OVERSEA CHINESE BANKING Corp Ltd Makes New $923,000 Investment in Ferrari N.V. $RACE

Key Points

• Oversea-Chinese Banking Corp. purchased 2,480 Ferrari shares worth approximately $923,000 during the second quarter, while several other institutional investors also increased their positions.
• Ferrari reported quarterly EPS of $2.99, beating estimates of $2.83, while revenue rose 8.4% year over year to $2.21 billion. The stock opened at $436.38, up 1.9%, with a market capitalization of about $102.1 billion.
• Analyst sentiment remains favorable, with Ferrari receiving a “Moderate Buy” consensus rating and an average price target of $477.15, despite some analysts maintaining neutral or hold ratings.

OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of Ferrari N.V. (NYSE:RACE - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,480 shares of the company's stock, valued at approximately $923,000.

A number of other large investors have also recently modified their holdings of RACE. AQR Capital Management LLC raised its position 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 worth $1,527,000 after acquiring an additional 1,574 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Ferrari by 31.1% during the first 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 in the last quarter. Woodline Partners LP purchased a new stake in Ferrari in the first quarter worth $1,519,000. Sivia Capital Partners LLC grew its stake in Ferrari by 67.5% in the second quarter. Sivia Capital Partners LLC now owns 913 shares of the company's stock worth $448,000 after purchasing an additional 368 shares during the period. Finally, Rhumbline Advisers grew its stake in Ferrari by 7.5% in the second quarter. Rhumbline Advisers now owns 1,370 shares of the company's stock worth $672,000 after purchasing an additional 96 shares during the period.

Ferrari Stock Up 1.9%

RACE stock opened at $436.38 on Friday. Ferrari N.V. has a twelve month low of $312.51 and a twelve month high of $504.49. The company has a quick ratio of 3.70, a current ratio of 4.85 and a debt-to-equity ratio of 0.86. The firm has a market cap of $102.09 billion, a PE ratio of 40.51, a price-to-earnings-growth ratio of 3.68 and a beta of 0.91. The business has a 50 day moving average of $384.67 and a 200 day moving average of $360.22.

Ferrari (NYSE:RACE - Get Free Report) last announced its quarterly earnings data 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. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.The business had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $2.14 billion. During the same quarter in the previous year, the business earned $2.38 earnings per share. The firm's quarterly revenue was up 8.4% compared to the same quarter last year. On average, research analysts forecast that Ferrari N.V. will post 11.18 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Sanford C. Bernstein raised their price objective on Ferrari from $402.00 to $460.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ferrari in a research report on Wednesday, July 8th. UBS Group decreased their price target on shares of Ferrari from $497.00 to $490.00 and set a "buy" rating for the company in a research note on Friday, July 31st. Morgan Stanley reiterated an "overweight" rating and issued a $442.00 price target on shares of Ferrari in a research note on Friday, July 31st. Finally, Needham & Company LLC raised shares of Ferrari to a "neutral" rating in a research report on Friday, July 31st. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Ferrari presently has an average rating of "Moderate Buy" and an average price target of $477.15.

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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