The Manufacturers Life Insurance Company Sells 14,800 Shares of Ferrari (NYSE:RACE)

The Manufacturers Life Insurance Company decreased its position in shares of Ferrari (NYSE:RACE) by 13.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 96,770 shares of the company’s stock after selling 14,800 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Ferrari were worth $45,385,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Jennison Associates LLC boosted its stake in Ferrari by 910.1% during the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock worth $1,368,622,000 after acquiring an additional 2,636,869 shares during the last quarter. Legal & General Group Plc boosted its stake in Ferrari by 2.4% during the 2nd quarter. Legal & General Group Plc now owns 1,256,482 shares of the company’s stock worth $512,660,000 after acquiring an additional 30,014 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Ferrari by 47,023.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock worth $5,551,600,000 after acquiring an additional 1,178,410 shares during the last quarter. Marshall Wace LLP lifted its stake in Ferrari by 108.4% in the second quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock valued at $361,961,000 after buying an additional 461,409 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its stake in Ferrari by 25.8% in the second quarter. Clearbridge Investments LLC now owns 479,135 shares of the company’s stock valued at $195,664,000 after buying an additional 98,225 shares in the last quarter.

Analyst Ratings Changes

RACE has been the topic of a number of research reports. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Evercore ISI lifted their price target on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Morgan Stanley lifted their price target on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Finally, UBS Group lifted their price target on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Ferrari presently has an average rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Stock Performance

Shares of RACE stock opened at $431.57 on Friday. The company’s fifty day simple moving average is $459.73 and its 200-day simple moving average is $443.07. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. Ferrari has a 12 month low of $330.15 and a 12 month high of $498.23.

Ferrari (NYSE:RACE) last issued its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. Ferrari’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.98 earnings per share. On average, research analysts predict that Ferrari will post 8.66 earnings per share for the current fiscal year.

Ferrari Company 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.