LRI Investments LLC Purchases New Stake in Ferrari (NYSE:RACE)

LRI Investments LLC purchased a new stake in shares of Ferrari (NYSE:RACE) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 200 shares of the company’s stock, valued at approximately $87,000.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Ferrari during the fourth quarter valued at about $572,523,000. Capital International Investors lifted its holdings in Ferrari by 314.3% during the first quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock valued at $454,792,000 after purchasing an additional 791,596 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in Ferrari during the fourth quarter valued at about $162,296,000. Alphinity Investment Management Pty Ltd lifted its holdings in Ferrari by 73.7% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 924,662 shares of the company’s stock valued at $311,740,000 after purchasing an additional 392,401 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its holdings in Ferrari by 6,024.9% during the first quarter. Clearbridge Investments LLC now owns 380,910 shares of the company’s stock valued at $166,054,000 after purchasing an additional 374,691 shares during the last quarter.

Ferrari Price Performance

RACE stock opened at $433.46 on Friday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 3.25 and a current ratio of 4.18. The company’s 50 day moving average is $417.91 and its 200 day moving average is $409.25. Ferrari has a 1-year low of $285.02 and a 1-year high of $442.80.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.08. Ferrari had a net margin of 21.84% and a return on equity of 45.20%. The business had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Analysts expect that Ferrari will post 8.51 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on RACE shares. UBS Group upped their price objective on shares of Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a report on Monday, June 24th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday. Sanford C. Bernstein increased their price target on shares of Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. Bank of America increased their price target on shares of Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Finally, Jefferies Financial Group assumed coverage on shares of Ferrari in a report on Friday, May 10th. They issued a “hold” rating and a $403.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $461.67.

About Ferrari

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.