Northwestern Mutual Wealth Management Co. trimmed its position in Ferrari (NYSE:RACE – Get Rating) by 17.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,417 shares of the company’s stock after selling 297 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Ferrari were worth $309,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC purchased a new stake in shares of Ferrari in the fourth quarter worth approximately $25,000. Masso Torrence Wealth Management Inc. purchased a new stake in shares of Ferrari in the fourth quarter worth approximately $26,000. MUFG Americas Holdings Corp purchased a new stake in shares of Ferrari in the fourth quarter worth approximately $40,000. Glassman Wealth Services purchased a new stake in shares of Ferrari in the first quarter worth approximately $34,000. Finally, MCF Advisors LLC purchased a new stake in shares of Ferrari in the fourth quarter worth approximately $46,000. 38.36% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research firms have recently issued reports on RACE. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Thursday, August 11th. Jefferies Financial Group raised shares of Ferrari from an “underperform” rating to a “hold” rating and set a $180.00 price objective on the stock in a research report on Monday, July 4th. Morgan Stanley cut their price objective on shares of Ferrari from $350.00 to $300.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 24th. Citigroup cut their price objective on shares of Ferrari from €160.00 ($163.27) to €140.00 ($142.86) in a research report on Tuesday, May 31st. Finally, Kepler Capital Markets raised shares of Ferrari to a “hold” rating and set a $185.00 price objective on the stock in a research report on Friday, July 8th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Ferrari has an average rating of “Moderate Buy” and a consensus target price of $237.00.
Ferrari Trading Down 3.1 %
Shares of RACE stock opened at $200.56 on Tuesday. Ferrari has a 12 month low of $167.45 and a 12 month high of $278.78. The company has a quick ratio of 3.42, a current ratio of 4.14 and a debt-to-equity ratio of 1.22. The business’s 50 day moving average is $197.14 and its two-hundred day moving average is $203.47. The company has a market cap of $37.05 billion, a PE ratio of 36.20, a price-to-earnings-growth ratio of 3.63 and a beta of 0.95.
Ferrari N.V., through its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hyper cars; one-off and track cars; and Icona cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.
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