Baskin Financial Services Inc. Has $53.16 Million Stock Position in Ferrari (NYSE:RACE)

Baskin Financial Services Inc. reduced its holdings in shares of Ferrari (NYSE:RACE - Free Report) by 2.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 113,081 shares of the company's stock after selling 2,275 shares during the period. Ferrari comprises 4.4% of Baskin Financial Services Inc.'s portfolio, making the stock its 6th largest holding. Baskin Financial Services Inc. owned 0.06% of Ferrari worth $53,161,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Rothschild Investment LLC purchased a new stake in Ferrari in the second quarter worth about $29,000. Register Financial Advisors LLC purchased a new stake in Ferrari in the first quarter worth about $33,000. Valley Wealth Managers Inc. purchased a new stake in Ferrari in the second quarter worth about $33,000. Denver PWM LLC purchased a new stake in Ferrari in the second quarter worth about $35,000. Finally, Pittenger & Anderson Inc. increased its position in Ferrari by 168.6% in the first quarter. Pittenger & Anderson Inc. now owns 94 shares of the company's stock worth $41,000 after buying an additional 59 shares in the last quarter.

Ferrari Price Performance

Shares of NYSE RACE traded up $1.21 during mid-day trading on Wednesday, hitting $471.98. 158,376 shares of the company's stock traded hands, compared to its average volume of 274,978. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32. Ferrari has a 1 year low of $296.34 and a 1 year high of $498.23. The company's 50-day moving average is $465.90 and its two-hundred day moving average is $434.45. The company has a market capitalization of $87.20 billion, a P/E ratio of 59.95, a PEG ratio of 4.76 and a beta of 0.99.

Ferrari (NYSE:RACE - Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.21 by $0.08. The business had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The company's quarterly revenue was up 16.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.99 earnings per share. On average, equities analysts anticipate that Ferrari will post 8.81 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RACE has been the subject of a number of analyst reports. Morgan Stanley upped their price target 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. UBS Group increased their target price on Ferrari from $448.00 to $478.00 and gave the stock a "buy" rating in a research report on Monday, June 24th. Finally, JPMorgan Chase & Co. upgraded Ferrari from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Ferrari currently has a consensus rating of "Moderate Buy" and an average price target of $487.86.

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.