Lmcg Investments LLC Acquires 9,871 Shares of Ferrari N.V. $RACE

Key Points

• Lmcg Investments acquired 9,871 Ferrari shares during the third quarter, valued at approximately $3.88 million. Several other institutional investors also increased or initiated positions.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $456.71; 15 analysts rate the stock Buy or Strong Buy versus eight Holds.
• Ferrari reported quarterly EPS of $2.99, beating estimates of $2.83, while revenue reached $2.21 billion and grew 8.4% year over year. The stock opened at $396.87, down 0.8%.

Lmcg Investments LLC acquired a new position in Ferrari N.V. (NYSE:RACE - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,871 shares of the company's stock, valued at approximately $3,878,000.

Several other hedge funds have also recently bought and sold shares of RACE. Quadrant Capital Group LLC raised its holdings in Ferrari by 1.6% during the third quarter. Quadrant Capital Group LLC now owns 6,904 shares of the company's stock valued at $2,704,000 after buying an additional 111 shares in the last quarter. Pinnacle Associates Ltd. bought a new stake in shares of Ferrari during the 3rd quarter worth about $504,000. Bank Pictet & Cie Europe AG boosted its stake in shares of Ferrari by 61.0% during the 3rd quarter. Bank Pictet & Cie Europe AG now owns 2,657 shares of the company's stock worth $1,045,000 after acquiring an additional 1,007 shares in the last quarter. Net Worth Advisory Group boosted its stake in shares of Ferrari by 24.1% during the 3rd quarter. Net Worth Advisory Group now owns 887 shares of the company's stock worth $344,000 after acquiring an additional 172 shares in the last quarter. Finally, Secure Asset Management LLC boosted its stake in shares of Ferrari by 6.6% during the 3rd quarter. Secure Asset Management LLC now owns 6,391 shares of the company's stock worth $2,511,000 after acquiring an additional 394 shares in the last quarter.

Analyst Ratings Changes

A number of brokerages have recently commented on RACE. Weiss Ratings raised Ferrari from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, October 16th. Jefferies Financial Group restated a "buy" rating on shares of Ferrari in a report on Monday, August 17th. Berenberg Bank restated a "buy" rating on shares of Ferrari in a report on Monday, September 28th. Wolfe Research started coverage on Ferrari in a research report on Tuesday, July 7th. They set an "outperform" rating for the company. Finally, JPMorgan Chase & Co. reiterated a "buy" rating on shares of Ferrari in a report on Tuesday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $456.71.

Ferrari Stock Down 0.8%

Ferrari stock opened at $396.87 on Thursday. The firm has a market cap of $92.85 billion, a price-to-earnings ratio of 37.16, a P/E/G ratio of 3.45 and a beta of 0.93. The company has a debt-to-equity ratio of 0.86, a current ratio of 4.85 and a quick ratio of 3.70. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $437.15. The firm has a fifty day moving average price of $406.53 and a two-hundred day moving average price of $377.13.

Ferrari (NYSE:RACE - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The company reported $2.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.83 by $0.16. The company had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $2.14 billion. Ferrari had a net margin of 22.29% and a return on equity of 42.83%. The business's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.38 earnings per share. As a group, analysts forecast that Ferrari N.V. will post 11.16 earnings per share for the current year.

Ferrari Company Profile

Ferrari N.V. is an Italian luxury automotive company that designs, develops, manufactures and sells high-performance sports cars. Its vehicle portfolio includes grand touring models, mid- and rear-engine sports cars, limited-edition special series and high-performance supercars. Ferrari also offers extensive personalization options, allowing customers to tailor vehicle specifications, materials and finishes.

The company traces its origins to 1939, when Enzo Ferrari established Auto Avio Costruzioni, and it produced its first Ferrari-badged car in 1947.

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