AlpenGlobal Capital LLC Makes New Investment in Ferrari N.V. $RACE

Key Points

• AlpenGlobal Capital acquired 12,321 Ferrari shares worth approximately $4.6 million in the second quarter, making Ferrari about 2.9% of its portfolio. Several other major institutions, including Bank of New York Mellon, Norges Bank and Deutsche Bank, also initiated or expanded positions.
• Ferrari reported quarterly EPS of $2.99 and revenue of $2.21 billion, exceeding analyst expectations; revenue rose 8.4% year over year, supported by a 22.29% net margin and 42.83% return on equity.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $477.15, compared with the stock’s reported price of $428.14.

AlpenGlobal Capital LLC acquired a new position in shares of Ferrari N.V. (NYSE:RACE - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 12,321 shares of the company's stock, valued at approximately $4,587,000. Ferrari makes up about 2.9% of AlpenGlobal Capital LLC's portfolio, making the stock its 13th biggest holding.

A number of other hedge funds have also made changes to their positions in the business. Bank of New York Mellon Corp purchased a new stake in shares of Ferrari during the 2nd quarter worth approximately $952,874,000. Norges Bank acquired a new stake in Ferrari during the 4th quarter worth $779,894,000. Deutsche Bank AG acquired a new stake in Ferrari during the 2nd quarter worth $413,209,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Ferrari in the second quarter valued at $298,077,000. Finally, Morgan Stanley lifted its position in Ferrari by 43.4% in the fourth quarter. Morgan Stanley now owns 2,546,564 shares of the company's stock valued at $941,109,000 after acquiring an additional 771,039 shares during the last quarter.

Ferrari Stock Performance

NYSE RACE opened at $428.14 on Friday. The company has a quick ratio of 3.70, a current ratio of 4.85 and a debt-to-equity ratio of 0.86. Ferrari N.V. has a 52-week low of $312.51 and a 52-week high of $504.49. The business's 50-day moving average price is $383.03 and its 200 day moving average price is $359.68. The firm has a market cap of $100.16 billion, a P/E ratio of 39.75, a P/E/G ratio of 3.65 and a beta of 0.91.

Ferrari (NYSE:RACE - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The company reported $2.99 earnings per share for the quarter, topping analysts' consensus estimates of $2.83 by $0.16. The company had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $2.14 billion. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.The firm's revenue for the quarter was up 8.4% on a year-over-year basis. During the same period last year, the firm earned $2.38 EPS. On average, equities research analysts expect that Ferrari N.V. will post 11.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RACE has been the topic of a number of research analyst reports. UBS Group cut their target price on Ferrari from $497.00 to $490.00 and set a "buy" rating on the stock in a research report on Friday, July 31st. Evercore reissued an "outperform" rating and issued a $485.00 target price on shares of Ferrari in a research report on Friday, July 31st. Weiss Ratings restated a "hold (c)" rating on shares of Ferrari in a research note on Wednesday, July 8th. Wolfe Research began coverage on Ferrari in a research report on Tuesday, July 7th. They set an "outperform" rating on the stock. Finally, Sanford C. Bernstein boosted their price objective on Ferrari from $402.00 to $460.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $477.15.

About Ferrari

Ferrari N.V. NYSE: RACE is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company's core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.

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