HighTower Advisors LLC Trims Holdings in Ferrari N.V. $RACE

Key Points

• HighTower Advisors cut its Ferrari stake by 77% in the second quarter, selling 18,011 shares and retaining 5,365 shares valued at approximately $2.0 million.
• Other institutional investors were more bullish, with USS Investment Management increasing its holdings by 902%, while Deutsche Bank, TD Waterhouse Canada and Northwestern Mutual also added shares.
• Ferrari reported better-than-expected quarterly results, with EPS of $2.99 and revenue of $2.21 billion, up 8.4% year over year. Analysts maintain a “Moderate Buy” consensus, with an average price target of $478.79.

HighTower Advisors LLC lowered its stake in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 77.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,365 shares of the company's stock after selling 18,011 shares during the period. HighTower Advisors LLC's holdings in Ferrari were worth $1,996,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Deutsche Bank AG raised its stake in Ferrari by 3.9% during the fourth quarter. Deutsche Bank AG now owns 973,583 shares of the company's stock worth $359,797,000 after purchasing an additional 36,670 shares during the period. Biglari Sardar acquired a new stake in shares of Ferrari during the 2nd quarter worth approximately $20,997,156. USS Investment Management Ltd increased its holdings in shares of Ferrari by 902.0% during the 1st quarter. USS Investment Management Ltd now owns 229,353 shares of the company's stock worth $76,588,000 after buying an additional 206,463 shares during the last quarter. TD Waterhouse Canada Inc. raised its position in shares of Ferrari by 139.4% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 42,858 shares of the company's stock valued at $16,058,000 after buying an additional 24,956 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Ferrari by 15.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 36,539 shares of the company's stock valued at $13,503,000 after buying an additional 4,868 shares during the period.

Ferrari Trading Up 1.2%

Shares of NYSE RACE opened at $413.70 on Friday. Ferrari N.V. has a twelve month low of $312.51 and a twelve month high of $504.49. The company has a current ratio of 4.85, a quick ratio of 3.70 and a debt-to-equity ratio of 0.86. The stock has a fifty day simple moving average of $399.51 and a 200-day simple moving average of $366.01. The stock has a market capitalization of $96.78 billion, a PE ratio of 38.41, a PEG ratio of 3.56 and a beta of 0.92.

Ferrari (NYSE:RACE - Get Free Report) last posted its earnings results on Friday, July 31st. The company reported $2.99 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $2.14 billion. During the same quarter in the prior year, the company earned $2.38 EPS. Ferrari's revenue was up 8.4% on a year-over-year basis. On average, equities analysts forecast that Ferrari N.V. will post 11.23 earnings per share for the current year.

Analyst Ratings Changes

RACE has been the subject of several analyst reports. Needham & Company LLC upgraded Ferrari to a "neutral" rating in a research report on Friday, July 31st. Weiss Ratings reiterated a "hold (c)" rating on shares of Ferrari in a report on Wednesday, July 8th. Wolfe Research began coverage on Ferrari in a research report on Tuesday, July 7th. They set an "outperform" rating for the company. Sanford C. Bernstein boosted their price objective on shares of Ferrari from $402.00 to $460.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Finally, Citigroup reaffirmed a "neutral" rating on shares of Ferrari in a research note on Monday, August 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $478.79.

About Ferrari

Ferrari N.V. is an Italian luxury automotive company headquartered in Maranello, Italy. The company designs, develops, manufactures and sells high-performance sports cars, grand touring vehicles, supercars and limited-edition models under the Ferrari brand.

Ferrari's business includes vehicle personalization, after-sales services, replacement parts and accessories, as well as branded merchandise, licensing and retail activities. The company also supports its brand through customer experiences, events and the Ferrari racing business, including its long-standing participation in Formula One.

Ferrari traces its origins to Enzo Ferrari, who established Auto Avio Costruzioni in 1939 before producing its first Ferrari-badged car in 1947.

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