Sumitomo Mitsui Trust Group Inc. Has $64.21 Million Stake in Ferrari (NYSE:RACE)

Sumitomo Mitsui Trust Group Inc. lifted its stake in Ferrari (NYSE:RACE) by 1.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 136,591 shares of the company’s stock after buying an additional 2,374 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Ferrari were worth $64,213,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Apollon Wealth Management LLC raised its holdings in Ferrari by 7.4% in the 3rd quarter. Apollon Wealth Management LLC now owns 1,002 shares of the company’s stock valued at $471,000 after acquiring an additional 69 shares in the last quarter. Venturi Wealth Management LLC lifted its position in Ferrari by 36.0% in the third quarter. Venturi Wealth Management LLC now owns 2,282 shares of the company’s stock worth $1,073,000 after purchasing an additional 604 shares during the period. Jag Capital Management LLC boosted its stake in Ferrari by 44.5% during the third quarter. Jag Capital Management LLC now owns 31,190 shares of the company’s stock worth $14,608,000 after buying an additional 9,604 shares in the last quarter. Addison Advisors LLC increased its holdings in Ferrari by 13.6% in the 3rd quarter. Addison Advisors LLC now owns 217 shares of the company’s stock valued at $102,000 after buying an additional 26 shares during the period. Finally, Ashton Thomas Securities LLC acquired a new position in shares of Ferrari in the 3rd quarter valued at $33,000.

Ferrari Trading Up 0.1 %

Shares of RACE opened at $440.21 on Friday. The stock’s 50-day moving average price is $467.76 and its two-hundred day moving average price is $441.96. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. Ferrari has a 1 year low of $330.15 and a 1 year high of $498.23.

Ferrari (NYSE:RACE) last announced its earnings results on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.03). The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The business’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the business posted $1.98 earnings per share. Equities analysts expect that Ferrari will post 8.75 EPS for the current year.

Wall Street Analyst Weigh In

RACE has been the topic of a number of analyst reports. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Evercore ISI raised their target price on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and upped their price target for the company from $385.00 to $525.00 in a research report on Friday, October 11th. Finally, Morgan Stanley lifted their price objective on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $507.14.

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.