Baird Financial Group Inc. Has $18.62 Million Stock Position in Ferrari N.V. $RACE

Key Points

• Baird Financial Group increased its Ferrari stake by 6% in the second quarter, owning 50,024 shares valued at approximately $18.62 million. Several other institutional investors also expanded their positions.
• Ferrari reported quarterly revenue of $2.21 billion and adjusted earnings of $2.99 per share, exceeding analyst expectations; revenue rose 8.4% year over year.
• Ferrari shares opened at $413.70, while analysts maintained a “Moderate Buy” consensus with an average price target of $478.79.

Baird Financial Group Inc. boosted its stake in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 6.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 50,024 shares of the company's stock after buying an additional 2,815 shares during the quarter. Baird Financial Group Inc.'s holdings in Ferrari were worth $18,623,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. HighTower Advisors LLC lifted its stake in shares of Ferrari by 94.4% in the 4th quarter. HighTower Advisors LLC now owns 25,068 shares of the company's stock valued at $9,284,000 after purchasing an additional 12,175 shares during the period. Deutsche Bank AG boosted its holdings in shares of Ferrari by 3.9% during the 4th quarter. Deutsche Bank AG now owns 973,583 shares of the company's stock worth $359,797,000 after buying an additional 36,670 shares in the last quarter. Biglari Sardar acquired a new stake in shares of Ferrari during the 2nd quarter worth approximately $20,997,156. USS Investment Management Ltd grew its position in shares of Ferrari by 902.0% during the 1st quarter. USS Investment Management Ltd now owns 229,353 shares of the company's stock worth $76,588,000 after buying an additional 206,463 shares during the period. Finally, TD Waterhouse Canada Inc. increased its stake in shares of Ferrari by 139.4% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 42,858 shares of the company's stock valued at $16,058,000 after acquiring an additional 24,956 shares in the last quarter.

Ferrari Trading Up 1.2%

Shares of RACE stock opened at $413.70 on Friday. Ferrari N.V. has a 52-week low of $312.51 and a 52-week high of $504.49. The company has a debt-to-equity ratio of 0.86, a quick ratio of 3.70 and a current ratio of 4.85. The company has a 50-day simple moving average of $399.51 and a two-hundred day simple moving average of $366.01. The company has a market capitalization of $96.78 billion, a price-to-earnings ratio of 38.41, a PEG ratio of 3.51 and a beta of 0.92.

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

Analyst Ratings Changes

Several research analysts recently issued reports on RACE shares. Needham & Company LLC raised shares of Ferrari to a "neutral" rating in a research note on Friday, July 31st. Sanford C. Bernstein raised their target price on Ferrari from $402.00 to $460.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. UBS Group dropped their price target on Ferrari from $497.00 to $490.00 and set a "buy" rating on the stock in a research note on Friday, July 31st. Wolfe Research initiated coverage on Ferrari in a research note on Tuesday, July 7th. They issued an "outperform" rating for the company. Finally, Citigroup restated a "neutral" rating on shares of Ferrari in a report on Monday, August 3rd. Three analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $478.79.

About Ferrari

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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