836,446 Shares in Ferrari N.V. $RACE Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 836,446 Ferrari shares during the second quarter, valued at approximately $311.4 million and representing about 0.36% of the company.
• Several major institutions also established Ferrari positions, including Bank of New York Mellon, Norges Bank, Deutsche Bank, Manufacturers Life Insurance and Legal & General.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $478.79. Ferrari recently exceeded quarterly earnings and revenue expectations, reporting $2.99 EPS and $2.21 billion in revenue.

Bank of America Corp DE acquired a new position in shares of Ferrari N.V. (NYSE:RACE - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 836,446 shares of the company's stock, valued at approximately $311,400,000. Bank of America Corp DE owned approximately 0.36% of Ferrari as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new stake in Ferrari in the second quarter worth about $952,874,000. Norges Bank acquired a new position in Ferrari during the 4th quarter valued at about $779,894,000. Deutsche Bank AG bought a new position in shares of Ferrari in the 2nd quarter valued at about $413,209,000. The Manufacturers Life Insurance Company bought a new position in shares of Ferrari in the 2nd quarter valued at about $388,816,000. Finally, Legal & General Group Plc acquired a new stake in shares of Ferrari during the 2nd quarter worth approximately $322,208,000.

Analyst Upgrades and Downgrades

RACE has been the subject of a number of recent research reports. Citigroup reissued a "neutral" rating on shares of Ferrari in a research note on Monday, August 3rd. Needham & Company LLC raised shares of Ferrari to a "neutral" rating in a research note on Friday, July 31st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ferrari in a report on Wednesday, July 8th. Wolfe Research assumed coverage on shares of Ferrari in a research report on Tuesday, July 7th. They set an "outperform" rating for the company. Finally, Morgan Stanley reissued an "overweight" rating and issued a $460.00 price target on shares of Ferrari in a research note on Thursday, September 10th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Ferrari presently has a consensus rating of "Moderate Buy" and a consensus target price of $478.79.

Ferrari Stock Performance

Shares of RACE stock opened at $412.17 on Thursday. The stock has a market cap of $96.43 billion, a PE ratio of 38.27, a price-to-earnings-growth ratio of 3.48 and a beta of 0.92. The stock has a 50-day moving average of $400.96 and a 200-day moving average of $366.79. The company has a debt-to-equity ratio of 0.86, a current ratio of 4.85 and a quick ratio of 3.70. Ferrari N.V. has a one year low of $312.51 and a one year high of $504.49.

Ferrari (NYSE:RACE - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The company reported $2.99 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.16. The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.14 billion. Ferrari had a net margin of 22.29% and a return on equity of 42.83%. Ferrari's quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.38 EPS. As a group, sell-side analysts expect that Ferrari N.V. will post 11.23 earnings per share for the current year.

Ferrari Company Profile

Ferrari N.V. is an Italian luxury automotive company headquartered in Maranello, Italy. The company designs, develops, manufactures and sells high-performance sports cars, grand touring vehicles, supercars and limited-edition models under the Ferrari brand.

Ferrari's business includes vehicle personalization, after-sales services, replacement parts and accessories, as well as branded merchandise, licensing and retail activities. The company also supports its brand through customer experiences, events and the Ferrari racing business, including its long-standing participation in Formula One.

Ferrari traces its origins to Enzo Ferrari, who established Auto Avio Costruzioni in 1939 before producing its first Ferrari-badged car in 1947.

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