LGT Group Foundation Acquires 26,322 Shares of Ferrari N.V. (NYSE:RACE)

Key Points

• LGT Group Foundation increased its holdings in Ferrari N.V. by 515.2% in the first quarter, making their total ownership worth $13.4 million.
• Goldman Sachs and other major investors also significantly expanded their positions in Ferrari, with Goldman Sachs growing their shares by 52.3% this quarter.
• Ferrari's stock reported a slight decline of 0.5%, with recent earnings per share of $2.70, surpassing analysts' expectations.

LGT Group Foundation lifted its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 515.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,431 shares of the company's stock after purchasing an additional 26,322 shares during the period. LGT Group Foundation's holdings in Ferrari were worth $13,449,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of RACE. Goldman Sachs Group Inc. grew its stake in Ferrari by 52.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,277,115 shares of the company's stock valued at $974,332,000 after acquiring an additional 781,587 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Ferrari by 49.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company's stock worth $763,125,000 after purchasing an additional 594,547 shares during the period. Barclays PLC grew its holdings in Ferrari by 198.0% during the 4th quarter. Barclays PLC now owns 853,971 shares of the company's stock valued at $362,802,000 after buying an additional 567,407 shares in the last quarter. Nuveen LLC purchased a new position in Ferrari during the first quarter worth $233,200,000. Finally, Marshall Wace LLP raised its holdings in shares of Ferrari by 62.1% in the fourth quarter. Marshall Wace LLP now owns 1,358,467 shares of the company's stock valued at $579,561,000 after acquiring an additional 520,337 shares in the last quarter.

Ferrari Price Performance

Shares of Ferrari stock traded down $4.01 during trading on Friday, hitting $460.42. The stock had a trading volume of 314,075 shares, compared to its average volume of 585,004. The firm has a market cap of $111.60 billion, a P/E ratio of 47.52, a PEG ratio of 5.02 and a beta of 1.09. Ferrari N.V. has a fifty-two week low of $391.54 and a fifty-two week high of $519.10. The company has a debt-to-equity ratio of 0.89, a current ratio of 5.09 and a quick ratio of 3.94. The business has a fifty day moving average of $477.83 and a two-hundred day moving average of $465.82.

Ferrari (NYSE:RACE - Get Free Report) last released 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 company had revenue of $2.12 billion during the quarter, compared to analysts' expectations of $2.05 billion. During the same period last year, the firm earned $2.29 EPS. The business's revenue for the quarter was up 4.4% on a year-over-year basis. On average, sell-side analysts expect that Ferrari N.V. will post 9.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Cfra Research downgraded shares of Ferrari from a "hold" rating to a "moderate sell" rating in a research report on Thursday, July 31st. UBS Group lifted 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. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Ferrari in a report on Monday, August 4th. Citigroup reiterated a "sell" rating on shares of Ferrari in a report on Monday. Finally, Wall Street Zen downgraded shares of Ferrari from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $526.25.

About Ferrari

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.