Sumitomo Mitsui Trust Group Inc. Has $64.21 Million Stock Position in Ferrari (NYSE:RACE)

Sumitomo Mitsui Trust Group Inc. raised its position in shares of Ferrari (NYSE:RACE) by 1.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 136,591 shares of the company’s stock after buying an additional 2,374 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Ferrari were worth $64,213,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in RACE. Blue Trust Inc. boosted its stake in Ferrari by 3,806.5% in the 2nd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $528,000 after purchasing an additional 1,180 shares during the period. Raymond James & Associates raised its position in Ferrari by 1.3% during the second quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock valued at $20,519,000 after buying an additional 655 shares during the period. Gateway Investment Advisers LLC lifted its stake in Ferrari by 46.7% in the 2nd quarter. Gateway Investment Advisers LLC now owns 6,864 shares of the company’s stock worth $2,803,000 after acquiring an additional 2,185 shares in the last quarter. Rheos Capital Works Inc. boosted its position in Ferrari by 30.3% during the 3rd quarter. Rheos Capital Works Inc. now owns 111,700 shares of the company’s stock worth $52,511,000 after acquiring an additional 26,000 shares during the period. Finally, Canada Pension Plan Investment Board grew its stake in Ferrari by 213.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 62,081 shares of the company’s stock valued at $27,082,000 after acquiring an additional 42,290 shares in the last quarter.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $385.00 to $525.00 in a research report on Friday, October 11th. Morgan Stanley upped their target price on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Finally, Evercore ISI boosted their price target on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Stock Up 0.1 %

RACE opened at $440.21 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The business has a 50 day moving average price of $467.76 and a 200 day moving average price of $441.96. Ferrari has a twelve month low of $330.15 and a twelve month high of $498.23.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same quarter in the previous year, the firm posted $1.98 earnings per share. Ferrari’s quarterly revenue was up 6.5% compared to the same quarter last year. Research analysts forecast that Ferrari will post 8.75 EPS for the current 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.