Mirae Asset Global Investments Co. Ltd. Decreases Stock Holdings in Ferrari N.V. (NYSE:RACE)

Mirae Asset Global Investments Co. Ltd. lessened its holdings in Ferrari N.V. (NYSE:RACE) by 33.6% during the 1st quarter, Holdings Channel reports. 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.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Ferrari in the fourth quarter worth $697,226,000. Price T Rowe Associates Inc. MD boosted its stake in Ferrari by 49.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock valued at $763,125,000 after acquiring an additional 594,547 shares during the last quarter. Barclays PLC boosted its stake in Ferrari by 198.0% during the 4th quarter. Barclays PLC now owns 853,971 shares of the company’s stock valued at $362,802,000 after acquiring an additional 567,407 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Ferrari by 62.1% in the 4th quarter. Marshall Wace LLP now owns 1,358,467 shares of the company’s stock worth $579,561,000 after buying an additional 520,337 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its position in shares of Ferrari by 380.7% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 243,306 shares of the company’s stock worth $107,770,000 after buying an additional 192,694 shares during the last quarter.

Ferrari Price Performance

Shares of RACE stock opened at $490.44 on Friday. Ferrari N.V. has a 1 year low of $391.54 and a 1 year high of $509.13. The firm’s 50 day moving average is $477.96 and its 200-day moving average is $455.07. The firm has a market capitalization of $118.87 billion, a price-to-earnings ratio of 51.90, a PEG ratio of 5.59 and a beta of 1.09. The company has a current ratio of 5.09, a quick ratio of 4.04 and a debt-to-equity ratio of 0.93.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.06. The business had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.82 billion. Ferrari had a net margin of 23.00% and a return on equity of 46.46%. Ferrari’s revenue was up 13.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.95 earnings per share. Sell-side analysts forecast that Ferrari N.V. will post 9.22 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on RACE. Kepler Capital Markets upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Friday, March 28th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, March 28th. UBS Group lifted their price objective on shares of Ferrari from $520.00 to $560.00 and gave the stock a “buy” rating in a research note on Wednesday, May 7th. Wall Street Zen cut shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Thursday, May 15th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Ferrari currently has an average rating of “Moderate Buy” and a consensus 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.