Bank of Italy Has $1.02 Billion Stock Position in Ferrari N.V. (NYSE:RACE)

Bank of Italy grew its holdings in Ferrari N.V. (NYSE:RACE - Free Report) by 2.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 2,407,271 shares of the company's stock after buying an additional 67,651 shares during the quarter. Ferrari makes up about 53.9% of Bank of Italy's investment portfolio, making the stock its largest holding. Bank of Italy owned approximately 0.99% of Ferrari worth $1,021,078,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Moran Wealth Management LLC purchased a new position in shares of Ferrari during the first quarter valued at about $226,000. International Assets Investment Management LLC boosted its position in Ferrari by 1.3% during the 1st quarter. International Assets Investment Management LLC now owns 2,711 shares of the company's stock valued at $1,160,000 after acquiring an additional 34 shares in the last quarter. Shariaportfolio Inc. purchased a new position in shares of Ferrari during the 1st quarter worth approximately $991,000. Flagship Harbor Advisors LLC bought a new position in shares of Ferrari in the 1st quarter worth approximately $204,000. Finally, EWA LLC raised its position in shares of Ferrari by 7.2% in the 1st quarter. EWA LLC now owns 564 shares of the company's stock worth $241,000 after acquiring an additional 38 shares in the last quarter.

Ferrari Stock Up 2.5%

NYSE:RACE opened at $472.60 on Wednesday. The firm has a 50-day simple moving average of $471.75 and a two-hundred day simple moving average of $453.27. The firm has a market cap of $114.55 billion, a P/E ratio of 50.01, a P/E/G ratio of 5.35 and a beta of 1.10. Ferrari N.V. has a fifty-two week low of $391.54 and a fifty-two week high of $509.13. The company has a debt-to-equity ratio of 0.93, a quick ratio of 4.04 and a current ratio of 5.09.

Ferrari (NYSE:RACE - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, topping analysts' consensus estimates of $2.36 by $0.06. The company had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.82 billion. Ferrari had a net margin of 23.00% and a return on equity of 46.46%. The firm's revenue for the quarter was up 13.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.95 EPS. Analysts predict that Ferrari N.V. will post 9.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

RACE has been the topic of several recent research reports. Barclays raised Ferrari from an "equal weight" rating to an "overweight" rating in a research note on Friday, March 28th. UBS Group upped their target price on shares of Ferrari from $520.00 to $560.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. lowered their price target on shares of Ferrari from $525.00 to $460.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Kepler Capital Markets upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a report on Friday, March 28th. Finally, Wall Street Zen lowered shares of Ferrari from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $526.25.

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.

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