Sumitomo Mitsui Trust Group Inc. Boosts Stake in Ferrari (NYSE:RACE)

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Ferrari (NYSE:RACE) by 3.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 141,473 shares of the company’s stock after acquiring an additional 4,882 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.06% of Ferrari worth $60,103,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in RACE. E Fund Management Hong Kong Co. Ltd. bought a new stake in Ferrari during the third quarter valued at about $29,000. Hanson & Doremus Investment Management purchased a new stake in shares of Ferrari during the fourth quarter valued at about $26,000. Planning Capital Management Corp bought a new stake in shares of Ferrari in the 3rd quarter valued at about $30,000. Ashton Thomas Securities LLC purchased a new position in shares of Ferrari in the 3rd quarter worth approximately $33,000. Finally, FSC Wealth Advisors LLC bought a new position in shares of Ferrari during the 3rd quarter worth approximately $47,000.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on RACE shares. UBS Group lifted their price target on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a research note on Thursday. They issued a “hold” rating for the company. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Evercore ISI increased their price objective on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Price Performance

Shares of NYSE RACE opened at $446.27 on Monday. Ferrari has a 52 week low of $375.31 and a 52 week high of $498.23. The business’s 50 day moving average price is $435.60 and its 200 day moving average price is $449.57. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. The firm has a market cap of $108.78 billion, a P/E ratio of 48.77, a P/E/G ratio of 4.04 and a beta of 0.95.

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.