Gateway Investment Advisers LLC Decreases Position in Ferrari (NYSE:RACE)

Gateway Investment Advisers LLC decreased its position in shares of Ferrari (NYSE:RACE) by 1.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,772 shares of the company’s stock after selling 92 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Ferrari were worth $2,877,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Outlook Wealth Advisors LLC lifted its holdings in shares of Ferrari by 11.2% during the fourth quarter. Outlook Wealth Advisors LLC now owns 892 shares of the company’s stock valued at $379,000 after purchasing an additional 90 shares in the last quarter. Redhawk Wealth Advisors Inc. lifted its stake in Ferrari by 5.3% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 4,049 shares of the company’s stock valued at $1,720,000 after acquiring an additional 202 shares during the period. Armstrong Advisory Group Inc. boosted its holdings in shares of Ferrari by 100.0% during the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after acquiring an additional 50 shares during the last quarter. Bank of Italy grew its stake in shares of Ferrari by 2.8% in the fourth quarter. Bank of Italy now owns 2,339,620 shares of the company’s stock worth $1,002,392,000 after acquiring an additional 63,675 shares during the period. Finally, Marcum Wealth LLC lifted its position in Ferrari by 19.3% during the fourth quarter. Marcum Wealth LLC now owns 1,179 shares of the company’s stock valued at $501,000 after purchasing an additional 191 shares during the period.

Ferrari Price Performance

Shares of RACE stock opened at $436.17 on Friday. 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 one year low of $330.15 and a one year high of $498.23. The company’s fifty day moving average price is $434.69 and its 200-day moving average price is $447.76.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same period last year, the company earned $1.98 EPS. The business’s revenue was up 6.5% on a year-over-year basis. As a group, equities research analysts anticipate that Ferrari will post 8.59 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Evercore ISI boosted their target price on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. raised shares of 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, UBS Group boosted their target price on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock 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.