Baskin Financial Services Inc. Has $53.16 Million Position in Ferrari (NYSE:RACE)

Baskin Financial Services Inc. trimmed its position in Ferrari (NYSE:RACE) by 2.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,081 shares of the company’s stock after selling 2,275 shares during the period. Ferrari makes up approximately 4.4% of Baskin Financial Services Inc.’s portfolio, making the stock its 6th biggest position. Baskin Financial Services Inc. owned approximately 0.06% of Ferrari worth $53,161,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Ferrari by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 4,549,934 shares of the company’s stock worth $1,983,498,000 after purchasing an additional 61,588 shares in the last quarter. Capital Research Global Investors increased its holdings in Ferrari by 3.9% during the 1st quarter. Capital Research Global Investors now owns 1,329,714 shares of the company’s stock worth $579,585,000 after purchasing an additional 49,367 shares in the last quarter. Legal & General Group Plc increased its holdings 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 purchasing an additional 30,014 shares in the last quarter. Capital International Investors increased its holdings in Ferrari by 314.3% during the 1st quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock worth $454,792,000 after purchasing an additional 791,596 shares in the last quarter. Finally, Capital World Investors increased its holdings in Ferrari by 34.3% during the 1st quarter. Capital World Investors now owns 962,583 shares of the company’s stock worth $419,547,000 after purchasing an additional 245,872 shares in the last quarter.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RACE. UBS Group boosted their target price on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. Morgan Stanley boosted their target price on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Ferrari presently has an average rating of “Moderate Buy” and an average price target of $487.86.

Ferrari Stock Performance

Shares of NYSE:RACE traded up $0.03 during trading on Wednesday, hitting $470.80. 66,124 shares of the company were exchanged, compared to its average volume of 274,501. The company has a market cap of $86.98 billion, a PE ratio of 59.95, a P/E/G ratio of 4.76 and a beta of 0.99. The stock has a 50 day moving average of $465.90 and a 200 day moving average of $434.45. Ferrari has a 52-week low of $296.34 and a 52-week high of $498.23. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32.

Ferrari (NYSE:RACE) last posted its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.08. The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The business’s quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.99 earnings per share. As a group, equities research analysts predict that Ferrari will post 8.81 EPS for the current year.

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.