Wedbush Securities Inc. Increases Stake in Ferrari (RACE)

Wedbush Securities Inc. grew its holdings in Ferrari (NYSE:RACE) by 19.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 2,530 shares of the company’s stock after buying an additional 418 shares during the period. Wedbush Securities Inc.’s holdings in Ferrari were worth $305,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in RACE. Dimensional Fund Advisors LP raised its holdings in shares of Ferrari by 19.5% in the third quarter. Dimensional Fund Advisors LP now owns 11,976 shares of the company’s stock valued at $1,323,000 after buying an additional 1,952 shares during the last quarter. Burns J W & Co. Inc. NY purchased a new position in Ferrari during the fourth quarter worth about $212,000. Fox Run Management L.L.C. purchased a new position in Ferrari during the fourth quarter worth about $345,000. Cerebellum GP LLC purchased a new position in Ferrari during the fourth quarter worth about $125,000. Finally, SG Americas Securities LLC raised its holdings in Ferrari by 67.0% during the fourth quarter. SG Americas Securities LLC now owns 23,948 shares of the company’s stock worth $2,511,000 after purchasing an additional 9,612 shares in the last quarter. 32.53% of the stock is owned by institutional investors and hedge funds.

NYSE RACE opened at $140.39 on Tuesday. The stock has a market cap of $25.95 billion, a P/E ratio of 39.69, a PEG ratio of 2.28 and a beta of 1.39. Ferrari has a 52-week low of $81.67 and a 52-week high of $141.56. The company has a debt-to-equity ratio of 2.03, a current ratio of 3.17 and a quick ratio of 2.56.

Ferrari (NYSE:RACE) last issued its earnings results on Thursday, May 3rd. The company reported $0.78 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.88 by ($0.10). Ferrari had a net margin of 16.44% and a return on equity of 79.32%. The company had revenue of $831.00 million during the quarter, compared to analysts’ expectations of $835.47 million. During the same period last year, the business posted $0.65 earnings per share. The company’s quarterly revenue was up 1.2% on a year-over-year basis. sell-side analysts predict that Ferrari will post 3.48 EPS for the current fiscal year.

Several research firms recently issued reports on RACE. Credit Suisse Group increased their price target on shares of Ferrari from $150.00 to $156.00 and gave the stock an “outperform” rating in a report on Friday. Zacks Investment Research cut shares of Ferrari from a “hold” rating to a “sell” rating in a report on Saturday. Morgan Stanley increased their price target on shares of Ferrari from $100.00 to $105.00 and gave the stock an “underweight” rating in a report on Wednesday, February 14th. Finally, UBS reissued a “buy” rating and set a $160.00 price target (up from $129.00) on shares of Ferrari in a report on Monday, February 26th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. Ferrari currently has an average rating of “Hold” and an average price target of $127.63.

About Ferrari

Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports cars, GT cars, special series cars, limited edition supercars, limited editions series, and one-off cars; and open air roadsters and two-seater mid-rear-engined roadsters.

Institutional Ownership by Quarter for Ferrari (NYSE:RACE)

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