MML Investors Services LLC Raises Holdings in Ferrari (NYSE:RACE)

MML Investors Services LLC lifted its stake in Ferrari (NYSE:RACE) by 4.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 21,483 shares of the company’s stock after acquiring an additional 1,009 shares during the period. MML Investors Services LLC’s holdings in Ferrari were worth $10,099,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Blue Trust Inc. raised its stake in shares of Ferrari by 3,806.5% during the second quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $528,000 after acquiring an additional 1,180 shares in the last quarter. Cerity Partners LLC raised its stake in shares of Ferrari by 14.0% in the third quarter. Cerity Partners LLC now owns 26,915 shares of the company’s stock worth $12,653,000 after purchasing an additional 3,308 shares during the last quarter. Raymond James & Associates raised its holdings in shares of Ferrari by 1.3% during the second quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock worth $20,519,000 after purchasing an additional 655 shares during the last quarter. Rheos Capital Works Inc. lifted its holdings in shares of Ferrari by 30.3% in the 3rd quarter. Rheos Capital Works Inc. now owns 111,700 shares of the company’s stock valued at $52,511,000 after buying an additional 26,000 shares during the period. Finally, Icon Wealth Advisors LLC grew its stake in shares of Ferrari by 1,403.2% during the 3rd quarter. Icon Wealth Advisors LLC now owns 6,043 shares of the company’s stock worth $2,841,000 after purchasing an additional 5,641 shares during the period.

Ferrari Stock Performance

RACE opened at $448.56 on Wednesday. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The firm’s 50 day moving average is $455.63 and its 200-day moving average is $444.90. Ferrari has a 52-week low of $330.15 and a 52-week high of $498.23.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the previous year, the business posted $1.98 earnings per share. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, equities research analysts predict that Ferrari will post 8.58 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Morgan Stanley raised 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. Evercore ISI boosted their target price on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. UBS Group lifted their target price on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and lifted their target price for the company 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 stock. According to data from MarketBeat.com, Ferrari has a consensus rating of “Moderate Buy” and a consensus target price of $507.14.

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.