First Horizon Advisors Inc. Buys 105 Shares of Ferrari (NYSE:RACE)

by · The Markets Daily

First Horizon Advisors Inc. increased its position in shares of Ferrari (NYSE:RACE – Free Report) by 6.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,824 shares of the company’s stock after purchasing an additional 105 shares during the quarter. First Horizon Advisors Inc.’s holdings in Ferrari were worth $857,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Jennison Associates LLC boosted its position in shares of Ferrari by 910.1% in the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock worth $1,368,622,000 after purchasing an additional 2,636,869 shares during the last quarter. Legal & General Group Plc boosted its holdings in Ferrari by 2.4% during the second quarter. Legal & General Group Plc now owns 1,256,482 shares of the company’s stock worth $512,660,000 after buying an additional 30,014 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of Ferrari by 47,023.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock worth $5,551,600,000 after buying an additional 1,178,410 shares during the period. Capital World Investors grew its holdings in Ferrari by 34.3% during the first quarter. Capital World Investors now owns 962,583 shares of the company’s stock valued at $419,547,000 after purchasing an additional 245,872 shares during the period. Finally, Marshall Wace LLP increased its position in shares of Ferrari by 108.4% in the 2nd quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock valued at $361,961,000 after buying an additional 461,409 shares in the last quarter.

Ferrari Trading Up 0.7 %

RACE opened at $430.03 on Friday. Ferrari has a one year low of $330.15 and a one year high of $498.23. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The business has a 50 day simple moving average of $462.92 and a two-hundred day simple moving average of $442.24. The firm has a market capitalization of $79.45 billion, a price-to-earnings ratio of 49.95, a PEG ratio of 4.50 and a beta of 0.99.

Ferrari (NYSE:RACE – Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the previous year, the business earned $1.98 earnings per share. The firm’s revenue was up 6.5% compared to the same quarter last year. Analysts predict that Ferrari will post 8.75 EPS for the current year.

Wall Street Analyst Weigh In

RACE has been the topic of a number of research reports. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. UBS Group lifted their price objective on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Evercore ISI increased their target price on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Finally, Morgan Stanley lifted their price target 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. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Ferrari has a consensus rating of “Moderate Buy” and an average target price of $507.14.

Get Our Latest Research Report on Ferrari

Ferrari Company Profile

(Free Report)

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.

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