Grove Bank & Trust Lowers Stock Holdings in Ferrari (NYSE:RACE)

Grove Bank & Trust cut its holdings in shares of Ferrari (NYSE:RACE) by 28.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 61 shares of the company’s stock after selling 24 shares during the quarter. Grove Bank & Trust’s holdings in Ferrari were worth $29,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Blue Trust Inc. increased its stake in shares of Ferrari by 3,806.5% during the 2nd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $528,000 after acquiring an additional 1,180 shares during the last quarter. Raymond James & Associates raised its stake in Ferrari by 1.3% during the second quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock worth $20,519,000 after purchasing an additional 655 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Ferrari by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 4,488,346 shares of the company’s stock valued at $1,518,991,000 after purchasing an additional 46,938 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of Ferrari by 10.5% in the 1st quarter. Jennison Associates LLC now owns 266,608 shares of the company’s stock valued at $116,225,000 after purchasing an additional 25,228 shares during the last quarter. Finally, Capital Wealth Planning LLC grew its stake in shares of Ferrari by 127.6% during the 1st quarter. Capital Wealth Planning LLC now owns 7,511 shares of the company’s stock valued at $3,274,000 after buying an additional 4,211 shares during the period.

Analyst Upgrades and Downgrades

RACE has been the topic of several research reports. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. UBS Group boosted their target price on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, June 24th. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Morgan Stanley boosted their price objective on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $487.86.

Ferrari Price Performance

Shares of RACE stock opened at $470.65 on Wednesday. Ferrari has a twelve month low of $296.34 and a twelve month high of $498.23. The company has a market capitalization of $86.95 billion, a PE ratio of 60.11, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01. The firm has a fifty day simple moving average of $465.90 and a 200-day simple moving average of $434.45.

Ferrari (NYSE:RACE) last announced its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.08. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The company’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.99 earnings per share. Equities research analysts anticipate that Ferrari will post 8.81 earnings per share for the current fiscal year.

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.