FIL Ltd Sells 18,709 Shares of Ferrari NV (NYSE:RACE)

FIL Ltd cut its position in Ferrari NV (NYSE:RACE) by 14.1% during the 1st quarter, Holdings Channel reports. The firm owned 113,681 shares of the company’s stock after selling 18,709 shares during the quarter. FIL Ltd’s holdings in Ferrari were worth $15,239,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in RACE. SkyTop Capital Management LLC raised its holdings in shares of Ferrari by 5.3% in the fourth quarter. SkyTop Capital Management LLC now owns 10,000 shares of the company’s stock valued at $994,000 after buying an additional 500 shares during the last quarter. Virtu Financial LLC raised its stake in Ferrari by 151.0% during the first quarter. Virtu Financial LLC now owns 5,353 shares of the company’s stock worth $716,000 after purchasing an additional 3,220 shares during the period. Henry James International Management Inc. raised its stake in shares of Ferrari by 51.4% in the 1st quarter. Henry James International Management Inc. now owns 53,963 shares of the company’s stock valued at $7,220,000 after acquiring an additional 18,330 shares during the period. Zweig DiMenna Associates LLC acquired a new stake in Ferrari during the 1st quarter valued at $5,018,000. Finally, Baskin Financial Services Inc. grew its holdings in Ferrari by 6.4% during the 1st quarter. Baskin Financial Services Inc. now owns 90,674 shares of the company’s stock worth $12,132,000 after acquiring an additional 5,491 shares in the last quarter. Institutional investors own 35.99% of the company’s stock.

Several analysts recently weighed in on RACE shares. ValuEngine upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Monday, April 1st. Redburn Partners began coverage on shares of Ferrari in a research report on Wednesday, June 5th. They set a “neutral” rating and a $143.04 price objective on the stock. Zacks Investment Research cut shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Thursday, April 25th. Evercore ISI upgraded shares of Ferrari from an “in-line” rating to an “outperform” rating in a research note on Thursday, May 23rd. Finally, Morgan Stanley upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $140.00 to $160.00 in a research report on Thursday, May 9th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $141.56.

NYSE:RACE opened at $154.72 on Wednesday. The company has a debt-to-equity ratio of 1.39, a quick ratio of 3.67 and a current ratio of 4.27. The stock has a market capitalization of $28.41 billion, a price-to-earnings ratio of 38.49, a price-to-earnings-growth ratio of 2.29 and a beta of 1.31. Ferrari NV has a twelve month low of $93.85 and a twelve month high of $155.54.

Ferrari (NYSE:RACE) last posted its earnings results on Tuesday, May 7th. The company reported $0.95 EPS for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.06. Ferrari had a return on equity of 53.74% and a net margin of 23.17%. The business had revenue of $940.00 million during the quarter, compared to analyst estimates of $868.32 million. During the same quarter last year, the company earned $0.78 EPS. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. As a group, research analysts expect that Ferrari NV will post 4.01 earnings per share for the current fiscal year.

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Ferrari Company Profile

Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; Fuori series, one-off, and track cars; and Icona cars. It also provides non-registered racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.

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Institutional Ownership by Quarter for Ferrari (NYSE:RACE)

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