First Horizon Advisors Inc. Acquires 661 Shares of Ferrari (NYSE:RACE)

First Horizon Advisors Inc. increased its holdings in shares of Ferrari (NYSE:RACE) by 266.5% in the third quarter, Holdings Channel.com reports. The fund owned 909 shares of the company’s stock after buying an additional 661 shares during the quarter. First Horizon Advisors Inc.’s holdings in Ferrari were worth $131,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. JustInvest LLC bought a new stake in shares of Ferrari during the 3rd quarter worth approximately $215,000. Checchi Capital Advisers LLC bought a new stake in shares of Ferrari during the 3rd quarter worth approximately $209,000. Mackenzie Financial Corp raised its position in Ferrari by 107.7% during the 3rd quarter. Mackenzie Financial Corp now owns 8,562 shares of the company’s stock valued at $1,793,000 after purchasing an additional 4,439 shares in the last quarter. Banco Santander S.A. raised its position in Ferrari by 56.0% during the 3rd quarter. Banco Santander S.A. now owns 157,953 shares of the company’s stock valued at $28,582,000 after purchasing an additional 56,708 shares in the last quarter. Finally, Advisor Group Holdings Inc. raised its position in Ferrari by 1.9% during the 3rd quarter. Advisor Group Holdings Inc. now owns 28,236 shares of the company’s stock valued at $5,906,000 after purchasing an additional 517 shares in the last quarter. 32.66% of the stock is owned by hedge funds and other institutional investors.

Shares of RACE stock opened at $245.39 on Friday. Ferrari has a 1-year low of $183.82 and a 1-year high of $278.78. The stock’s fifty day moving average price is $259.33 and its 200 day moving average price is $232.22. The company has a debt-to-equity ratio of 1.26, a current ratio of 3.93 and a quick ratio of 3.30. The company has a market cap of $45.34 billion, a price-to-earnings ratio of 43.28, a price-to-earnings-growth ratio of 3.30 and a beta of 0.90.

Ferrari (NYSE:RACE) last announced its earnings results on Tuesday, November 2nd. The company reported $1.11 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.04. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.26 billion. Ferrari had a return on equity of 42.17% and a net margin of 21.11%. During the same period in the previous year, the business earned $1.08 EPS. As a group, equities research analysts anticipate that Ferrari will post 4.75 earnings per share for the current year.

A number of equities research analysts have weighed in on RACE shares. Zacks Investment Research lowered Ferrari from a “hold” rating to a “sell” rating in a research report on Wednesday. Societe Generale raised Ferrari from a “hold” rating to a “buy” rating and lifted their target price for the company from $240.00 to $290.00 in a research report on Wednesday, November 3rd. Morgan Stanley lifted their target price on Ferrari from $265.00 to $350.00 and gave the company an “overweight” rating in a research report on Wednesday, November 17th. JPMorgan Chase & Co. lifted their target price on Ferrari from $189.00 to $215.00 and gave the company a “neutral” rating in a research report on Thursday, October 21st. Finally, Kepler Capital Markets downgraded Ferrari from a “hold” rating to a “reduce” rating and lifted their price target for the company from $210.00 to $220.00 in a report on Thursday, December 9th. While Besson remains convinced of the long-term attractiveness of the shares, the analyst expects profit taking in the coming months after a large outperformance over the last six months, he tells investors in a research note. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $254.00.

About Ferrari

Ferrari NV is a holding company, which engages in the design, engineering, production, and sale of luxury sports cars. The firm’s models include the F12Berlinetta, 488GTB, 488 Spider, 458 Speciale, California T, the LaFerrari Hybrid, LaFerrari, and the FF four-wheel drive. It participates in car racing such as Formula One.

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Institutional Ownership by Quarter for Ferrari (NYSE:RACE)

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