Mediolanum International Funds Ltd Increases Position in Ferrari N.V. $RACE

Key Points

• Mediolanum International Funds Ltd increased its Ferrari stake by 15.5% in the first quarter, buying 5,510 additional shares and bringing its total holding to 40,978 shares worth about $13.6 million.
• Several other institutional investors also boosted their positions in Ferrari, including notable increases from Barings LLC, Allspring Global Investments, and J. Safra Sarasin Holding AG.
• Ferrari stock was up 0.2% to $377.68, and analysts remain broadly positive with a Moderate Buy consensus and an average price target of $471.97.

Mediolanum International Funds Ltd lifted its stake in Ferrari N.V. (NYSE:RACE - Free Report) by 15.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,978 shares of the company's stock after purchasing an additional 5,510 shares during the period. Mediolanum International Funds Ltd's holdings in Ferrari were worth $13,620,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Assetmark Inc. grew its position in Ferrari by 17.5% during the first quarter. Assetmark Inc. now owns 2,660 shares of the company's stock worth $900,000 after buying an additional 397 shares during the period. Barings LLC lifted its position in shares of Ferrari by 823.5% during the 1st quarter. Barings LLC now owns 21,998 shares of the company's stock valued at $7,347,000 after acquiring an additional 19,616 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Ferrari by 21.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 214,080 shares of the company's stock valued at $73,296,000 after acquiring an additional 38,050 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Ferrari by 8.4% during the 1st quarter. Bank of New York Mellon Corp now owns 2,808,855 shares of the company's stock valued at $950,657,000 after acquiring an additional 218,830 shares during the period. Finally, J. Safra Sarasin Holding AG boosted its stake in shares of Ferrari by 158.0% during the 1st quarter. J. Safra Sarasin Holding AG now owns 50,446 shares of the company's stock worth $16,776,000 after acquiring an additional 30,890 shares in the last quarter.

Ferrari Trading Up 0.2%

Ferrari stock opened at $377.68 on Monday. The stock has a market cap of $88.36 billion, a PE ratio of 36.24, a P/E/G ratio of 3.23 and a beta of 0.92. The stock has a 50-day moving average price of $356.23 and a 200 day moving average price of $352.46. Ferrari N.V. has a 52 week low of $312.51 and a 52 week high of $519.10. The company has a current ratio of 5.20, a quick ratio of 4.08 and a debt-to-equity ratio of 0.72.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Sanford C. Bernstein restated an "outperform" rating on shares of Ferrari in a report on Tuesday, June 2nd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ferrari in a report on Wednesday, July 8th. Jefferies Financial Group upgraded Ferrari from a "hold" rating to a "buy" rating in a research report on Tuesday, March 31st. UBS Group upped their target price on Ferrari from $483.00 to $497.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. Finally, Morgan Stanley upgraded Ferrari from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $388.00 to $438.00 in a research report on Monday, June 15th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $471.97.

About Ferrari

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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