Thornburg Investment Management Inc. Cuts Holdings in Ferrari (NYSE:RACE)

Thornburg Investment Management Inc. lessened its position in shares of Ferrari (NYSE:RACE) by 1.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 79,521 shares of the company’s stock after selling 1,233 shares during the quarter. Thornburg Investment Management Inc.’s holdings in Ferrari were worth $32,501,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in RACE. Norges Bank purchased a new stake in Ferrari in the fourth quarter valued at approximately $572,523,000. Capital International Investors lifted its holdings in Ferrari by 314.3% during the first quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock valued at $454,792,000 after purchasing an additional 791,596 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in Ferrari by 6,024.9% in the 1st 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 last quarter. Capital World Investors boosted its stake in shares of Ferrari by 34.3% in the first quarter. Capital World Investors now owns 962,583 shares of the company’s stock worth $419,547,000 after acquiring an additional 245,872 shares during the last quarter. Finally, Capital International Inc. CA grew its holdings in shares of Ferrari by 207.3% during the first quarter. Capital International Inc. CA now owns 237,277 shares of the company’s stock worth $103,419,000 after buying an additional 160,055 shares in the last quarter.

Analyst Ratings Changes

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

Ferrari Stock Up 1.6 %

RACE stock opened at $474.63 on Thursday. Ferrari has a twelve month low of $285.02 and a twelve month high of $498.23. The stock has a market cap of $87.69 billion, a P/E ratio of 60.62, a PEG ratio of 4.96 and a beta of 1.00. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01. The company’s 50 day moving average is $445.07 and its two-hundred day moving average is $427.81.

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