LRI Investments LLC Takes $389,000 Position in Ferrari (NYSE:RACE)

LRI Investments LLC bought a new stake in Ferrari (NYSE:RACE) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 958 shares of the company’s stock, valued at approximately $389,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in RACE. Vanguard Group Inc. increased 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 valued at $1,983,498,000 after buying an additional 61,588 shares in the last quarter. Norges Bank bought a new position in Ferrari during the 4th quarter valued at approximately $572,523,000. Capital Research Global Investors increased 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 valued at $579,585,000 after buying an additional 49,367 shares in the last quarter. Capital International Investors increased 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 valued at $454,792,000 after buying an additional 791,596 shares in the last quarter. Finally, Capital World Investors increased its position in Ferrari by 34.3% during the 1st quarter. Capital World Investors now owns 962,583 shares of the company’s stock valued at $419,547,000 after buying an additional 245,872 shares in the last quarter.

Analysts Set New Price Targets

RACE has been the subject of a number of research analyst reports. Sanford C. Bernstein lifted their target price on Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. Bank of America lifted their target price on Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Morgan Stanley reissued an “overweight” rating and issued a $400.00 target price on shares of Ferrari in a report on Monday, April 22nd. UBS Group lifted their target price on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Finally, Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a report on Thursday, April 4th. 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. Based on data from MarketBeat.com, Ferrari presently has an average rating of “Hold” and a consensus price target of $461.67.

Ferrari Stock Performance

NYSE:RACE traded up $7.88 during mid-day trading on Friday, hitting $413.80. 175,953 shares of the company traded hands, compared to its average volume of 179,789. The firm has a market cap of $76.45 billion, a price-to-earnings ratio of 52.85, a price-to-earnings-growth ratio of 4.78 and a beta of 0.99. The company has a quick ratio of 3.25, a current ratio of 4.18 and a debt-to-equity ratio of 0.80. The stock’s fifty day moving average price is $417.72 and its 200-day moving average price is $407.32. Ferrari has a one year low of $285.02 and a one year high of $442.80.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Tuesday, May 7th. The company reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.08. The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.73 billion. Ferrari had a return on equity of 43.94% and a net margin of 21.42%. Research analysts anticipate that Ferrari will post 8.24 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.