Northwestern Mutual Wealth Management Co. cut its holdings in Ferrari N.V. (NYSE:RACE – Free Report) by 37.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 19,918 shares of the company’s stock after selling 11,753 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Ferrari were worth $7,361,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Westside Investment Management Inc. boosted its stake in Ferrari by 100.0% in the third quarter. Westside Investment Management Inc. now owns 56 shares of the company’s stock valued at $27,000 after acquiring an additional 28 shares during the last quarter. Root Financial Partners LLC bought a new position in Ferrari in the third quarter valued at approximately $28,000. Community Bank N.A. bought a new position in Ferrari in the third quarter valued at approximately $33,000. Westfuller Advisors LLC bought a new position in Ferrari in the third quarter valued at approximately $43,000. Finally, CoreCap Advisors LLC grew its holdings in Ferrari by 70.0% during the fourth quarter. CoreCap Advisors LLC now owns 102 shares of the company’s stock valued at $38,000 after purchasing an additional 42 shares during the period.
Analyst Ratings Changes
A number of research analysts recently issued reports on RACE shares. Zacks Research upgraded shares of Ferrari from a “strong sell” rating to a “hold” rating in a report on Monday, February 2nd. Citigroup upgraded shares of Ferrari from a “sell” rating to a “neutral” rating in a report on Thursday, February 12th. Sanford C. Bernstein restated an “outperform” rating and set a $410.00 price objective on shares of Ferrari in a report on Wednesday, February 11th. Royal Bank Of Canada restated an “outperform” rating on shares of Ferrari in a report on Wednesday, February 11th. Finally, Morgan Stanley set a $420.00 price objective on shares of Ferrari in a report on Monday, February 16th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $469.06.
Ferrari Stock Down 0.4%
Shares of NYSE RACE opened at $348.09 on Friday. The stock has a market cap of $81.43 billion, a P/E ratio of 33.40, a P/E/G ratio of 3.32 and a beta of 0.95. The firm has a 50 day moving average price of $339.67 and a 200 day moving average price of $360.06. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.08 and a current ratio of 5.20. Ferrari N.V. has a 52-week low of $312.51 and a 52-week high of $519.10.
Ferrari Company Profile
Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.
Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.
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