Sustainable Insight Capital Management LLC Acquires New Position in Ferrari N.V. $RACE

Key Points

• Sustainable Insight Capital Management opened a new position in Ferrari during the first quarter, buying 10,425 shares worth about $3.48 million. The stake makes Ferrari about 1.2% of the firm’s portfolio.
• Several other institutional investors also adjusted their Ferrari holdings, including Renaissance Technologies, which boosted its position by 47.9%, and the Ohio Public Employees Retirement System, which increased its stake by 26.1%.
• Ferrari shares were trading around $359.99, and Wall Street sentiment remains constructive with a Moderate Buy consensus and an average price target of $471.97.

Sustainable Insight Capital Management LLC acquired a new stake in shares of Ferrari N.V. (NYSE:RACE - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,425 shares of the company's stock, valued at approximately $3,481,000. Ferrari comprises about 1.2% of Sustainable Insight Capital Management LLC's investment portfolio, making the stock its 24th biggest holding.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its stake in shares of Ferrari by 47.9% in the first quarter. Renaissance Technologies LLC now owns 116,968 shares of the company's stock worth $39,026,000 after purchasing an additional 37,860 shares in the last quarter. Gamco Investors INC. ET AL purchased a new stake in shares of Ferrari during the 1st quarter valued at approximately $264,000. Public Employees Retirement System of Ohio lifted its stake in shares of Ferrari by 26.1% during the 1st quarter. Public Employees Retirement System of Ohio now owns 83,073 shares of the company's stock valued at $27,650,000 after buying an additional 17,198 shares in the last quarter. Compound Planning Inc. boosted its holdings in Ferrari by 5.3% in the 1st quarter. Compound Planning Inc. now owns 998 shares of the company's stock worth $338,000 after buying an additional 50 shares during the period. Finally, Capula Management Ltd bought a new position in Ferrari in the 1st quarter worth approximately $1,232,000.

Ferrari Price Performance

RACE stock opened at $359.99 on Friday. The firm has a 50 day moving average of $360.00 and a 200-day moving average of $352.45. The firm has a market capitalization of $84.22 billion, a P/E ratio of 34.54, a price-to-earnings-growth ratio of 3.08 and a beta of 0.92. Ferrari N.V. has a 12 month low of $312.51 and a 12 month 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.

Wall Street Analysts Forecast Growth

RACE has been the subject of a number of recent research reports. UBS Group lifted their price objective on shares of Ferrari from $483.00 to $497.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. Weiss Ratings restated a "hold (c)" rating on shares of Ferrari in a research report on Wednesday, July 8th. Morgan Stanley raised Ferrari from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $388.00 to $438.00 in a report on Monday, June 15th. Wolfe Research assumed coverage on Ferrari in a research report on Tuesday, July 7th. They issued an "outperform" rating for the company. Finally, Jefferies Financial Group upgraded Ferrari from a "hold" rating to a "buy" rating in a research note on Tuesday, March 31st. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Ferrari presently has a consensus rating of "Moderate Buy" and a consensus price target of $471.97.

Ferrari 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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