Capital Group Investment Management PTE. LTD. Grows Holdings in Ferrari (NYSE:RACE)

Capital Group Investment Management PTE. LTD. grew its holdings in Ferrari (NYSE:RACE) by 120.7% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,633 shares of the company’s stock after buying an additional 893 shares during the period. Capital Group Investment Management PTE. LTD.’s holdings in Ferrari were worth $713,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in RACE. Logan Capital Management Inc. raised its holdings in Ferrari by 1.9% during the fourth quarter. Logan Capital Management Inc. now owns 4,668 shares of the company’s stock worth $1,580,000 after purchasing an additional 87 shares in the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Ferrari by 1.0% during the 4th quarter. Sequoia Financial Advisors LLC now owns 4,247 shares of the company’s stock worth $1,437,000 after buying an additional 40 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Ferrari by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 4,488,346 shares of the company’s stock valued at $1,518,991,000 after buying an additional 46,938 shares in the last quarter. Jennison Associates LLC grew its holdings in Ferrari by 10.5% during the first quarter. Jennison Associates LLC now owns 266,608 shares of the company’s stock worth $116,225,000 after acquiring an additional 25,228 shares during the period. Finally, Capital Wealth Planning LLC grew its holdings in Ferrari by 127.6% during the first quarter. Capital Wealth Planning LLC now owns 7,511 shares of the company’s stock worth $3,274,000 after acquiring an additional 4,211 shares during the period.

Wall Street Analyst Weigh In

Several equities research analysts have commented on RACE shares. Morgan Stanley restated an “overweight” rating and set a $400.00 target price on shares of Ferrari in a research report on Monday, April 22nd. Bank of America increased their target price on shares of Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Jefferies Financial Group started coverage on Ferrari in a research note on Friday, May 10th. They set a “hold” rating and a $403.00 price target on the stock. Sanford C. Bernstein raised their price objective on Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Finally, Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $461.67.

Ferrari Stock Performance

Shares of NYSE RACE traded up $7.88 during trading on Friday, reaching $413.80. The company had a trading volume of 175,930 shares, compared to its average volume of 269,976. The company has a debt-to-equity ratio of 0.80, a quick ratio of 3.25 and a current ratio of 4.18. Ferrari has a twelve month low of $285.02 and a twelve month high of $442.80. The stock has a 50-day moving average price of $417.90 and a two-hundred day moving average price of $406.39.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.08. Ferrari had a return on equity of 43.94% and a net margin of 21.42%. The firm had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Research analysts expect that Ferrari will post 8.24 EPS for the current year.

Ferrari Company 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.