Banco Santander S.A. Lowers Position in Ferrari (NYSE:RACE)

Banco Santander S.A. lowered its position in Ferrari (NYSE:RACE) by 0.4% during the third quarter, Holdings Channel reports. The institutional investor owned 398,057 shares of the company’s stock after selling 1,729 shares during the quarter. Ferrari comprises approximately 2.2% of Banco Santander S.A.’s investment portfolio, making the stock its 7th largest holding. Banco Santander S.A.’s holdings in Ferrari were worth $187,131,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Jennison Associates LLC grew its holdings in Ferrari by 910.1% in the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock worth $1,368,622,000 after purchasing an additional 2,636,869 shares during the last quarter. International Assets Investment Management LLC boosted its position in shares of Ferrari by 47,023.5% in the 3rd quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock worth $5,551,600,000 after purchasing an additional 1,178,410 shares in the last quarter. Capital International Investors grew its stake in Ferrari by 314.3% during the 1st quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock worth $454,792,000 after buying an additional 791,596 shares during the last quarter. Marshall Wace LLP grew its stake in Ferrari by 108.4% during the 2nd quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock worth $361,961,000 after buying an additional 461,409 shares during the last quarter. Finally, Capital World Investors increased its position in Ferrari by 34.3% during the 1st quarter. Capital World Investors now owns 962,583 shares of the company’s stock valued at $419,547,000 after buying an additional 245,872 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. Morgan Stanley boosted their target price on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. UBS Group lifted their price objective on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Evercore ISI lifted their price target on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Ferrari presently has an average rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Trading Down 0.1 %

Shares of RACE stock opened at $426.53 on Thursday. The stock has a 50 day simple moving average of $463.76 and a 200-day simple moving average of $442.32. Ferrari has a 1-year low of $330.15 and a 1-year high of $498.23. The company has a market cap of $78.80 billion, a price-to-earnings ratio of 49.61, a PEG ratio of 4.50 and a beta of 0.99. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.03). The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.98 earnings per share. On average, equities research analysts expect that Ferrari will post 8.75 EPS for the current fiscal year.

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.