Granite Group Advisors LLC Sells 182 Shares of Ferrari (NYSE:RACE)

Granite Group Advisors LLC reduced its holdings in shares of Ferrari (NYSE:RACE) by 17.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 864 shares of the company’s stock after selling 182 shares during the period. Granite Group Advisors LLC’s holdings in Ferrari were worth $367,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RACE. Linden Thomas Advisory Services LLC raised its position in Ferrari by 26.0% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 998 shares of the company’s stock valued at $424,000 after purchasing an additional 206 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Ferrari by 9.8% in the fourth quarter. Fifth Third Bancorp now owns 393 shares of the company’s stock valued at $167,000 after buying an additional 35 shares in the last quarter. Bennett Selby Investments LP bought a new position in shares of Ferrari in the fourth quarter valued at about $502,000. Exchange Traded Concepts LLC acquired a new position in Ferrari during the 4th quarter worth about $545,000. Finally, Janney Montgomery Scott LLC grew its holdings in Ferrari by 22.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 84,925 shares of the company’s stock worth $36,080,000 after acquiring an additional 15,668 shares during the last quarter.

Analyst Upgrades and Downgrades

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

Ferrari Price Performance

Ferrari stock opened at $432.26 on Monday. 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 firm has a market capitalization of $105.36 billion, a P/E ratio of 50.20, a PEG ratio of 3.70 and a beta of 0.95. The business has a 50-day moving average of $433.73 and a 200-day moving average of $448.52. Ferrari has a 1 year low of $330.15 and a 1 year high of $498.23.

Ferrari (NYSE:RACE) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.03). The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. Ferrari’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period last year, the firm earned $1.98 EPS. On average, equities analysts anticipate that Ferrari will post 8.59 EPS for the current year.

About Ferrari

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.