Ferrari N.V. $RACE Stock: Ninety One North America Inc. Boosts Position

Key Points

• Ninety One North America increased its Ferrari stake by 184.7% in the third quarter, purchasing 19,347 additional shares for a total holding worth approximately $11.7 million. Several other major institutions also established or expanded positions.
• Ferrari shares rose 2.6% to $397.52, giving the company a market capitalization of about $93 billion. The stock trades at roughly 36.9 times earnings and remains below its 12-month high of $437.15.
• Ferrari exceeded quarterly earnings and revenue expectations, reporting $2.99 in EPS and $2.21 billion in revenue. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $464.74.

Ninety One North America Inc. increased its stake in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 184.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,821 shares of the company's stock after purchasing an additional 19,347 shares during the quarter. Ninety One North America Inc.'s holdings in Ferrari were worth $11,733,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Amundi grew its holdings in Ferrari by 3.4% in the second quarter. Amundi now owns 3,060,265 shares of the company's stock valued at $1,139,306,000 after purchasing an additional 101,906 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Ferrari in the second quarter valued at $952,874,000. Deutsche Bank AG acquired a new stake in Ferrari during the 2nd quarter worth approximately $413,209,000. The Manufacturers Life Insurance Company purchased a new position in shares of Ferrari in the 2nd quarter valued at $388,816,000. Finally, Legal & General Group Plc acquired a new stake in shares of Ferrari in the second quarter valued at about $322,208,000.

Ferrari Stock Up 2.6%

Shares of RACE traded up $10.17 during midday trading on Thursday, reaching $397.52. 404,235 shares of the stock were exchanged, compared to its average volume of 600,390. The company has a market cap of $93.00 billion, a price-to-earnings ratio of 36.90, a P/E/G ratio of 3.37 and a beta of 0.93. The company has a quick ratio of 3.70, a current ratio of 4.85 and a debt-to-equity ratio of 0.86. Ferrari N.V. has a 12-month low of $312.51 and a 12-month high of $437.15. The firm has a 50 day simple moving average of $407.64 and a 200-day simple moving average of $374.87.

Ferrari (NYSE:RACE - Get Free Report) last posted its 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 return on equity of 42.83% and a net margin of 22.29%. The company had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.14 billion. During the same period last year, the company earned $2.38 earnings per share. The business's revenue was up 8.4% compared to the same quarter last year. Research analysts forecast that Ferrari N.V. will post 11.16 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on RACE. Royal Bank Of Canada reaffirmed a "buy" rating on shares of Ferrari in a report on Monday, September 21st. Morningstar downgraded shares of Ferrari to a "hold" rating in a report on Tuesday, June 30th. UBS Group cut their price objective on shares of Ferrari from $490.00 to $450.00 and set a "buy" rating on the stock in a research report on Monday, October 5th. Needham & Company LLC upgraded shares of Ferrari to a "neutral" rating in a research note on Friday, July 31st. Finally, Sanford C. Bernstein reiterated a "buy" rating on shares of Ferrari in a research report on Tuesday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $464.74.

Ferrari Profile

Ferrari N.V. is an Italian luxury automotive company that designs, develops, manufactures and sells high-performance sports cars. Its product portfolio includes mid- and front-engine sports cars, grand touring models, special-series vehicles and limited-edition automobiles. Ferrari also develops hybrid and other electrified models while maintaining a focus on performance, craftsmanship, design and exclusivity.

The company generates additional activities through its racing operations, vehicle personalization programs, financial services, merchandise, licensing and branded experiences.

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