Dorsey & Whitney Trust CO LLC Lowers Position in Ferrari (NYSE:RACE)

Dorsey & Whitney Trust CO LLC reduced its stake in Ferrari (NYSE:RACE) by 3.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,600 shares of the company’s stock after selling 59 shares during the period. Dorsey & Whitney Trust CO LLC’s holdings in Ferrari were worth $653,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of RACE. Norges Bank purchased a new position in shares of Ferrari during the fourth quarter worth $572,523,000. Capital International Investors grew its position in Ferrari by 314.3% in the 1st quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock valued at $454,792,000 after acquiring an additional 791,596 shares in the last quarter. Clearbridge Investments LLC grew its position in Ferrari by 6,024.9% in the 1st quarter. Clearbridge Investments LLC now owns 380,910 shares of the company’s stock valued at $166,054,000 after acquiring an additional 374,691 shares in the last quarter. Capital World Investors lifted its position 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 in the last quarter. Finally, Capital International Inc. CA lifted its holdings in Ferrari by 207.3% during the 1st 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.

Ferrari Price Performance

Shares of NYSE RACE opened at $474.63 on Thursday. The stock’s 50-day simple moving average is $445.07 and its 200-day simple moving average is $427.81. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.32 and a current ratio of 4.35. The firm has a market capitalization of $87.69 billion, a PE ratio of 60.62, a price-to-earnings-growth ratio of 4.96 and a beta of 1.00. Ferrari has a fifty-two week low of $285.02 and a fifty-two week high of $498.23.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Thursday, August 1st. The company reported $2.29 earnings per share 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 45.13%. The company had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter last year, the company earned $1.99 earnings per share. The firm’s revenue for the quarter was up 16.1% on a year-over-year basis. As a group, equities research analysts forecast that Ferrari will post 8.71 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on RACE shares. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. UBS Group increased their price target on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. Finally, Morgan Stanley raised their target price on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $481.67.

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.