Empowered Funds LLC Buys 26,972 Shares of Ferrari N.V. $RACE

Key Points

• Empowered Funds LLC increased its Ferrari stake by 40,866.7% in the first quarter, purchasing 26,972 additional shares and bringing its holdings to 27,038 shares valued at approximately $9.15 million.
• Ferrari recently reported better-than-expected quarterly results, with earnings of $2.99 per share and revenue of $2.21 billion, up 8.4% year over year.
• Analysts maintain a generally positive outlook, giving Ferrari a consensus “Moderate Buy” rating and an average price target of $477.15, compared with its reported opening price of $414.46.

Empowered Funds LLC boosted its stake in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 40,866.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,038 shares of the company's stock after purchasing an additional 26,972 shares during the period. Empowered Funds LLC's holdings in Ferrari were worth $9,151,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Ferrari during the 4th quarter valued at $779,894,000. Ninety One UK Ltd bought a new stake in shares of Ferrari in the fourth quarter worth $338,785,000. Morgan Stanley grew its holdings in shares of Ferrari by 43.4% in the fourth quarter. Morgan Stanley now owns 2,546,564 shares of the company's stock worth $941,109,000 after acquiring an additional 771,039 shares during the period. Viking Global Investors LP increased its position in Ferrari by 432.7% during the second quarter. Viking Global Investors LP now owns 721,269 shares of the company's stock valued at $353,526,000 after acquiring an additional 585,872 shares during the last quarter. Finally, Credit Agricole S A purchased a new stake in Ferrari during the third quarter valued at $279,003,000.

Analysts Set New Price Targets

Several research analysts have issued reports on RACE shares. Evercore reissued an "outperform" rating and issued a $485.00 target price on shares of Ferrari in a research report on Friday, July 31st. Morgan Stanley reaffirmed an "overweight" rating and set a $442.00 price target on shares of Ferrari in a research report on Friday, July 31st. UBS Group lowered their price objective on shares of Ferrari from $497.00 to $490.00 and set a "buy" rating on the stock in a research note on Friday, July 31st. Wolfe Research initiated coverage on shares of Ferrari in a report on Tuesday, July 7th. They issued an "outperform" rating on the stock. Finally, Citigroup restated a "neutral" rating on shares of Ferrari in a research report on Monday, August 3rd. Three investment 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $477.15.

Ferrari Trading Up 0.5%

Ferrari stock opened at $414.46 on Friday. The firm has a 50 day moving average of $377.84 and a 200 day moving average of $357.16. The firm has a market capitalization of $96.96 billion, a price-to-earnings ratio of 38.48, a P/E/G ratio of 3.54 and a beta of 0.91. 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.

Ferrari (NYSE:RACE - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The company reported $2.99 earnings per share for the quarter, beating 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 the consensus estimate of $2.14 billion. During the same quarter in the previous year, the firm earned $2.38 earnings per share. The company's revenue for the quarter was up 8.4% on a year-over-year basis. As a group, research analysts predict that Ferrari N.V. will post 11.18 earnings per share 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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