Legal & General Group Plc Invests $322.21 Million in Ferrari N.V. $RACE

Key Points

• Legal & General Group Plc acquired 868,826 Ferrari shares worth approximately $322.2 million, representing about 0.37% of the company.
• Analysts remain broadly positive, with Ferrari carrying a “Moderate Buy” consensus rating and an average price target of $477.15; several firms recently raised or initiated “outperform” ratings.
• Ferrari exceeded quarterly expectations, reporting $2.99 in EPS and $2.21 billion in revenue, with revenue increasing 8.4% year over year.

Legal & General Group Plc acquired a new position in shares of Ferrari N.V. (NYSE:RACE - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 868,826 shares of the company's stock, valued at approximately $322,208,000. Legal & General Group Plc owned about 0.37% of Ferrari at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its holdings in shares of Ferrari by 78.9% in the 1st quarter. AQR Capital Management LLC now owns 3,568 shares of the company's stock valued at $1,527,000 after buying an additional 1,574 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Ferrari by 31.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 194 shares of the company's stock valued at $82,000 after purchasing an additional 46 shares during the last quarter. Woodline Partners LP purchased a new stake in shares of Ferrari during the first quarter worth about $1,519,000. Sivia Capital Partners LLC raised its position in shares of Ferrari by 67.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 913 shares of the company's stock valued at $448,000 after purchasing an additional 368 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in Ferrari by 7.5% in the 2nd quarter. Rhumbline Advisers now owns 1,370 shares of the company's stock worth $672,000 after purchasing an additional 96 shares in the last quarter.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Sanford C. Bernstein upped their price target on shares of Ferrari from $402.00 to $460.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Wolfe Research started coverage on shares of Ferrari in a report on Tuesday, July 7th. They set an "outperform" rating on the stock. Evercore reissued an "outperform" rating and issued a $485.00 price objective on shares of Ferrari in a report on Friday, July 31st. Weiss Ratings reiterated a "hold (c)" rating on shares of Ferrari in a research report on Wednesday, July 8th. Finally, Needham & Company LLC upgraded shares of Ferrari to a "neutral" rating in a report on Friday, July 31st. 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 company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $477.15.

Ferrari Price Performance

NYSE:RACE opened at $421.86 on Wednesday. The firm's fifty day moving average is $386.88 and its two-hundred day moving average is $361.63. The firm has a market cap of $98.69 billion, a price-to-earnings ratio of 39.17, a PEG ratio of 3.65 and a beta of 0.91. The company has a debt-to-equity ratio of 0.86, a quick ratio of 3.70 and a current ratio of 4.85. Ferrari N.V. has a one year low of $312.51 and a one year high of $504.49.

Ferrari (NYSE:RACE - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The company reported $2.99 earnings per share for the quarter, beating analysts' consensus estimates of $2.83 by $0.16. The business had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.14 billion. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.The company's revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the business posted $2.38 EPS. Research analysts expect that Ferrari N.V. will post 11.18 EPS for the current 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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