Bank of New York Mellon Corp Raises Position in Ferrari N.V. $RACE

Key Points

• Bank of New York Mellon increased its Ferrari stake by 8.4% in the first quarter, ending with 2.81 million shares worth about $950.7 million, or roughly 1.2% of the company.
• Several analysts turned more bullish on Ferrari, including Morgan Stanley, Wolfe Research, Jefferies, and UBS; the stock’s consensus rating is now Moderate Buy with an average target price of $471.97.
• Ferrari shares were up 1.7% to $375.40, and the company remains a large, highly valued luxury automaker with a market cap of $87.83 billion.

Bank of New York Mellon Corp raised its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 8.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,808,855 shares of the company's stock after acquiring an additional 218,830 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.20% of Ferrari worth $950,657,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fideuram Asset Management Ireland dac purchased a new stake in Ferrari in the fourth quarter worth $29,000. Entrust Financial LLC bought a new stake in shares of Ferrari during the 4th quarter valued at $33,000. Bellevue Asset Management LLC purchased a new stake in shares of Ferrari in the 1st quarter worth about $34,000. Bamco Inc. NY grew its position in shares of Ferrari by 790.9% in the 4th quarter. Bamco Inc. NY now owns 98 shares of the company's stock worth $36,000 after buying an additional 87 shares during the period. Finally, CoreCap Advisors LLC increased its stake in shares of Ferrari by 70.0% in the 4th quarter. CoreCap Advisors LLC now owns 102 shares of the company's stock worth $38,000 after acquiring an additional 42 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on RACE shares. Morgan Stanley raised shares of Ferrari from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $388.00 to $438.00 in a research report on Monday, June 15th. Wolfe Research assumed coverage on shares of Ferrari in a report on Tuesday, July 7th. They issued an "outperform" rating on the stock. Jefferies Financial Group raised shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Tuesday, March 31st. UBS Group lifted their target price on shares of Ferrari from $483.00 to $497.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Ferrari in a research report on Wednesday, July 8th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $471.97.

Ferrari Stock Up 1.7%

NYSE:RACE opened at $375.40 on Thursday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.08 and a current ratio of 5.20. The firm has a market cap of $87.83 billion, a P/E ratio of 36.02, a P/E/G ratio of 3.17 and a beta of 0.92. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $519.10. The firm has a 50-day simple moving average of $354.56 and a two-hundred day simple moving average of $352.41.

Ferrari Profile

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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