Columbia Asset Management Trims Stock Holdings in Ferrari (NYSE:RACE)

Columbia Asset Management trimmed its position in Ferrari (NYSE:RACE) by 10.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,275 shares of the company’s stock after selling 150 shares during the period. Columbia Asset Management’s holdings in Ferrari were worth $546,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RACE. Norges Bank purchased a new stake in Ferrari in the fourth quarter worth $697,226,000. Price T Rowe Associates Inc. MD grew its stake in shares of Ferrari by 49.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock worth $763,125,000 after acquiring an additional 594,547 shares during the last quarter. Barclays PLC grew its stake in shares of Ferrari by 198.0% in the fourth quarter. Barclays PLC now owns 853,971 shares of the company’s stock worth $362,802,000 after acquiring an additional 567,407 shares during the last quarter. Marshall Wace LLP grew its stake in shares of Ferrari by 62.1% in the fourth quarter. Marshall Wace LLP now owns 1,358,467 shares of the company’s stock worth $579,561,000 after acquiring an additional 520,337 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich grew its stake in shares of Ferrari by 380.7% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 243,306 shares of the company’s stock worth $107,770,000 after acquiring an additional 192,694 shares during the last quarter.

Ferrari Trading Up 1.1%

Shares of NYSE:RACE opened at $480.97 on Thursday. The company has a market cap of $116.58 billion, a P/E ratio of 52.57, a PEG ratio of 4.43 and a beta of 1.13. 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 has a 1 year low of $391.54 and a 1 year high of $509.13. The stock’s fifty day moving average price is $458.48 and its 200-day moving average price is $449.93.

Ferrari (NYSE:RACE) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.06. The firm had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.82 billion. Ferrari had a return on equity of 46.69% and a net margin of 22.81%. The company’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.95 earnings per share. Sell-side analysts expect that Ferrari will post 9.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RACE. JPMorgan Chase & Co. cut their target price on Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Wall Street Zen cut Ferrari from a “buy” rating to a “hold” rating in a research note on Thursday, May 15th. Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating on the stock. Kepler Capital Markets raised Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 28th. Finally, UBS Group increased their target price on Ferrari from $520.00 to $560.00 and gave the stock a “buy” rating in a research note on Wednesday, May 7th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $526.25.

Ferrari Profile

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.