WCM Investment Management CA Boosts Stake in Ferrari (RACE)
WCM Investment Management CA lifted its position in Ferrari (NYSE:RACE) by 5.9% in the fourth quarter, HoldingsChannel reports. The firm owned 1,041,167 shares of the company’s stock after acquiring an additional 58,303 shares during the period. Ferrari comprises 1.2% of WCM Investment Management CA’s investment portfolio, making the stock its 11th largest holding. WCM Investment Management CA’s holdings in Ferrari were worth $109,156,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Rehmann Capital Advisory Group acquired a new position in shares of Ferrari in the third quarter valued at $263,000. Comerica Bank raised its stake in shares of Ferrari by 18.5% in the third quarter. Comerica Bank now owns 12,040 shares of the company’s stock valued at $1,411,000 after purchasing an additional 1,880 shares in the last quarter. Sei Investments Co. raised its stake in shares of Ferrari by 1,401.8% in the third quarter. Sei Investments Co. now owns 95,937 shares of the company’s stock valued at $10,599,000 after purchasing an additional 89,549 shares in the last quarter. Cavalier Investments LLC raised its stake in shares of Ferrari by 35.7% in the third quarter. Cavalier Investments LLC now owns 11,400 shares of the company’s stock valued at $1,259,000 after purchasing an additional 3,000 shares in the last quarter. Finally, Royal Bank of Canada raised its stake in shares of Ferrari by 142.2% in the second quarter. Royal Bank of Canada now owns 10,758 shares of the company’s stock valued at $925,000 after purchasing an additional 6,316 shares in the last quarter. Institutional investors and hedge funds own 31.86% of the company’s stock.
Several research analysts have issued reports on the company. BidaskClub lowered Ferrari from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 9th. Zacks Investment Research lowered Ferrari from a “hold” rating to a “sell” rating in a research note on Wednesday, November 8th. HSBC assumed coverage on Ferrari in a research note on Monday, December 11th. They set a “hold” rating for the company. Jefferies Group increased their price objective on Ferrari to $130.00 and gave the stock a “buy” rating in a research note on Friday, December 8th. Finally, TheStreet upgraded Ferrari from a “c” rating to a “b-” rating in a research note on Friday, October 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $117.86.
Ferrari (NYSE:RACE) last released its quarterly earnings data on Thursday, February 1st. The company reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.03). Ferrari had a return on equity of 98.82% and a net margin of 15.74%. The company had revenue of $840.00 million for the quarter, compared to analyst estimates of $869.74 million. During the same quarter in the prior year, the company earned $0.69 earnings per share. The business’s revenue was up .5% compared to the same quarter last year. equities analysts anticipate that Ferrari will post 3.81 EPS for the current fiscal year.
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Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A; as well as two grand tourer (GT) cars: California T and FF.
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