Gateway Investment Advisers LLC Cuts Stake in Ferrari (NYSE:RACE)

Gateway Investment Advisers LLC lowered its stake in Ferrari (NYSE:RACE - Free Report) by 38.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 4,156 shares of the company's stock after selling 2,616 shares during the period. Gateway Investment Advisers LLC's holdings in Ferrari were worth $1,778,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Park Square Financial Group LLC acquired a new stake in shares of Ferrari during the fourth quarter worth $32,000. Webster Bank N. A. bought a new position in Ferrari during the first quarter worth about $43,000. Kestra Investment Management LLC acquired a new stake in Ferrari in the 4th quarter worth about $45,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Ferrari in the 1st quarter worth about $48,000. Finally, Plato Investment Management Ltd bought a new stake in Ferrari in the 4th quarter valued at about $53,000.

Analysts Set New Price Targets

Several research analysts have recently commented on RACE shares. Kepler Capital Markets raised shares of Ferrari from a "hold" rating to a "buy" rating in a report on Friday, March 28th. JPMorgan Chase & Co. dropped their price objective on Ferrari from $525.00 to $460.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. UBS Group increased their target price on Ferrari from $520.00 to $560.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Wall Street Zen downgraded Ferrari from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. Finally, Barclays upgraded shares of Ferrari from an "equal weight" rating to an "overweight" rating in a research note on Friday, March 28th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $526.25.

Ferrari Stock Down 1.8%

RACE traded down $8.85 during mid-day trading on Thursday, reaching $473.54. 471,079 shares of the stock were exchanged, compared to its average volume of 338,286. The company has a 50 day moving average price of $463.81 and a two-hundred day moving average price of $451.66. The stock has a market capitalization of $114.78 billion, a PE ratio of 51.75, a price-to-earnings-growth ratio of 4.43 and a beta of 1.10. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. Ferrari has a 1 year low of $391.54 and a 1 year high of $509.13.

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