Ferrari N.V. $RACE Stock: Baskin Financial Services Inc. Cuts Holdings

Baskin Financial Services Inc. lessened its position in shares of Ferrari N.V. (NYSE:RACE) by 1.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 109,234 shares of the company’s stock after selling 1,750 shares during the quarter. Ferrari comprises about 3.5% of Baskin Financial Services Inc.’s holdings, making the stock its 13th largest position. Baskin Financial Services Inc.’s holdings in Ferrari were worth $42,913,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Sculati Wealth Management LLC increased its stake in Ferrari by 8.5% during the third quarter. Sculati Wealth Management LLC now owns 4,846 shares of the company’s stock worth $1,886,000 after acquiring an additional 380 shares during the last quarter. Frank Rimerman Advisors LLC grew its holdings in shares of Ferrari by 0.4% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 15,292 shares of the company’s stock worth $6,007,000 after purchasing an additional 66 shares during the period. Vontobel Holding Ltd. grew its holdings in shares of Ferrari by 32.6% during the 3rd quarter. Vontobel Holding Ltd. now owns 383,213 shares of the company’s stock worth $150,421,000 after purchasing an additional 94,112 shares during the period. TD Waterhouse Canada Inc. grew its holdings in shares of Ferrari by 111.8% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 90,773 shares of the company’s stock worth $35,128,000 after purchasing an additional 47,915 shares during the period. Finally, Banque Pictet & Cie SA increased its position in shares of Ferrari by 323.0% during the 3rd quarter. Banque Pictet & Cie SA now owns 26,335 shares of the company’s stock worth $10,362,000 after purchasing an additional 20,109 shares during the last quarter.

Analysts Set New Price Targets

RACE has been the topic of several research analyst reports. UBS Group reduced their price objective on shares of Ferrari from $490.00 to $450.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Berenberg Bank reaffirmed a “buy” rating on shares of Ferrari in a research note on Monday, September 28th. Wolfe Research began coverage on shares of Ferrari in a research report on Tuesday, July 7th. They set an “outperform” rating for the company. Sanford C. Bernstein reissued a “buy” rating on shares of Ferrari in a research note on Tuesday, September 29th. Finally, Evercore restated an “outperform” rating and issued a $485.00 price objective on shares of Ferrari in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $456.71.

Ferrari Trading Down 0.7%

Shares of NYSE RACE traded down $2.85 during trading on Monday, reaching $394.68. The stock had a trading volume of 114,584 shares, compared to its average volume of 598,021. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $437.15. The company has a debt-to-equity ratio of 0.86, a quick ratio of 3.70 and a current ratio of 4.85. The business’s 50-day moving average price is $407.16 and its 200-day moving average price is $375.93. The company has a market cap of $92.33 billion, a P/E ratio of 36.67, a PEG ratio of 3.42 and a beta of 0.93.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Friday, July 31st. The company reported $2.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.16. Ferrari had a return on equity of 42.83% and a net margin of 22.29%. The firm had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the previous year, the business earned $2.38 EPS. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities research analysts predict that Ferrari N.V. will post 11.16 EPS for the current fiscal year.

About Ferrari

Ferrari N.V. is an Italian luxury automotive company that designs, develops, manufactures and sells high-performance sports cars. Its vehicle portfolio includes grand touring models, mid- and rear-engine sports cars, limited-edition special series and high-performance supercars. Ferrari also offers extensive personalization options, allowing customers to tailor vehicle specifications, materials and finishes.

The company traces its origins to 1939, when Enzo Ferrari established Auto Avio Costruzioni, and it produced its first Ferrari-badged car in 1947.