Advisors Asset Management Inc. Reduces Stock Position in Ferrari (NYSE:RACE)

Advisors Asset Management Inc. lowered its holdings in shares of Ferrari (NYSE:RACE) by 16.8% in the third quarter, Holdings Channel.com reports. The fund owned 1,130 shares of the company’s stock after selling 228 shares during the quarter. Advisors Asset Management Inc.’s holdings in Ferrari were worth $531,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Rothschild Investment LLC bought a new stake in Ferrari during the 2nd quarter valued at $29,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in Ferrari during the 3rd quarter valued at $29,000. Planning Capital Management Corp bought a new stake in Ferrari during the 3rd quarter valued at $30,000. Valley Wealth Managers Inc. bought a new stake in Ferrari during the 2nd quarter valued at $33,000. Finally, Ashton Thomas Securities LLC bought a new stake in Ferrari during the 3rd quarter valued at $33,000.

Ferrari Stock Down 0.0 %

Shares of NYSE:RACE opened at $431.57 on Thursday. The business’s 50-day moving average is $460.57 and its 200 day moving average is $443.15. Ferrari has a 1 year low of $330.15 and a 1 year high of $498.23. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93.

Ferrari (NYSE:RACE) last announced its 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). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same period in the prior year, the company earned $1.98 earnings per share. The company’s quarterly revenue was up 6.5% on a year-over-year basis. On average, analysts anticipate that Ferrari will post 8.66 earnings per share for the current fiscal year.

Analyst Ratings Changes

RACE has been the subject of a number of research analyst reports. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Evercore ISI boosted their price target on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. Morgan Stanley boosted their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Finally, UBS Group boosted their price target on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. One investment 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. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $507.14.

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.