Cresset Asset Management LLC Buys Shares of 1,159 Ferrari (NYSE:RACE)

Cresset Asset Management LLC bought a new stake in Ferrari (NYSE:RACE) during the second quarter, Holdings Channel.com reports. The institutional investor bought 1,159 shares of the company’s stock, valued at approximately $239,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its position in shares of Ferrari by 15.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,248,476 shares of the company’s stock worth $1,935,583,000 after purchasing an additional 1,252,114 shares in the last quarter. WCM Investment Management LLC lifted its position in shares of Ferrari by 40.0% during the second quarter. WCM Investment Management LLC now owns 2,313,331 shares of the company’s stock worth $476,662,000 after purchasing an additional 660,422 shares in the last quarter. Bank of Italy lifted its position in shares of Ferrari by 2.5% during the first quarter. Bank of Italy now owns 2,043,994 shares of the company’s stock worth $427,431,000 after purchasing an additional 50,000 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Ferrari by 143.9% during the first quarter. JPMorgan Chase & Co. now owns 1,226,052 shares of the company’s stock worth $256,588,000 after purchasing an additional 723,416 shares in the last quarter. Finally, Melvin Capital Management LP lifted its position in shares of Ferrari by 95.2% during the first quarter. Melvin Capital Management LP now owns 1,025,000 shares of the company’s stock worth $214,512,000 after purchasing an additional 500,000 shares in the last quarter. 31.77% of the stock is currently owned by institutional investors.

Several analysts have recently issued reports on RACE shares. Zacks Investment Research raised shares of Ferrari from a “sell” rating to a “hold” rating in a research report on Wednesday. Oddo Bhf assumed coverage on shares of Ferrari in a research note on Thursday, September 9th. They set an “outperform” rating on the stock. Bank of America cut their target price on shares of Ferrari from $287.00 to $281.00 and set a “buy” rating on the stock in a research note on Friday, July 16th. Oddo Securities assumed coverage on shares of Ferrari in a research note on Thursday, September 9th. They set an “outperform” rating on the stock. Finally, TheStreet upgraded shares of Ferrari from a “c+” rating to a “b” rating in a research note on Monday, August 16th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $236.18.

Shares of Ferrari stock opened at $217.46 on Friday. The firm has a market capitalization of $40.18 billion, a P/E ratio of 39.97, a P/E/G ratio of 2.67 and a beta of 0.89. Ferrari has a 52 week low of $176.03 and a 52 week high of $233.66. The company has a quick ratio of 2.94, a current ratio of 3.63 and a debt-to-equity ratio of 1.23. The firm’s 50 day moving average is $216.58 and its two-hundred day moving average is $210.22.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Sunday, August 1st. The company reported $1.11 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.19 by ($0.08). The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.05 billion. Ferrari had a net margin of 21.11% and a return on equity of 43.39%. Ferrari’s revenue was up 81.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.04 earnings per share. As a group, research analysts expect that Ferrari will post 4.73 earnings per share for the current fiscal year.

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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