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.
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 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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