TIAA Trust National Association Buys Shares of 574 Ferrari (NYSE:RACE)

TIAA Trust National Association bought a new stake in Ferrari (NYSE:RACE) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 574 shares of the company’s stock, valued at approximately $250,000.

Several other hedge funds have also recently added to or reduced their stakes in RACE. Logan Capital Management Inc. increased its holdings in shares of Ferrari by 1.9% in the fourth quarter. Logan Capital Management Inc. now owns 4,668 shares of the company’s stock worth $1,580,000 after acquiring an additional 87 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of Ferrari by 1.0% during the fourth quarter. Sequoia Financial Advisors LLC now owns 4,247 shares of the company’s stock worth $1,437,000 after buying an additional 40 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Ferrari by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 4,488,346 shares of the company’s stock worth $1,518,991,000 after buying an additional 46,938 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Ferrari by 10.5% during the first quarter. Jennison Associates LLC now owns 266,608 shares of the company’s stock worth $116,225,000 after buying an additional 25,228 shares in the last quarter. Finally, Whittier Trust Co. grew its holdings in shares of Ferrari by 15.7% during the fourth quarter. Whittier Trust Co. now owns 2,516 shares of the company’s stock worth $851,000 after buying an additional 341 shares in the last quarter.

Ferrari Stock Up 1.8 %

Shares of NYSE:RACE traded up $7.45 during midday trading on Monday, reaching $423.76. The company’s stock had a trading volume of 78,922 shares, compared to its average volume of 270,473. The company has a quick ratio of 3.25, a current ratio of 4.18 and a debt-to-equity ratio of 0.80. The firm has a 50 day moving average price of $417.56 and a two-hundred day moving average price of $405.07. Ferrari has a fifty-two week low of $285.02 and a fifty-two week high of $442.80.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.08. Ferrari had a return on equity of 43.94% and a net margin of 21.42%. The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.73 billion. As a group, equities analysts forecast that Ferrari will post 8.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RACE has been the subject of a number of analyst reports. Jefferies Financial Group initiated coverage on Ferrari in a research note on Friday, May 10th. They issued a “hold” rating and a $403.00 price target for the company. UBS Group raised their price objective on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Thursday, April 4th. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, May 29th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $400.00 price objective on shares of Ferrari in a research report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $461.67.

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.