Corient Private Wealth LP Invests $53.63 Million in Ferrari N.V. $RACE

Key Points

• Corient Private Wealth LP bought 144,070 Ferrari shares worth approximately $53.6 million during the second quarter, representing about 0.06% of the company.
• Ferrari reported stronger-than-expected quarterly results, with EPS of $2.99 and revenue of $2.21 billion; revenue increased 8.4% year over year.
• Analysts maintain a generally positive outlook, with Ferrari receiving a consensus “Moderate Buy” rating and an average price target of $477.15 versus its reported share price of $413.79.

Corient Private Wealth LP purchased a new stake in shares of Ferrari N.V. (NYSE:RACE - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 144,070 shares of the company's stock, valued at approximately $53,635,000. Corient Private Wealth LP owned approximately 0.06% of Ferrari at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of RACE. Bank of New York Mellon Corp purchased a new stake in shares of Ferrari during the 2nd quarter valued at about $952,874,000. Norges Bank bought a new position in Ferrari during the fourth quarter valued at approximately $779,894,000. Deutsche Bank AG bought a new position in Ferrari during the second quarter valued at approximately $413,209,000. The Manufacturers Life Insurance Company purchased a new stake in Ferrari in the second quarter worth approximately $388,816,000. Finally, Legal & General Group Plc purchased a new stake in Ferrari in the second quarter worth approximately $322,208,000.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Ferrari in a research report on Wednesday, July 8th. Citigroup reiterated a "neutral" rating on shares of Ferrari in a report on Monday, August 3rd. UBS Group decreased their price objective on Ferrari from $497.00 to $490.00 and set a "buy" rating on the stock in a report on Friday, July 31st. Wolfe Research assumed coverage on shares of Ferrari in a research report on Tuesday, July 7th. They set an "outperform" rating on the stock. Finally, Evercore reaffirmed an "outperform" rating and issued a $485.00 price target on shares of Ferrari in a report on Friday, July 31st. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Ferrari currently has a consensus rating of "Moderate Buy" and a consensus price target of $477.15.

Ferrari Trading Up 0.2%

Shares of Ferrari stock 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 firm has a market capitalization of $96.81 billion, a price-to-earnings ratio of 38.42, a PEG ratio of 3.55 and a beta of 0.91. 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 firm's 50 day simple moving average is $389.07 and its two-hundred day simple moving average is $362.74.

Ferrari (NYSE:RACE - Get Free Report) last issued 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 firm had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $2.14 billion. During the same quarter last year, the company posted $2.38 earnings per share. The firm's revenue was up 8.4% compared to the same quarter last year. Analysts predict that Ferrari N.V. will post 11.18 EPS for the current year.

Ferrari Company 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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