Healthcare of Ontario Pension Plan Trust Fund Decreases Stock Holdings in Ferrari (NYSE:RACE)

Healthcare of Ontario Pension Plan Trust Fund reduced its holdings in shares of Ferrari (NYSE:RACE) by 56.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,000 shares of the company’s stock after selling 6,500 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Ferrari were worth $2,180,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RACE. SG Americas Securities LLC increased its holdings in Ferrari by 56.3% during the fourth quarter. SG Americas Securities LLC now owns 1,346 shares of the company’s stock valued at $456,000 after buying an additional 485 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in shares of Ferrari by 17.6% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 6,594 shares of the company’s stock worth $2,232,000 after purchasing an additional 985 shares in the last quarter. Artemis Investment Management LLP purchased a new stake in shares of Ferrari in the fourth quarter worth $615,000. Highland Capital Management LLC increased its stake in shares of Ferrari by 0.9% in the fourth quarter. Highland Capital Management LLC now owns 5,800 shares of the company’s stock worth $1,963,000 after purchasing an additional 50 shares in the last quarter. Finally, Procyon Advisors LLC purchased a new stake in shares of Ferrari in the fourth quarter worth $225,000.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RACE. Sanford C. Bernstein increased their price objective on shares of Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Jefferies Financial Group began coverage on shares of Ferrari in a research note on Friday, May 10th. They issued a “hold” rating and a $403.00 price objective for the company. Evercore ISI increased their price objective on shares of Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a research note on Monday, April 22nd. UBS Group upped their target price on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Finally, Morgan Stanley restated an “overweight” rating and set a $400.00 target price on shares of Ferrari in a research report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, Ferrari currently has a consensus rating of “Hold” and a consensus target price of $461.67.

Ferrari Price Performance

RACE stock traded down $7.75 during trading on Thursday, hitting $405.92. 265,050 shares of the company’s stock traded hands, compared to its average volume of 270,638. Ferrari has a 52 week low of $285.02 and a 52 week high of $442.80. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.18 and a quick ratio of 3.25. The business has a fifty day simple moving average of $418.16 and a 200 day simple moving average of $406.40.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Tuesday, May 7th. The company reported $2.12 EPS for the quarter, beating the consensus estimate of $2.04 by $0.08. Ferrari had a net margin of 21.42% and a return on equity of 43.94%. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.73 billion. On average, equities analysts forecast that Ferrari will post 8.24 EPS for the current year.

Ferrari Company 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.