Bank of New York Mellon Corp acquired a new stake in Ferrari N.V. (NYSE:RACE - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,559,494 shares of the company's stock, valued at approximately $952,874,000. Bank of New York Mellon Corp owned 1.09% of Ferrari at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Fideuram Asset Management Ireland dac bought a new stake in Ferrari in the 4th quarter valued at $29,000. Entrust Financial LLC bought a new position in Ferrari during the fourth quarter valued at about $33,000. Bellevue Asset Management LLC bought a new position in Ferrari during the first quarter valued at about $34,000. Bamco Inc. NY raised its holdings in Ferrari by 790.9% in the 4th quarter. Bamco Inc. NY now owns 98 shares of the company's stock valued at $36,000 after acquiring an additional 87 shares in the last quarter. Finally, Navalign LLC acquired a new position in Ferrari in the 4th quarter valued at approximately $41,000.
Ferrari Stock Performance
Ferrari stock opened at $428.14 on Friday. The firm has a market capitalization 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. The stock has a fifty day moving average price of $383.03 and a two-hundred day moving average price of $359.68. 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 current ratio of 4.85 and a quick ratio of 3.70.
Ferrari (NYSE:RACE - Get Free Report) last issued its earnings results on Friday, July 31st. The company reported $2.99 EPS for the quarter, beating 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 company had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the previous year, the company earned $2.38 EPS. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, analysts anticipate that Ferrari N.V. will post 11.18 EPS for the current fiscal year.
Analysts Set New Price Targets
Several analysts have recently weighed in on RACE shares. Wolfe Research initiated coverage on Ferrari in a report on Tuesday, July 7th. They set an "outperform" rating on the stock. Evercore restated an "outperform" rating and issued a $485.00 target price on shares of Ferrari in a research note on Friday, July 31st. Weiss Ratings reiterated a "hold (c)" rating on shares of Ferrari in a research note on Wednesday, July 8th. Needham & Company LLC raised shares of Ferrari to a "neutral" rating in a report on Friday, July 31st. Finally, Morgan Stanley restated an "overweight" rating and issued a $442.00 price objective on shares of Ferrari in a research note on Friday, July 31st. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Ferrari has a consensus rating of "Moderate Buy" and an average price target of $477.15.
Get Our Latest Stock Analysis on Ferrari
Ferrari Profile
(
Free Report)
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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