Granite Group Advisors LLC Reduces Position in Ferrari (NYSE:RACE)

Granite Group Advisors LLC decreased its position in shares of Ferrari (NYSE:RACE) by 17.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 864 shares of the company’s stock after selling 182 shares during the quarter. Granite Group Advisors LLC’s holdings in Ferrari were worth $367,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Jamison Private Wealth Management Inc. raised its holdings in shares of Ferrari by 27.2% in the 3rd quarter. Jamison Private Wealth Management Inc. now owns 103 shares of the company’s stock valued at $48,000 after buying an additional 22 shares during the period. Elite Wealth Management Inc. raised its stake in shares of Ferrari by 1.0% in the third quarter. Elite Wealth Management Inc. now owns 2,606 shares of the company’s stock valued at $1,225,000 after acquiring an additional 25 shares in the last quarter. Addison Advisors LLC raised its position in Ferrari by 13.6% in the 3rd quarter. Addison Advisors LLC now owns 217 shares of the company’s stock valued at $102,000 after purchasing an additional 26 shares in the last quarter. Marshall Financial Group LLC raised its holdings in Ferrari by 1.1% in the third quarter. Marshall Financial Group LLC now owns 2,732 shares of the company’s stock valued at $1,284,000 after acquiring an additional 30 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its stake in shares of Ferrari by 10.0% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 329 shares of the company’s stock worth $140,000 after purchasing an additional 30 shares in the last quarter.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. UBS Group lifted their target price on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Evercore ISI increased their price target on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Trading Up 0.5 %

NYSE RACE opened at $432.26 on Monday. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a 1-year low of $330.15 and a 1-year high of $498.23. The firm’s fifty day simple moving average is $433.73 and its 200-day simple moving average is $448.52. The company has a market capitalization of $105.36 billion, a PE ratio of 50.20, a price-to-earnings-growth ratio of 3.70 and a beta of 0.95.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.03). The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. Ferrari’s revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.98 EPS. As a group, sell-side analysts anticipate that Ferrari will post 8.59 earnings per share for the current fiscal 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.