Gateway Investment Advisers LLC Lowers Stock Holdings in Ferrari (NYSE:RACE)

Gateway Investment Advisers LLC reduced its position in Ferrari (NYSE:RACE) by 1.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,772 shares of the company’s stock after selling 92 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Ferrari were worth $2,877,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Jamison Private Wealth Management Inc. increased its holdings in shares of Ferrari by 27.2% in the third quarter. Jamison Private Wealth Management Inc. now owns 103 shares of the company’s stock worth $48,000 after buying an additional 22 shares during the period. Elite Wealth Management Inc. increased its stake in Ferrari by 1.0% in the 3rd 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 period. Addison Advisors LLC boosted its stake in shares of Ferrari by 13.6% during the third quarter. Addison Advisors LLC now owns 217 shares of the company’s stock valued at $102,000 after purchasing an additional 26 shares during the period. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Ferrari by 5.0% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 588 shares of the company’s stock worth $240,000 after purchasing an additional 28 shares during the last quarter. Finally, Marshall Financial Group LLC increased its stake in shares of Ferrari by 1.1% in the third quarter. Marshall Financial Group LLC now owns 2,732 shares of the company’s stock worth $1,284,000 after buying an additional 30 shares during the period.

Ferrari Stock Performance

RACE opened at $436.17 on Friday. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The stock has a fifty day simple moving average of $434.69 and a two-hundred day simple moving average of $447.76. Ferrari has a 12-month low of $330.15 and a 12-month high of $498.23.

Ferrari (NYSE:RACE) last issued its quarterly 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). The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The company’s revenue was up 6.5% on a year-over-year basis. During the same period last year, the business earned $1.98 earnings per share. Equities research analysts expect that Ferrari will post 8.59 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. UBS Group increased their price target on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $385.00 to $525.00 in a report on Friday, October 11th. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Evercore ISI upped their target price on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $507.14.

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.