Caisse de depot et placement du Quebec Makes New Investment in Ferrari N.V. $RACE

Key Points

• Caisse de dépôt et placement du Québec initiated a Ferrari position by purchasing 132,390 shares valued at approximately $49.1 million, representing about 0.06% of the company.
• Ferrari reported quarterly EPS of $2.99 and revenue of $2.21 billion, exceeding analyst estimates; revenue increased 8.4% year over year.
• Analysts maintain a generally positive outlook, with Ferrari holding a consensus “Moderate Buy” rating and an average price target of $477.15 versus the stock’s $413.79 opening price.

Caisse de depot et placement du Quebec bought a new position in Ferrari N.V. (NYSE:RACE - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 132,390 shares of the company's stock, valued at approximately $49,094,000. Caisse de depot et placement du Quebec owned approximately 0.06% of Ferrari as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new stake in Ferrari in the second quarter worth $952,874,000. Norges Bank bought a new position in Ferrari in the fourth quarter worth $779,894,000. Deutsche Bank AG purchased a new position in Ferrari during the second quarter valued at $413,209,000. The Manufacturers Life Insurance Company purchased a new position in Ferrari during the second quarter valued at $388,816,000. Finally, Legal & General Group Plc bought a new stake in shares of Ferrari during the 2nd quarter valued at $322,208,000.

Analyst Ratings Changes

A number of research firms have recently weighed in on RACE. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ferrari in a research report on Wednesday, July 8th. Evercore reissued an "outperform" rating and set a $485.00 price objective on shares of Ferrari in a research note on Friday, July 31st. Morgan Stanley restated an "overweight" rating and issued a $442.00 price objective on shares of Ferrari in a report on Friday, July 31st. Wolfe Research initiated coverage on shares of Ferrari in a research note on Tuesday, July 7th. They set an "outperform" rating for the company. Finally, Needham & Company LLC upgraded shares of Ferrari to a "neutral" rating in a report on Friday, July 31st. Three research 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's stock. Based on data from MarketBeat, Ferrari currently has a consensus rating of "Moderate Buy" and an average price target of $477.15.

Ferrari Trading Up 0.2%

NYSE RACE opened at $413.79 on Friday. Ferrari N.V. has a 12 month low of $312.51 and a 12 month high of $504.49. The company has a current ratio of 4.85, a quick ratio of 3.70 and a debt-to-equity ratio of 0.86. The stock's fifty day moving average price is $389.07 and its 200-day moving average price is $362.74. The stock has a market cap of $96.81 billion, a P/E ratio of 38.42, a P/E/G ratio of 3.55 and a beta of 0.91.

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

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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