The Manufacturers Life Insurance Company Purchases New Stake in Ferrari N.V. $RACE

Key Points

• The Manufacturers Life Insurance Company acquired 1,044,720 Ferrari shares during the second quarter, valued at approximately $388.8 million and representing about 0.45% of the company.
• Analysts maintain a bullish outlook, with Ferrari receiving a consensus “Moderate Buy” rating and an average price target of $477.15; recent targets range from $442 to $490.
• Ferrari reported quarterly EPS of $2.99, beating estimates of $2.83, while revenue rose 8.4% year over year to $2.21 billion. Shares opened at $424.31, down 2.8%.

The Manufacturers Life Insurance Company acquired a new position in shares of Ferrari N.V. (NYSE:RACE - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 1,044,720 shares of the company's stock, valued at approximately $388,816,000. The Manufacturers Life Insurance Company owned approximately 0.45% of Ferrari as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RACE. Fideuram Asset Management Ireland dac acquired a new stake in shares of Ferrari during the 4th quarter worth approximately $29,000. Entrust Financial LLC purchased a new position in Ferrari in the fourth quarter worth approximately $33,000. Bellevue Asset Management LLC purchased a new position in Ferrari in the first quarter worth approximately $34,000. Bamco Inc. NY increased its stake in Ferrari by 790.9% during the fourth quarter. Bamco Inc. NY now owns 98 shares of the company's stock worth $36,000 after acquiring an additional 87 shares during the last quarter. Finally, Dunhill Financial LLC acquired a new stake in Ferrari during the second quarter worth $38,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on RACE shares. Evercore reiterated an "outperform" rating and set a $485.00 price target on shares of Ferrari in a report on Friday, July 31st. Sanford C. Bernstein upped their target price on shares of Ferrari from $402.00 to $460.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. Wolfe Research started coverage on shares of Ferrari in a research report on Tuesday, July 7th. They issued an "outperform" rating on the stock. Morgan Stanley reaffirmed an "overweight" rating and set a $442.00 target price on shares of Ferrari in a research note on Friday, July 31st. Finally, UBS Group dropped their price target on shares of Ferrari from $497.00 to $490.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Three equities research 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 company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $477.15.

Ferrari Trading Down 2.8%

RACE opened at $424.31 on Tuesday. Ferrari N.V. has a 52 week low of $312.51 and a 52 week 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 business has a fifty day simple moving average of $385.77 and a 200-day simple moving average of $361.05. The firm has a market cap of $99.27 billion, a P/E ratio of 39.39, a P/E/G ratio of 3.75 and a beta of 0.91.

Ferrari (NYSE:RACE - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The company reported $2.99 earnings per share (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 firm had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the previous year, the business earned $2.38 EPS. The company's quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities analysts expect that Ferrari N.V. will post 11.18 earnings per share for the current year.

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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