Scopus Asset Management L.P. purchased a new stake in shares of Ferrari (NYSE:RACE) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 125,000 shares of the company’s stock, valued at approximately $26,160,000. Scopus Asset Management L.P. owned approximately 0.07% of Ferrari as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in RACE. JJJ Advisors Inc. raised its stake in Ferrari by 174.5% during the first quarter. JJJ Advisors Inc. now owns 129 shares of the company’s stock valued at $27,000 after purchasing an additional 82 shares in the last quarter. RMR Wealth Builders purchased a new stake in Ferrari during the fourth quarter valued at $30,000. Institutional & Family Asset Management LLC purchased a new stake in Ferrari during the first quarter valued at $39,000. Jackson Grant Investment Advisers Inc. purchased a new stake in Ferrari during the fourth quarter valued at $40,000. Finally, Farmers & Merchants Investments Inc. raised its stake in Ferrari by 48.4% during the first quarter. Farmers & Merchants Investments Inc. now owns 190 shares of the company’s stock valued at $40,000 after purchasing an additional 62 shares in the last quarter. 31.40% of the stock is currently owned by institutional investors.
Several brokerages have recently weighed in on RACE. JPMorgan Chase & Co. increased their target price on shares of Ferrari from $195.00 to $198.00 and gave the company a “neutral” rating in a research note on Thursday, April 22nd. The Goldman Sachs Group downgraded shares of Ferrari from a “buy” rating to a “sell” rating and set a $207.00 target price on the stock. in a research note on Sunday, June 13th. Societe Generale reissued a “hold” rating and issued a $231.00 target price (down previously from $269.00) on shares of Ferrari in a research note on Tuesday, May 11th. Bank of America reduced their target price on shares of Ferrari from $287.00 to $281.00 and set a “buy” rating on the stock in a research note on Friday, July 16th. Finally, Kepler Capital Markets downgraded shares of Ferrari to a “hold” rating and set a $185.00 target price on the stock. in a research note on Friday, July 2nd. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $231.78.
Ferrari (NYSE:RACE) last issued its earnings results on Tuesday, May 4th. The company reported $1.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.33 by ($0.22). Ferrari had a return on equity of 35.60% and a net margin of 18.52%. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the previous year, the company earned $0.90 earnings per share. The firm’s revenue was up 8.5% on a year-over-year basis. As a group, sell-side analysts expect that Ferrari will post 4.89 earnings per share for the current year.
Ferrari N.V., through its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; one-off and track cars; and Icona cars. It also provides racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.
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