Nuveen LLC Buys New Holdings in Ferrari N.V. (NYSE:RACE)

Key Points

• Nuveen LLC purchased a new position in Ferrari N.V. in Q1, acquiring 550,443 shares valued at approximately $233.2 million, representing 0.23% of the company's stock.
• Several institutional investors, including Banco Santander S.A. and Zurich Insurance Group, have increased their holdings in Ferrari, indicating strong institutional interest.
• Analysts have mixed ratings on Ferrari, with UBS raising its price target to $560, while others downgraded their recommendations, leaving the stock with a consensus rating of "Moderate Buy."

Nuveen LLC purchased a new position in shares of Ferrari N.V. (NYSE:RACE - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 550,443 shares of the company's stock, valued at approximately $233,200,000. Nuveen LLC owned about 0.23% of Ferrari as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Bridgewater Advisors Inc. purchased a new stake in Ferrari in the first quarter worth $492,000. Zurich Insurance Group Ltd FI increased its holdings in Ferrari by 13.2% in the 4th quarter. Zurich Insurance Group Ltd FI now owns 79,796 shares of the company's stock worth $34,042,000 after acquiring an additional 9,274 shares during the last quarter. Thoroughbred Financial Services LLC raised its stake in Ferrari by 39.7% in the 1st quarter. Thoroughbred Financial Services LLC now owns 10,286 shares of the company's stock valued at $4,401,000 after acquiring an additional 2,925 shares during the period. Banco Santander S.A. lifted its holdings in Ferrari by 35.3% during the first quarter. Banco Santander S.A. now owns 560,999 shares of the company's stock valued at $240,040,000 after purchasing an additional 146,279 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Ferrari by 2.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 85,614 shares of the company's stock worth $36,271,000 after purchasing an additional 2,144 shares during the period.

Ferrari Price Performance

Ferrari stock traded up $13.47 during mid-day trading on Thursday, hitting $464.68. 765,625 shares of the company traded hands, compared to its average volume of 430,366. The stock has a fifty day moving average price of $478.60 and a 200-day moving average price of $465.40. The stock has a market cap of $112.63 billion, a price-to-earnings ratio of 47.96, a price-to-earnings-growth ratio of 4.82 and a beta of 1.09. Ferrari N.V. has a one year low of $391.54 and a one year high of $519.10. The company has a debt-to-equity ratio of 0.89, a quick ratio of 3.94 and a current ratio of 5.09.

Ferrari (NYSE:RACE - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.13. The firm had revenue of $2.12 billion during the quarter, compared to analyst estimates of $2.05 billion. Ferrari had a return on equity of 45.41% and a net margin of 22.95%. The company's revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.29 earnings per share. On average, equities analysts predict that Ferrari N.V. will post 9.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RACE has been the topic of a number of recent research reports. Citigroup restated a "sell" rating on shares of Ferrari in a research note on Monday. UBS Group increased their target price on Ferrari from $520.00 to $560.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Cfra Research cut Ferrari from a "hold" rating to a "moderate sell" rating in a research report on Thursday, July 31st. Wall Street Zen cut Ferrari from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Ferrari in a report on Monday, August 4th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $526.25.

Ferrari Company Profile

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.