Stonebridge Capital Management Inc. Takes $3.80 Million Position in Ferrari (NYSE:RACE)

Stonebridge Capital Management Inc. acquired a new stake in Ferrari (NYSE:RACE) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 18,160 shares of the company’s stock, valued at approximately $3,800,000. Ferrari comprises about 1.4% of Stonebridge Capital Management Inc.’s holdings, making the stock its 24th largest position.

Several other institutional investors and hedge funds have also added to or reduced their stakes in RACE. Price T Rowe Associates Inc. MD lifted its holdings in Ferrari by 4.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,996,362 shares of the company’s stock worth $1,835,620,000 after purchasing an additional 322,796 shares during the last quarter. Bank of Italy lifted its holdings in Ferrari by 9.1% during the 4th quarter. Bank of Italy now owns 1,993,994 shares of the company’s stock worth $461,594,000 after purchasing an additional 165,750 shares during the last quarter. Norges Bank acquired a new stake in Ferrari during the 4th quarter worth approximately $439,841,000. Amundi Pioneer Asset Management Inc. lifted its holdings in Ferrari by 15.4% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 1,800,978 shares of the company’s stock worth $413,361,000 after purchasing an additional 240,272 shares during the last quarter. Finally, WCM Investment Management LLC raised its holdings in Ferrari by 4.4% in the 4th quarter. WCM Investment Management LLC now owns 1,362,346 shares of the company’s stock valued at $312,686,000 after acquiring an additional 57,771 shares in the last quarter. 32.49% of the stock is owned by institutional investors.

Shares of NYSE:RACE traded up $0.26 during midday trading on Thursday, reaching $209.06. The company’s stock had a trading volume of 1,650 shares, compared to its average volume of 385,535. The firm has a market capitalization of $38.62 billion, a price-to-earnings ratio of 67.14, a PEG ratio of 4.59 and a beta of 1.00. 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 50 day moving average price of $199.04 and a two-hundred day moving average price of $203.64. Ferrari has a fifty-two week low of $147.08 and a fifty-two week high of $233.66.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Monday, February 1st. The company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.24. Ferrari had a return on equity of 34.85% and a net margin of 15.50%. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same period in the prior year, the business earned $0.90 EPS. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. As a group, research analysts anticipate that Ferrari will post 3.31 earnings per share for the current year.

Several equities analysts have recently issued reports on RACE shares. Zacks Investment Research lowered Ferrari from a “buy” rating to a “hold” rating in a research note on Saturday, February 6th. Morgan Stanley lifted their price target on Ferrari from $265.00 to $273.00 and gave the company an “overweight” rating in a research note on Wednesday, February 3rd. HSBC lowered Ferrari from a “buy” rating to a “hold” rating in a research note on Thursday, February 11th. JPMorgan Chase & Co. lifted their price target on Ferrari from $180.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday, January 22nd. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lowered Ferrari from a “buy” rating to a “neutral” rating in a research note on Thursday, January 7th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. Ferrari has a consensus rating of “Hold” and an average target price of $212.60.

Ferrari 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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