WCM Investment Management LLC Trims Stock Position in Ferrari N.V. $RACE

WCM Investment Management LLC decreased its position in shares of Ferrari N.V. (NYSE:RACE) by 4.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 433,609 shares of the company’s stock after selling 19,579 shares during the quarter. WCM Investment Management LLC owned approximately 0.18% of Ferrari worth $209,017,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Mather Group LLC. purchased a new stake in Ferrari in the third quarter valued at approximately $27,000. Root Financial Partners LLC purchased a new position in shares of Ferrari during the third quarter worth about $28,000. Newbridge Financial Services Group Inc. acquired a new stake in Ferrari during the 2nd quarter worth approximately $30,000. Virtus Advisers LLC purchased a new stake in shares of Ferrari during the second quarter worth approximately $34,000. Finally, GAMMA Investing LLC grew its position in Ferrari by 41.2% in the 2nd quarter. GAMMA Investing LLC now owns 72 shares of the company’s stock valued at $35,000 after buying an additional 21 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RACE. Sanford C. Bernstein reiterated an “outperform” rating and set a $395.00 price target on shares of Ferrari in a research note on Friday, January 9th. Evercore ISI decreased their target price on Ferrari from $580.00 to $475.00 and set an “outperform” rating on the stock in a research report on Friday, October 31st. UBS Group decreased their price objective on shares of Ferrari from $563.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, January 9th. Barclays set a $420.00 price objective on shares of Ferrari and gave the stock an “overweight” rating in a research note on Tuesday, December 9th. Finally, Citigroup cut their price target on Ferrari from $579.00 to $529.00 and set a “buy” rating for the company in a report on Thursday, October 16th. Three investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ferrari presently has an average rating of “Moderate Buy” and an average price target of $480.67.

Ferrari Trading Up 1.0%

NYSE RACE opened at $336.57 on Tuesday. The company has a market cap of $81.58 billion, a P/E ratio of 34.00, a P/E/G ratio of 3.62 and a beta of 0.99. Ferrari N.V. has a 12 month low of $331.01 and a 12 month high of $519.10. The company has a debt-to-equity ratio of 0.76, a current ratio of 4.90 and a quick ratio of 3.78. The company has a 50-day moving average of $366.42 and a 200-day moving average of $420.45.

Ferrari (NYSE:RACE) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.35 by $0.15. Ferrari had a return on equity of 44.20% and a net margin of 22.65%.The company had revenue of $2.07 billion during the quarter, compared to analyst estimates of $1.94 billion. As a group, equities analysts predict that Ferrari N.V. will post 9.22 earnings per share for the current year.

About Ferrari

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.