Citizens Financial Group Inc. RI Acquires New Shares in Ferrari (NYSE:RACE)

Citizens Financial Group Inc. RI acquired a new stake in Ferrari (NYSE:RACE) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 560 shares of the company’s stock, valued at approximately $229,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Blue Trust Inc. increased its holdings in shares of Ferrari by 3,806.5% during the second quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $528,000 after acquiring an additional 1,180 shares in the last quarter. Logan Capital Management Inc. boosted its position in Ferrari by 1.9% in the fourth quarter. Logan Capital Management Inc. now owns 4,668 shares of the company’s stock valued at $1,580,000 after buying an additional 87 shares during the last quarter. Raymond James & Associates boosted its position in Ferrari by 1.3% in the second quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock valued at $20,519,000 after buying an additional 655 shares during the last quarter. Vanguard Group Inc. boosted its position in Ferrari by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 4,488,346 shares of the company’s stock valued at $1,518,991,000 after buying an additional 46,938 shares during the last quarter. Finally, Jennison Associates LLC boosted its position in Ferrari by 10.5% in the first quarter. Jennison Associates LLC now owns 266,608 shares of the company’s stock valued at $116,225,000 after buying an additional 25,228 shares during the last quarter.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Morgan Stanley upped their price objective on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. Finally, UBS Group upped their price objective on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $481.67.

Ferrari Trading Up 3.5 %

Shares of RACE stock opened at $473.66 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32. The company has a market cap of $87.51 billion, a price-to-earnings ratio of 60.49, a PEG ratio of 4.98 and a beta of 1.00. The stock has a 50 day simple moving average of $449.81 and a 200-day simple moving average of $429.56. Ferrari has a 1-year low of $285.02 and a 1-year high of $498.23.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Thursday, August 1st. The company reported $2.29 EPS for the quarter, beating the consensus estimate of $2.21 by $0.08. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The firm had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the company earned $1.99 EPS. The firm’s revenue was up 16.1% compared to the same quarter last year. On average, equities research analysts expect that Ferrari will post 8.71 EPS for the current fiscal year.

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.