The Manufacturers Life Insurance Company Trims Stock Holdings in Ferrari N.V. $RACE

Key Points

• The Manufacturers Life Insurance Company has reduced its stake in Ferrari N.V. by 9.1%, now holding 90,427 shares valued at approximately $38.47 million.
• Ferrari recently reported an earnings per share (EPS) of $2.70, exceeding analyst expectations of $2.57 and marking a 4.4% year-over-year revenue increase.
• Analysts have mixed ratings for Ferrari, with six recommending a Buy, one a Hold, and one a Sell; the consensus target price stands at $528.33.

The Manufacturers Life Insurance Company cut its holdings in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 9.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 90,427 shares of the company's stock after selling 9,100 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Ferrari were worth $38,471,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in RACE. GW&K Investment Management LLC lifted its position in Ferrari by 288.9% during the first quarter. GW&K Investment Management LLC now owns 70 shares of the company's stock worth $30,000 after buying an additional 52 shares during the period. Park Square Financial Group LLC purchased a new position in Ferrari during the fourth quarter worth about $32,000. Alpine Bank Wealth Management purchased a new position in Ferrari during the first quarter worth about $33,000. Brooklyn Investment Group lifted its position in Ferrari by 381.3% during the first quarter. Brooklyn Investment Group now owns 77 shares of the company's stock worth $33,000 after buying an additional 61 shares during the period. Finally, Webster Bank N. A. acquired a new stake in Ferrari during the first quarter worth about $43,000.

Analysts Set New Price Targets

Several brokerages have commented on RACE. Citigroup restated a "sell" rating on shares of Ferrari in a research note on Monday, August 11th. Deutsche Bank Aktiengesellschaft upgraded Ferrari from a "hold" rating to a "buy" rating in a research note on Tuesday. Zacks Research lowered Ferrari from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 29th. UBS Group upped their price target on Ferrari from $540.00 to $570.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Wall Street Zen lowered Ferrari from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Ferrari has an average rating of "Moderate Buy" and a consensus price target of $531.67.

Ferrari Stock Down 1.2%

Shares of NYSE:RACE traded down $6.13 during mid-day trading on Friday, hitting $489.06. 279,110 shares of the company traded hands, compared to its average volume of 419,168. The firm has a market cap of $118.54 billion, a P/E ratio of 50.47, a PEG ratio of 5.64 and a beta of 1.10. 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 N.V. has a 52-week low of $391.54 and a 52-week high of $519.10. The firm's 50 day simple moving average is $479.65 and its 200 day simple moving average is $467.17.

Ferrari (NYSE:RACE - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $2.70 EPS for the quarter, beating the consensus estimate of $2.57 by $0.13. The business had revenue of $2.12 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the business posted $2.29 EPS. Ferrari has set its FY 2025 guidance at 9.751- EPS. On average, equities analysts anticipate that Ferrari N.V. will post 9.22 EPS for the current year.

About Ferrari

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.