Mackenzie Financial Corp Sells 40,749 Shares of Ferrari (NYSE:RACE)

Mackenzie Financial Corp lessened its holdings in shares of Ferrari (NYSE:RACE - Free Report) by 15.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 222,787 shares of the company's stock after selling 40,749 shares during the quarter. Mackenzie Financial Corp owned approximately 0.09% of Ferrari worth $94,649,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GF Fund Management CO. LTD. bought a new position in Ferrari in the fourth quarter worth $11,333,000. Sunbelt Securities Inc. raised its holdings in Ferrari by 46.4% in the fourth quarter. Sunbelt Securities Inc. now owns 864 shares of the company's stock worth $369,000 after purchasing an additional 274 shares in the last quarter. Vise Technologies Inc. raised its holdings in Ferrari by 5.1% in the fourth quarter. Vise Technologies Inc. now owns 2,252 shares of the company's stock worth $957,000 after purchasing an additional 110 shares in the last quarter. Novem Group bought a new position in Ferrari in the fourth quarter worth $821,000. Finally, Castleark Management LLC raised its holdings in Ferrari by 6.0% in the fourth quarter. Castleark Management LLC now owns 19,018 shares of the company's stock worth $8,080,000 after purchasing an additional 1,080 shares in the last quarter.

Ferrari Stock Performance

Shares of Ferrari stock traded down $2.07 during trading on Friday, hitting $476.95. 168,550 shares of the company's stock traded hands, compared to its average volume of 332,854. Ferrari has a 1 year low of $391.54 and a 1 year high of $509.13. The business has a 50-day simple moving average of $454.25 and a 200-day simple moving average of $448.77. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The stock has a market capitalization of $115.60 billion, a P/E ratio of 52.09, a PEG ratio of 4.43 and a beta of 1.13.

Ferrari (NYSE:RACE - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.06. Ferrari had a return on equity of 46.69% and a net margin of 22.81%. The company had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter in the prior year, the company earned $1.95 earnings per share. Ferrari's revenue was up 13.0% on a year-over-year basis. As a group, analysts forecast that Ferrari will post 9.22 EPS for the current year.

Analysts Set New Price Targets

RACE has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft initiated coverage on Ferrari in a report on Thursday, February 6th. They issued a "hold" rating for the company. UBS Group increased their target price on Ferrari from $520.00 to $560.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Kepler Capital Markets raised Ferrari from a "hold" rating to a "buy" rating in a research note on Friday, March 28th. Barclays raised Ferrari from an "equal weight" rating to an "overweight" rating in a research note on Friday, March 28th. Finally, Wall Street Zen cut Ferrari from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Ferrari currently has a consensus rating of "Moderate Buy" and an average target price of $526.25.

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.