford C. Bernstein upped their price objective on shares of Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Morgan Stanley restated an “overweight” rating and set a $400.00 price objective on shares of Ferrari in a research report on Monday, April 22nd. Finally, StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, May 29th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Ferrari presently has an average rating of “Hold” and a consensus price target of $461.67.

Ferrari Stock Performance

Shares of RACE traded down $6.52 during trading hours on Monday, reaching $407.28. The company had a trading volume of 47,593 shares, compared to its average volume of 268,431. Ferrari has a 12-month low of $285.02 and a 12-month high of $442.80. The firm has a 50 day simple moving average of $417.72 and a 200-day simple moving average of $407.72. The company has a debt-to-equity ratio of 0.80, a quick ratio of 3.25 and a current ratio of 4.18.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.08. The firm had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Ferrari had a net margin of 21.42% and a return on equity of 43.94%. As a group, equities analysts expect that Ferrari will post 8.24 EPS for the current fiscal 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.