Park Avenue Securities LLC Trims Stock Position in Ferrari (NYSE:RACE)

Park Avenue Securities LLC lessened its position in Ferrari (NYSE:RACE) by 8.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,925 shares of the company’s stock after selling 442 shares during the period. Park Avenue Securities LLC’s holdings in Ferrari were worth $2,009,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Ferrari during the fourth quarter worth approximately $572,523,000. Capital International Investors grew its stake in Ferrari by 314.3% during the first 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 period. Clearbridge Investments LLC grew its stake in Ferrari by 6,024.9% during the first quarter. Clearbridge Investments LLC now owns 380,910 shares of the company’s stock worth $166,054,000 after buying an additional 374,691 shares during the period. Capital World Investors grew its stake in Ferrari by 34.3% during the first 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 period. Finally, Mackenzie Financial Corp grew its stake in Ferrari by 172.8% during the fourth quarter. Mackenzie Financial Corp now owns 329,927 shares of the company’s stock worth $111,508,000 after buying an additional 208,966 shares during the period.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RACE. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Monday. Jefferies Financial Group began coverage on shares of Ferrari in a research note on Friday, May 10th. They issued a “hold” rating and a $403.00 target price for the company. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Bank of America upped their target price on shares of Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Finally, Morgan Stanley restated an “overweight” rating and issued a $400.00 target price on shares of Ferrari in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $461.67.

Ferrari Price Performance

Shares of RACE stock traded up $1.13 during midday trading on Wednesday, reaching $417.95. 162,696 shares of the company were exchanged, compared to its average volume of 273,088. Ferrari has a 12 month low of $285.02 and a 12 month high of $442.80. The company’s 50 day moving average price is $418.15 and its two-hundred day moving average price is $411.17. The company has a quick ratio of 3.25, a current ratio of 4.18 and a debt-to-equity ratio of 0.80.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Thursday, August 1st. The company reported $2.29 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.08. Ferrari had a net margin of 21.84% and a return on equity of 45.20%. The company had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the firm earned $1.99 EPS. Ferrari’s revenue was up 16.1% on a year-over-year basis. As a group, analysts forecast that Ferrari will post 8.52 EPS for the current fiscal year.

Ferrari 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.