TD Waterhouse Canada Inc. Acquires 24,956 Shares of Ferrari N.V. $RACE

Key Points

• TD Waterhouse Canada increased its Ferrari stake by 139.4% in the second quarter, purchasing 24,956 additional shares for a total of 42,858 shares valued at approximately $16.1 million.
• Analysts maintain a generally positive outlook, with Ferrari receiving a consensus “Moderate Buy” rating and an average price target of $477.15.
• 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 $409.90, below its 52-week high of $504.49.

TD Waterhouse Canada Inc. grew its holdings in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 139.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 42,858 shares of the company's stock after purchasing an additional 24,956 shares during the period. TD Waterhouse Canada Inc.'s holdings in Ferrari were worth $16,058,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RACE shares. Citigroup reaffirmed a "neutral" rating on shares of Ferrari in a research report on Monday, August 3rd. UBS Group cut their price objective on shares of Ferrari from $497.00 to $490.00 and set a "buy" rating on the stock in a research report on Friday, July 31st. Weiss Ratings restated a "hold (c)" rating on shares of Ferrari in a research note on Wednesday, July 8th. Morgan Stanley restated an "overweight" rating and set a $442.00 price objective on shares of Ferrari in a research note on Friday, July 31st. Finally, Sanford C. Bernstein lifted their target price on shares of Ferrari from $402.00 to $460.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $477.15.

Ferrari Stock Down 1.9%

RACE stock opened at $409.90 on Friday. The stock has a market capitalization of $95.90 billion, a P/E ratio of 38.06, a P/E/G ratio of 3.59 and a beta of 0.92. The company has a debt-to-equity ratio of 0.86, a current ratio of 4.85 and a quick ratio of 3.70. Ferrari N.V. has a 1-year low of $312.51 and a 1-year high of $504.49. The business has a fifty day moving average price of $396.45 and a 200-day moving average price of $364.70.

Ferrari (NYSE:RACE - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The company reported $2.99 EPS for the quarter, beating the consensus estimate of $2.83 by $0.16. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.The company had revenue of $2.21 billion for the quarter, compared to analysts' expectations of $2.14 billion. During the same period last year, the firm posted $2.38 earnings per share. Ferrari's revenue was up 8.4% compared to the same quarter last year. Equities analysts forecast that Ferrari N.V. will post 11.18 earnings per share for the current fiscal year.

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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