Ferrari N.V. (NYSE:RACE) Holdings Raised by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its stake in Ferrari N.V. by 7.9% in Q1, owning 68,252 shares worth approximately $28.9 million.
• Ferrari reported earnings of $2.70 EPS for the last quarter, exceeding expectations and showing a revenue growth of 4.4% year-over-year.
• Analysts have mixed ratings for Ferrari, with the average target price set at $526.25 and recent revisions including cuts from "buy" to "hold" by some firms.

Public Sector Pension Investment Board raised its position in Ferrari N.V. (NYSE:RACE - Free Report) by 7.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 68,252 shares of the company's stock after acquiring an additional 5,002 shares during the period. Public Sector Pension Investment Board's holdings in Ferrari were worth $28,915,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Nuveen LLC acquired a new position in shares of Ferrari in the first quarter worth $233,200,000. Invesco Ltd. lifted its holdings in Ferrari by 78.2% in the 1st quarter. Invesco Ltd. now owns 303,869 shares of the company's stock valued at $130,019,000 after purchasing an additional 133,334 shares in the last quarter. Townsquare Capital LLC boosted its stake in shares of Ferrari by 4.8% during the 1st quarter. Townsquare Capital LLC now owns 5,834 shares of the company's stock worth $2,496,000 after purchasing an additional 268 shares during the last quarter. Forsta AP Fonden grew its holdings in shares of Ferrari by 127.0% during the first quarter. Forsta AP Fonden now owns 17,479 shares of the company's stock worth $7,479,000 after buying an additional 9,780 shares in the last quarter. Finally, Citigroup Inc. raised its position in shares of Ferrari by 155.1% in the first quarter. Citigroup Inc. now owns 269,862 shares of the company's stock valued at $115,469,000 after buying an additional 164,092 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Wall Street Zen downgraded shares of Ferrari from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. Royal Bank Of Canada reissued an "outperform" rating on shares of Ferrari in a research report on Monday, August 4th. Citigroup reiterated a "sell" rating on shares of Ferrari in a research note on Monday. Cfra Research cut Ferrari from a "hold" rating to a "moderate sell" rating in a research report on Thursday, July 31st. Finally, UBS Group raised their target price on shares of Ferrari from $520.00 to $560.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $526.25.

Ferrari Trading Up 3.0%

RACE stock traded up $13.47 during mid-day trading on Thursday, reaching $464.68. 770,339 shares of the stock traded hands, compared to its average volume of 430,401. Ferrari N.V. has a 52-week low of $391.54 and a 52-week high of $519.10. The stock's fifty day moving average is $478.60 and its 200-day moving average is $465.40. The company has a market cap of $112.63 billion, a P/E ratio of 47.96, a P/E/G ratio of 4.82 and a beta of 1.09. The company has a current ratio of 5.09, a quick ratio of 3.94 and a debt-to-equity ratio of 0.89.

Ferrari (NYSE:RACE - Get Free Report) last issued its quarterly 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 net margin of 22.95% and a return on equity of 45.41%. The business had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the prior year, the firm earned $2.29 EPS. The firm's quarterly revenue was up 4.4% on a year-over-year basis. As a group, sell-side analysts expect that Ferrari N.V. will post 9.22 earnings per share for the current year.

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.