Stonebridge Capital Management Inc. Trims Holdings in Ferrari N.V. (NYSE:RACE)

Key Points

• Stonebridge Capital Management Inc. has decreased its stake in Ferrari N.V. by 10.3% during the first quarter, now holding 11,396 shares valued at approximately $4.88 million.
• Analysts have mixed views on Ferrari, with Wall Street Zen downgrading the stock from a "buy" to a "hold" rating while UBS Group upgraded its price target from $520 to $560.
• Ferrari reported $2.70 EPS for its latest quarter, exceeding the consensus estimate of $2.57, along with a revenue increase of 4.4% year-over-year.

Stonebridge Capital Management Inc. decreased its stake in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 10.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,396 shares of the company's stock after selling 1,315 shares during the quarter. Ferrari comprises 2.1% of Stonebridge Capital Management Inc.'s holdings, making the stock its 16th largest position. Stonebridge Capital Management Inc.'s holdings in Ferrari were worth $4,876,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new stake in Ferrari in the fourth quarter valued at $27,657,000. CenterBook Partners LP purchased a new stake in Ferrari in the fourth quarter valued at $287,000. Scotia Capital Inc. raised its position in Ferrari by 6.9% in the fourth quarter. Scotia Capital Inc. now owns 4,283 shares of the company's stock valued at $1,820,000 after purchasing an additional 277 shares during the period. Rockefeller Capital Management L.P. raised its position in Ferrari by 9.9% in the fourth quarter. Rockefeller Capital Management L.P. now owns 11,691 shares of the company's stock valued at $4,968,000 after purchasing an additional 1,050 shares during the period. Finally, Townsquare Capital LLC raised its position in Ferrari by 2.4% in the fourth quarter. Townsquare Capital LLC now owns 5,566 shares of the company's stock valued at $2,365,000 after purchasing an additional 131 shares during the period.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Wall Street Zen downgraded Ferrari from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. UBS Group boosted their price objective on Ferrari from $520.00 to $560.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Ferrari in a report on Monday. Finally, Cfra Research downgraded Ferrari from a "hold" rating to a "moderate sell" rating in a report on Thursday, July 31st. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $526.25.

Ferrari Trading Down 1.1%

RACE opened at $443.96 on Friday. Ferrari N.V. has a 12 month low of $391.54 and a 12 month high of $519.10. The stock has a market capitalization of $107.61 billion, a price-to-earnings ratio of 45.82, a PEG ratio of 4.87 and a beta of 1.09. The company has a debt-to-equity ratio of 0.89, a current ratio of 5.09 and a quick ratio of 3.94. The business has a fifty day moving average price of $480.54 and a 200 day moving average price of $465.09.

Ferrari (NYSE:RACE - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.13. The business had revenue of $2.12 billion during the quarter, compared to analysts' expectations of $2.05 billion. Ferrari had a return on equity of 45.41% and a net margin of 22.95%. The business's quarterly revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.29 EPS. Sell-side analysts expect that Ferrari N.V. will post 9.22 earnings per share for the current fiscal year.

Ferrari Profile

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.

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