Mill Creek Capital Advisors LLC Invests $218,000 in Ferrari (NYSE:RACE)

Mill Creek Capital Advisors LLC purchased a new position in shares of Ferrari (NYSE:RACE) in the third quarter, HoldingsChannel reports. The institutional investor purchased 464 shares of the company’s stock, valued at approximately $218,000.

A number of other large investors also recently modified their holdings of the business. QRG Capital Management Inc. bought a new stake in Ferrari in the first quarter valued at $225,000. Avantax Advisory Services Inc. bought a new stake in Ferrari in the first quarter valued at $449,000. Blair William & Co. IL grew its position in Ferrari by 3.3% in the first quarter. Blair William & Co. IL now owns 3,731 shares of the company’s stock valued at $1,626,000 after acquiring an additional 120 shares during the period. Vanguard Group Inc. grew its position in Ferrari by 1.4% in the first quarter. Vanguard Group Inc. now owns 4,549,934 shares of the company’s stock valued at $1,983,498,000 after acquiring an additional 61,588 shares during the period. Finally, TIAA Trust National Association bought a new stake in Ferrari in the first quarter valued at $250,000.

Ferrari Stock Performance

Shares of RACE opened at $430.99 on Monday. The company has a quick ratio of 3.55, a current ratio of 4.57 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. The stock’s fifty day simple moving average is $466.22 and its 200-day simple moving average is $442.37.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same period last year, the company earned $1.98 EPS. The company’s revenue was up 6.5% compared to the same quarter last year. Research analysts predict that Ferrari will post 8.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RACE has been the topic of a number of analyst reports. Morgan Stanley upped their price target on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. UBS Group increased their target price on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. 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 report on Friday, October 11th. Finally, Evercore ISI increased their target price on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. One 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average 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.