Ferrari N.V. $RACE Stake Reduced by China Universal Asset Management Co. Ltd.

China Universal Asset Management Co. Ltd. reduced its holdings in Ferrari N.V. (NYSE:RACE) by 88.0% during the third quarter, Holdings Channel.com reports. The fund owned 750 shares of the company’s stock after selling 5,510 shares during the quarter. China Universal Asset Management Co. Ltd.’s holdings in Ferrari were worth $302,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. D.A. Davidson & CO. increased its holdings in shares of Ferrari by 13.1% in the 3rd quarter. D.A. Davidson & CO. now owns 663 shares of the company’s stock worth $261,000 after buying an additional 77 shares during the last quarter. William Mack & Associates Inc. bought a new position in shares of Ferrari during the third quarter valued at about $40,000. Victory Financial Group LLC purchased a new position in shares of Ferrari in the third quarter worth about $222,000. Generali Asset Management SPA SGR lifted its stake in shares of Ferrari by 5.4% in the 3rd quarter. Generali Asset Management SPA SGR now owns 125,318 shares of the company’s stock valued at $49,231,000 after acquiring an additional 6,436 shares during the last quarter. Finally, Park Avenue Securities LLC boosted its holdings in Ferrari by 38.9% during the 3rd quarter. Park Avenue Securities LLC now owns 842 shares of the company’s stock valued at $331,000 after acquiring an additional 236 shares during the period.

Analysts Set New Price Targets

A number of brokerages have commented on RACE. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Ferrari in a research note on Tuesday, August 11th. Banca Akros lowered shares of Ferrari to a “neutral” rating in a report on Monday, August 24th. Royal Bank Of Canada reissued a “buy” rating on shares of Ferrari in a research report on Monday, September 21st. Barclays restated a “buy” rating on shares of Ferrari in a report on Monday, August 10th. Finally, Wolfe Research started coverage on Ferrari in a research report on Tuesday, July 7th. They set an “outperform” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $456.71.

Ferrari Stock Down 0.9%

NYSE:RACE opened at $396.31 on Friday. The firm has a market cap of $92.72 billion, a P/E ratio of 36.79, a P/E/G ratio of 3.56 and a beta of 0.93. The company has a debt-to-equity ratio of 0.86, a quick ratio of 3.70 and a current ratio of 4.85. The firm has a 50-day simple moving average of $403.40 and a two-hundred day simple moving average of $369.39. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $437.15.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Friday, July 31st. The company reported $2.99 earnings per share for the quarter, beating analysts’ consensus estimates of $2.83 by $0.16. The company had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.14 billion. Ferrari had a net margin of 22.29% and a return on equity of 42.83%. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.38 earnings per share. Analysts predict that Ferrari N.V. will post 11.10 earnings per share for the current fiscal year.

About Ferrari

Ferrari N.V. is an Italian luxury automotive company that designs, develops, manufactures and sells high-performance sports cars. Its vehicle portfolio includes grand touring models, mid- and rear-engine sports cars, limited-edition special series and high-performance supercars. Ferrari also offers extensive personalization options, allowing customers to tailor vehicle specifications, materials and finishes.

The company traces its origins to 1939, when Enzo Ferrari established Auto Avio Costruzioni, and it produced its first Ferrari-badged car in 1947.