Ferrari N.V. $RACE Shares Sold by Baskin Financial Services Inc.

Baskin Financial Services Inc. cut its holdings in shares of Ferrari N.V. (NYSE:RACE) by 1.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 109,234 shares of the company’s stock after selling 1,750 shares during the period. Ferrari makes up about 3.5% of Baskin Financial Services Inc.’s portfolio, making the stock its 13th largest holding. Baskin Financial Services Inc.’s holdings in Ferrari were worth $42,913,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of RACE. Amundi boosted its position in Ferrari by 3.4% during the second quarter. Amundi now owns 3,060,265 shares of the company’s stock worth $1,139,306,000 after purchasing an additional 101,906 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Ferrari in the second quarter valued at approximately $952,874,000. Deutsche Bank AG purchased a new stake in shares of Ferrari in the second quarter valued at approximately $413,209,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Ferrari in the second quarter valued at approximately $388,816,000. Finally, Ninety One UK Ltd raised its stake in shares of Ferrari by 12.3% during the 3rd quarter. Ninety One UK Ltd now owns 941,574 shares of the company’s stock worth $370,470,000 after buying an additional 103,264 shares during the period.

Ferrari Price Performance

RACE stock traded down $2.85 during mid-day trading on Monday, reaching $394.68. The company’s stock had a trading volume of 114,584 shares, compared to its average volume of 598,021. The stock has a market cap of $92.33 billion, a PE ratio of 36.67, a P/E/G ratio of 3.42 and a beta of 0.93. The company has a current ratio of 4.85, a quick ratio of 3.70 and a debt-to-equity ratio of 0.86. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $437.15. The company’s 50 day moving average is $407.16 and its two-hundred day moving average is $375.93.

Ferrari (NYSE:RACE) last issued its earnings results on Friday, July 31st. The company reported $2.99 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.16. Ferrari had a return on equity of 42.83% and a net margin of 22.29%. The business had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.14 billion. During the same period in the previous year, the firm posted $2.38 EPS. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. Equities research analysts expect that Ferrari N.V. will post 11.16 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Barclays reaffirmed a “buy” rating on shares of Ferrari in a research note on Monday, August 10th. Royal Bank Of Canada reiterated a “buy” rating on shares of Ferrari in a report on Monday, September 21st. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Ferrari in a research note on Tuesday, September 29th. Morningstar cut Ferrari to a “hold” rating in a report on Tuesday, June 30th. Finally, Sanford C. Bernstein reissued a “buy” rating on shares of Ferrari in a report on Tuesday, September 29th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ferrari presently has an average rating of “Moderate Buy” and a consensus target price of $456.71.

About Ferrari

Ferrari N.V. is an Italian luxury automotive company that designs, develops, manufactures and sells high-performance sports cars. Its vehicle portfolio includes grand touring models, mid- and rear-engine sports cars, limited-edition special series and high-performance supercars. Ferrari also offers extensive personalization options, allowing customers to tailor vehicle specifications, materials and finishes.

The company traces its origins to 1939, when Enzo Ferrari established Auto Avio Costruzioni, and it produced its first Ferrari-badged car in 1947.