Itau Unibanco Holding S.A. Purchases Shares of 8,600 Ferrari (NYSE:RACE)

Itau Unibanco Holding S.A. purchased a new stake in Ferrari (NYSE:RACE) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 8,600 shares of the company’s stock, valued at approximately $4,043,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jamison Private Wealth Management Inc. lifted its position in shares of Ferrari by 27.2% during the third quarter. Jamison Private Wealth Management Inc. now owns 103 shares of the company’s stock worth $48,000 after purchasing an additional 22 shares in the last quarter. Contravisory Investment Management Inc. increased its position in shares of Ferrari by 4.6% during the second quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock worth $212,000 after acquiring an additional 23 shares in the last quarter. First Citizens Bank & Trust Co. increased its position in shares of Ferrari by 3.3% during the second quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock worth $321,000 after acquiring an additional 25 shares in the last quarter. Columbia Asset Management boosted its holdings in Ferrari by 1.8% during the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock worth $582,000 after purchasing an additional 25 shares during the last quarter. Finally, Elite Wealth Management Inc. boosted its holdings in Ferrari by 1.0% during the third quarter. Elite Wealth Management Inc. now owns 2,606 shares of the company’s stock worth $1,225,000 after purchasing an additional 25 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RACE. Evercore ISI increased their price target on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. 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. UBS Group lifted their price target on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $385.00 to $525.00 in a report on Friday, October 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Trading Up 0.7 %

Ferrari stock opened at $437.40 on Tuesday. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a 12-month low of $330.15 and a 12-month high of $498.23. The firm’s fifty day moving average is $459.00 and its 200 day moving average is $443.68.

Ferrari (NYSE:RACE) last released its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same quarter in the previous year, the firm earned $1.98 EPS. The firm’s revenue was up 6.5% on a year-over-year basis. As a group, research analysts predict that Ferrari will post 8.58 EPS 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.