LGT Group Foundation Lowers Stock Position in Ferrari (NYSE:RACE)

LGT Group Foundation cut its holdings in shares of Ferrari (NYSE:RACE) by 5.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,767 shares of the company’s stock after selling 354 shares during the period. LGT Group Foundation’s holdings in Ferrari were worth $2,352,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Ferrari by 1.4% during the first quarter. Vanguard Group Inc. now owns 4,549,934 shares of the company’s stock worth $1,983,498,000 after purchasing an additional 61,588 shares during the period. Norges Bank acquired a new stake in shares of Ferrari during the fourth quarter worth $572,523,000. Capital Research Global Investors lifted its holdings in shares of Ferrari by 3.9% during the first quarter. Capital Research Global Investors now owns 1,329,714 shares of the company’s stock worth $579,585,000 after purchasing an additional 49,367 shares during the period. Capital International Investors lifted its holdings in shares of 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 purchasing an additional 791,596 shares during the period. Finally, Capital World Investors lifted its holdings in shares of 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 purchasing an additional 245,872 shares during the period.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on RACE shares. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Morgan Stanley increased their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Finally, UBS Group raised their target price on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a report on Monday, June 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $481.67.

Ferrari Trading Up 0.3 %

Ferrari stock opened at $471.98 on Tuesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32. Ferrari has a one year low of $285.02 and a one year high of $498.23. The business has a fifty day moving average of $442.97 and a two-hundred day moving average of $427.12.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.08. The business had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The business’s revenue was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.99 EPS. Research analysts forecast that Ferrari will post 8.71 EPS for the current fiscal year.

About Ferrari

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.