Citigroup Inc. Increases Stock Position in Ferrari N.V. (NYSE:RACE)

Key Points

• Citigroup Inc. significantly increased its holdings in Ferrari N.V. by 155.1% during the first quarter, owning approximately $115.47 million worth of shares after buying an additional 164,092 shares.
• Goldman Sachs, Barclays, and Price T Rowe Associates have all raised their stakes in Ferrari, with Goldman Sachs increasing its holdings by 52.3% to own shares valued at $974.33 million.
• Ferrari's latest quarterly earnings surpassed expectations, reporting $2.70 earnings per share and revenue of $2.12 billion, a 4.4% increase year-over-year.

Citigroup Inc. boosted its holdings in Ferrari N.V. (NYSE:RACE - Free Report) by 155.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 269,862 shares of the company's stock after purchasing an additional 164,092 shares during the period. Citigroup Inc. owned about 0.11% of Ferrari worth $115,469,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Raymond James Financial Inc. bought a new stake in shares of Ferrari during the 4th quarter valued at $27,657,000. CenterBook Partners LP bought a new position in shares of Ferrari during the 4th quarter valued at about $287,000. Scotia Capital Inc. boosted its holdings in Ferrari by 6.9% during the 4th quarter. Scotia Capital Inc. now owns 4,283 shares of the company's stock valued at $1,820,000 after acquiring an additional 277 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in Ferrari by 9.9% during the 4th quarter. Rockefeller Capital Management L.P. now owns 11,691 shares of the company's stock valued at $4,968,000 after acquiring an additional 1,050 shares during the period. Finally, Townsquare Capital LLC boosted its holdings in Ferrari by 2.4% during the 4th quarter. Townsquare Capital LLC now owns 5,566 shares of the company's stock valued at $2,365,000 after acquiring an additional 131 shares during the period.

Ferrari Price Performance

Shares of Ferrari stock traded up $2.53 on Wednesday, hitting $448.69. The company's stock had a trading volume of 232,230 shares, compared to its average volume of 426,523. Ferrari N.V. has a 1 year low of $391.54 and a 1 year high of $519.10. The firm has a fifty day moving average price of $479.18 and a 200-day moving average price of $465.49. The company has a debt-to-equity ratio of 0.89, a quick ratio of 3.94 and a current ratio of 5.09. The company has a market capitalization of $108.75 billion, a price-to-earnings ratio of 46.28, a price-to-earnings-growth ratio of 4.77 and a beta of 1.09.

Ferrari (NYSE:RACE - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.70 EPS for the quarter, beating the consensus estimate of $2.57 by $0.13. Ferrari had a return on equity of 45.41% and a net margin of 22.95%. The firm had revenue of $2.12 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same quarter in the prior year, the company posted $2.29 earnings per share. Ferrari's revenue for the quarter was up 4.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Ferrari N.V. will post 9.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on RACE. Citigroup reissued a "sell" rating on shares of Ferrari in a research report on Monday. Wall Street Zen downgraded Ferrari from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. UBS Group upped their price objective on Ferrari from $520.00 to $560.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Cfra Research downgraded Ferrari from a "hold" rating to a "moderate sell" rating in a research report on Thursday, July 31st. Finally, Royal Bank Of Canada restated an "outperform" rating on shares of Ferrari in a research report on Monday, August 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price 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.