Korea Investment CORP Buys New Shares in Ferrari N.V. $RACE

Key Points

• Korea Investment Corp. bought 225,359 Ferrari shares during the second quarter, valued at approximately $83.6 million, giving it a 0.10% stake in the luxury automaker.
• Analysts maintain a generally positive outlook, with Ferrari carrying a consensus “Moderate Buy” rating and an average price target of $477.15. Morgan Stanley and Evercore set targets of $442 and $485, respectively.
• Ferrari exceeded quarterly expectations, reporting $2.99 EPS versus the $2.83 estimate and $2.21 billion in revenue, up 8.4% year over year.

Korea Investment CORP purchased a new position in Ferrari N.V. (NYSE:RACE - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 225,359 shares of the company's stock, valued at approximately $83,570,000. Korea Investment CORP owned about 0.10% of Ferrari as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Fideuram Asset Management Ireland dac acquired a new position in shares of Ferrari in the 4th quarter worth $29,000. Entrust Financial LLC purchased a new position in Ferrari in the 4th quarter worth about $33,000. Bellevue Asset Management LLC acquired a new stake in Ferrari during the 1st quarter worth about $34,000. Bamco Inc. NY lifted its stake in Ferrari by 790.9% during the fourth quarter. Bamco Inc. NY now owns 98 shares of the company's stock valued at $36,000 after buying an additional 87 shares in the last quarter. Finally, Dunhill Financial LLC acquired a new position in shares of Ferrari in the second quarter worth about $38,000.

Wall Street Analyst Weigh In

RACE has been the subject of a number of recent analyst reports. Needham & Company LLC raised shares of Ferrari to a "neutral" rating in a research note on Friday, July 31st. Morgan Stanley reaffirmed an "overweight" rating and issued a $442.00 target price on shares of Ferrari in a research report on Friday, July 31st. Weiss Ratings reissued a "hold (c)" rating on shares of Ferrari in a research report on Wednesday, July 8th. Wolfe Research began coverage on Ferrari in a research report on Tuesday, July 7th. They set an "outperform" rating for the company. Finally, Evercore reiterated an "outperform" rating and issued a $485.00 target price 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 assigned a Hold rating to the company. According to data from MarketBeat.com, Ferrari has a consensus rating of "Moderate Buy" and an average target price of $477.15.

Ferrari Stock Performance

Shares of RACE stock opened at $436.38 on Friday. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $504.49. The stock's 50-day moving average is $384.67 and its two-hundred day moving average is $360.22. The company has a debt-to-equity ratio of 0.86, a current ratio of 4.85 and a quick ratio of 3.70. The firm has a market cap of $102.09 billion, a P/E ratio of 40.51, a PEG ratio of 3.68 and a beta of 0.91.

Ferrari (NYSE:RACE - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The company reported $2.99 earnings per share (EPS) 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 business had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same period in the previous year, the company earned $2.38 EPS. The firm's revenue was up 8.4% on a year-over-year basis. Analysts predict that Ferrari N.V. will post 11.18 earnings per share for the current fiscal year.

Ferrari 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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