Canada Pension Plan Investment Board Buys New Holdings in Ferrari N.V. $RACE

Key Points

• Canada Pension Plan Investment Board acquired 190,698 Ferrari shares in the second quarter, valued at approximately $70.6 million and representing a 0.08% stake.
• Ferrari reported strong quarterly results, with EPS of $2.99 beating estimates of $2.83 and revenue rising 8.4% year over year to $2.21 billion.
• Analysts maintain a generally positive outlook, with Ferrari receiving a “Moderate Buy” consensus rating and an average price target of $477.15, compared with its reported share price of $413.79.

Canada Pension Plan Investment Board purchased a new position in Ferrari N.V. (NYSE:RACE - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 190,698 shares of the company's stock, valued at approximately $70,648,000. Canada Pension Plan Investment Board owned 0.08% of Ferrari at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Benjamin Edwards Inc. increased its stake in shares of Ferrari by 3.7% in the second quarter. Benjamin Edwards Inc. now owns 613 shares of the company's stock worth $299,000 after acquiring an additional 22 shares during the period. Pacific Sun Financial Corp lifted its position in Ferrari by 2.5% during the third quarter. Pacific Sun Financial Corp now owns 1,008 shares of the company's stock valued at $489,000 after purchasing an additional 25 shares during the period. Horizon Investments LLC lifted its position in Ferrari by 33.3% during the third quarter. Horizon Investments LLC now owns 104 shares of the company's stock valued at $50,000 after purchasing an additional 26 shares during the period. Evergreen Capital Management LLC boosted its holdings in Ferrari by 1.4% in the second quarter. Evergreen Capital Management LLC now owns 1,928 shares of the company's stock valued at $946,000 after purchasing an additional 26 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Ferrari by 14.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 222 shares of the company's stock valued at $108,000 after purchasing an additional 28 shares during the last quarter.

Ferrari Stock Up 0.2%

RACE stock opened at $413.79 on Friday. The firm's fifty day moving average is $389.07 and its 200 day moving average is $362.74. The firm has a market cap of $96.81 billion, a PE ratio of 38.42, a P/E/G ratio of 3.55 and a beta of 0.91. Ferrari N.V. has a one year low of $312.51 and a one year 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.

Ferrari (NYSE:RACE - Get Free Report) last posted its 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. Ferrari had a net margin of 22.29% and a return on equity of 42.83%. The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.14 billion. During the same period in the prior year, the company posted $2.38 EPS. The company's revenue for the quarter was up 8.4% on a year-over-year basis. On average, research analysts forecast that Ferrari N.V. will post 11.18 EPS for the current year.

Wall Street Analysts Forecast Growth

RACE has been the subject of a number of recent research reports. Evercore reiterated an "outperform" rating and set a $485.00 price objective on shares of Ferrari in a research note on Friday, July 31st. Needham & Company LLC upgraded Ferrari to a "neutral" rating in a research note on Friday, July 31st. Citigroup reaffirmed a "neutral" rating on shares of Ferrari in a report on Monday, August 3rd. Wolfe Research initiated coverage on Ferrari in a research report on Tuesday, July 7th. They set an "outperform" rating for the company. Finally, UBS Group reduced their price target on Ferrari from $497.00 to $490.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Three 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $477.15.

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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