Stonebridge Capital Management Inc. Makes New $3.80 Million Investment in Ferrari (NYSE:RACE)

Stonebridge Capital Management Inc. bought a new stake in shares of Ferrari (NYSE:RACE) in the 1st quarter, Holdings Channel reports. The firm bought 18,160 shares of the company’s stock, valued at approximately $3,800,000. Ferrari accounts for about 1.4% of Stonebridge Capital Management Inc.’s portfolio, making the stock its 24th largest holding.

Other hedge funds have also added to or reduced their stakes in the company. Simon Quick Advisors LLC purchased a new position in shares of Ferrari during the fourth quarter valued at approximately $28,000. RMR Wealth Builders purchased a new position in shares of Ferrari during the fourth quarter valued at approximately $30,000. Jackson Grant Investment Advisers Inc. purchased a new position in shares of Ferrari during the fourth quarter valued at approximately $40,000. Exchange Traded Concepts LLC lifted its holdings in shares of Ferrari by 166.2% during the fourth quarter. Exchange Traded Concepts LLC now owns 205 shares of the company’s stock valued at $47,000 after purchasing an additional 128 shares during the last quarter. Finally, Veriti Management LLC purchased a new position in shares of Ferrari during the fourth quarter valued at approximately $62,000. Hedge funds and other institutional investors own 32.49% of the company’s stock.

A number of brokerages recently weighed in on RACE. UBS Group decreased their price objective on shares of Ferrari from $247.00 to $238.00 and set a “buy” rating for the company in a report on Tuesday, March 30th. Zacks Investment Research lowered shares of Ferrari from a “buy” rating to a “hold” rating in a report on Saturday, February 6th. JPMorgan Chase & Co. boosted their price objective on shares of Ferrari from $180.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, January 22nd. Morgan Stanley boosted their price objective on shares of Ferrari from $265.00 to $273.00 and gave the stock an “overweight” rating in a report on Wednesday, February 3rd. Finally, Smith Barney Citigroup lowered shares of Ferrari from a “buy” rating to a “neutral” rating in a report on Thursday, January 7th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $212.60.

Shares of RACE stock traded up $0.26 during mid-day trading on Thursday, reaching $209.06. 1,650 shares of the company’s stock traded hands, compared to its average volume of 385,535. Ferrari has a 12 month low of $147.08 and a 12 month high of $233.66. The firm has a 50 day moving average price of $199.04 and a two-hundred day moving average price of $203.64. The company has a debt-to-equity ratio of 1.80, a quick ratio of 3.93 and a current ratio of 4.63. The firm has a market capitalization of $38.62 billion, a PE ratio of 67.14, a price-to-earnings-growth ratio of 4.59 and a beta of 1.00.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Monday, February 1st. The company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.24. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.05 billion. Ferrari had a net margin of 15.50% and a return on equity of 34.85%. The company’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.90 EPS. As a group, equities analysts expect that Ferrari will post 3.31 earnings per share for the current fiscal year.

Ferrari Company Profile

Ferrari N.V., through its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; one-off and track cars; and Icona cars. It also provides racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.

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Institutional Ownership by Quarter for Ferrari (NYSE:RACE)

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