Northwestern Mutual Wealth Management Co. Invests $20.23 Million in Ferrari N.V. $RACE

Key Points

• Northwestern Mutual Wealth Management acquired 54,327 Ferrari shares in the second quarter, valued at approximately $20.23 million.
• Analysts maintain a generally bullish outlook, with Ferrari receiving a consensus “Moderate Buy” rating and an average price target of $477.15.
• Ferrari exceeded quarterly expectations, reporting $2.99 in EPS and $2.21 billion in revenue; revenue increased 8.4% year over year, while shares opened at $436.38.

Northwestern Mutual Wealth Management Co. bought a new stake in Ferrari N.V. (NYSE:RACE - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 54,327 shares of the company's stock, valued at approximately $20,225,000.

Other large investors have also recently made changes to their positions in the company. Fideuram Asset Management Ireland dac purchased a new stake in Ferrari in the fourth quarter valued at approximately $29,000. Entrust Financial LLC purchased a new position in shares of Ferrari during the fourth quarter worth approximately $33,000. Bellevue Asset Management LLC purchased a new position in shares of Ferrari during the first quarter worth approximately $34,000. Bamco Inc. NY increased its holdings in shares of Ferrari by 790.9% in the 4th quarter. Bamco Inc. NY now owns 98 shares of the company's stock valued at $36,000 after acquiring an additional 87 shares during the period. Finally, Dunhill Financial LLC acquired a new position in shares of Ferrari in the 2nd quarter valued at $38,000.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Citigroup reiterated a "neutral" rating on shares of Ferrari in a research note on Monday, August 3rd. Sanford C. Bernstein lifted their price objective 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 research note on Tuesday, July 7th. They set an "outperform" rating for the company. Morgan Stanley reiterated an "overweight" rating and set a $442.00 target price on shares of Ferrari in a research note on Friday, July 31st. Finally, Evercore reissued an "outperform" rating and set a $485.00 price target 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 assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $477.15.

Ferrari Stock Performance

NYSE:RACE opened at $436.38 on Friday. The firm's fifty day moving average price is $384.67 and its 200 day moving average price is $360.22. Ferrari N.V. has a 1-year low of $312.51 and a 1-year high of $504.49. 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 price-to-earnings ratio of 40.51, a price-to-earnings-growth ratio of 3.75 and a beta of 0.91.

Ferrari (NYSE:RACE - Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The company reported $2.99 EPS for the quarter, topping analysts' consensus estimates of $2.83 by $0.16. Ferrari had a net margin of 22.29% and a return on equity of 42.83%. The company had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the prior year, the firm earned $2.38 EPS. Ferrari's quarterly revenue was up 8.4% on a year-over-year basis. On average, sell-side analysts expect that Ferrari N.V. will post 11.18 EPS for the current year.

Ferrari Company 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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