Wellington Management Group LLP Reduces Stake in Ferrari (NYSE:RACE)

Wellington Management Group LLP cut its holdings in Ferrari (NYSE:RACE - Free Report) by 0.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 349,478 shares of the company's stock after selling 3,008 shares during the quarter. Wellington Management Group LLP's holdings in Ferrari were worth $163,699,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in RACE. Jamison Private Wealth Management Inc. boosted its stake in Ferrari by 27.2% during the third quarter. Jamison Private Wealth Management Inc. now owns 103 shares of the company's stock worth $48,000 after buying an additional 22 shares during the period. First Citizens Bank & Trust Co. boosted its stake in shares of Ferrari by 3.3% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company's stock worth $321,000 after purchasing an additional 25 shares during the period. Columbia Asset Management grew its holdings in Ferrari by 1.8% during the 2nd quarter. Columbia Asset Management now owns 1,425 shares of the company's stock valued at $582,000 after purchasing an additional 25 shares during the last quarter. Elite Wealth Management Inc. raised its position in Ferrari by 1.0% in the 3rd quarter. Elite Wealth Management Inc. now owns 2,606 shares of the company's stock worth $1,225,000 after purchasing an additional 25 shares during the period. Finally, Addison Advisors LLC raised its position in Ferrari by 13.6% in the 3rd quarter. Addison Advisors LLC now owns 217 shares of the company's stock worth $102,000 after purchasing an additional 26 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Evercore ISI upped their price objective on Ferrari from $475.00 to $565.00 and gave the company an "outperform" rating in a research report on Tuesday, October 22nd. Morgan Stanley boosted their price objective on shares of Ferrari from $400.00 to $520.00 and gave the company an "overweight" rating in a research report on Tuesday, August 27th. StockNews.com downgraded shares of Ferrari from a "buy" rating to a "hold" rating in a research note on Wednesday, October 16th. UBS Group raised their price objective on Ferrari from $478.00 to $513.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. upgraded Ferrari from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $385.00 to $525.00 in a report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $507.14.

Ferrari Price Performance

NYSE:RACE traded down $9.93 during midday trading on Monday, reaching $448.51. 279,333 shares of the stock traded hands, compared to its average volume of 281,717. The business has a 50-day moving average of $455.63 and a two-hundred day moving average of $444.90. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a 12-month low of $330.15 and a 12-month high of $498.23.

Ferrari (NYSE:RACE - Get Free Report) last announced its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.03). The business had revenue of $1.64 billion for the quarter, compared to analysts' expectations of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The firm's quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.98 earnings per share. Equities research analysts forecast that Ferrari will post 8.58 EPS for the current year.

About Ferrari

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.