Mirae Asset Global Investments Co. Ltd. Reduces Position in Ferrari N.V. (NYSE:RACE)

Mirae Asset Global Investments Co. Ltd. lowered its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 33.6% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 4,250 shares of the company's stock after selling 2,150 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Ferrari were worth $1,826,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. HBK Sorce Advisory LLC lifted its holdings in shares of Ferrari by 3.6% during the fourth quarter. HBK Sorce Advisory LLC now owns 626 shares of the company's stock worth $266,000 after purchasing an additional 22 shares during the period. Citizens Financial Group Inc. RI lifted its stake in Ferrari by 4.4% during the 4th quarter. Citizens Financial Group Inc. RI now owns 591 shares of the company's stock valued at $251,000 after acquiring an additional 25 shares during the period. Garde Capital Inc. boosted its holdings in shares of Ferrari by 5.0% in the 4th quarter. Garde Capital Inc. now owns 525 shares of the company's stock valued at $223,000 after acquiring an additional 25 shares during the last quarter. PDS Planning Inc increased its stake in shares of Ferrari by 4.8% in the fourth quarter. PDS Planning Inc now owns 589 shares of the company's stock worth $250,000 after acquiring an additional 27 shares during the period. Finally, Fifth Third Bancorp raised its holdings in shares of Ferrari by 7.9% during the first quarter. Fifth Third Bancorp now owns 424 shares of the company's stock worth $181,000 after purchasing an additional 31 shares during the last quarter.

Ferrari Price Performance

NYSE RACE traded down $1.12 on Friday, hitting $490.44. The company had a trading volume of 201,602 shares, compared to its average volume of 344,980. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.04. The company's fifty day moving average price is $477.96 and its 200-day moving average price is $455.07. The company has a market capitalization of $118.87 billion, a PE ratio of 51.90, a PEG ratio of 5.59 and a beta of 1.09. Ferrari N.V. has a 12-month low of $391.54 and a 12-month high of $509.13.

Ferrari (NYSE:RACE - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.06. Ferrari had a net margin of 23.00% and a return on equity of 46.46%. The firm had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter in the prior year, the firm earned $1.95 EPS. The company's revenue for the quarter was up 13.0% on a year-over-year basis. As a group, analysts predict that Ferrari N.V. will post 9.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

RACE has been the topic of several analyst reports. Kepler Capital Markets raised Ferrari from a "hold" rating to a "buy" rating in a report on Friday, March 28th. JPMorgan Chase & Co. dropped their price objective on shares of Ferrari from $525.00 to $460.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. UBS Group lifted their target price on shares of Ferrari from $520.00 to $560.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Barclays raised shares of Ferrari from an "equal weight" rating to an "overweight" rating in a report on Friday, March 28th. Finally, Wall Street Zen cut shares of Ferrari from a "buy" rating to a "hold" rating in a report 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, the company has an average rating of "Moderate Buy" and an average price target 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.