The Manufacturers Life Insurance Company Sells 19,825 Shares of Ferrari N.V. $RACE

Key Points

• The Manufacturers Life Insurance Company reduced its Ferrari stake by 2.5% in the first quarter, selling 19,825 shares but retaining 770,549 shares valued at approximately $260.4 million.
• Ferrari shares were up 5.5%, opening at $380.09, while the company carried a market capitalization of $88.9 billion and traded at a price-to-earnings ratio of 36.47.
• Wall Street remains broadly positive: Ferrari has a consensus “Moderate Buy” rating and an average price target of $471.97, with several analysts recently upgrading the stock or raising their targets.

The Manufacturers Life Insurance Company decreased its stake in Ferrari N.V. (NYSE:RACE - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 770,549 shares of the company's stock after selling 19,825 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.33% of Ferrari worth $260,382,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Fideuram Asset Management Ireland dac acquired a new stake in shares of Ferrari in the 4th quarter valued at $29,000. Entrust Financial LLC acquired a new stake in shares of Ferrari during the 4th quarter worth about $33,000. Bellevue Asset Management LLC acquired a new stake in shares of Ferrari during the 1st quarter worth about $34,000. Bamco Inc. NY increased its position in shares of Ferrari by 790.9% during the 4th quarter. Bamco Inc. NY now owns 98 shares of the company's stock worth $36,000 after purchasing an additional 87 shares in the last quarter. Finally, CoreCap Advisors LLC lifted its holdings in Ferrari by 70.0% during the 4th quarter. CoreCap Advisors LLC now owns 102 shares of the company's stock valued at $38,000 after purchasing an additional 42 shares during the last quarter.

Ferrari Stock Up 5.5%

Shares of NYSE RACE opened at $380.09 on Tuesday. Ferrari N.V. has a 12-month low of $312.51 and a 12-month high of $515.00. The firm's 50-day simple moving average is $361.11 and its 200 day simple moving average is $352.31. The company has a quick ratio of 4.08, a current ratio of 5.20 and a debt-to-equity ratio of 0.72. The company has a market cap of $88.92 billion, a price-to-earnings ratio of 36.47, a price-to-earnings-growth ratio of 3.09 and a beta of 0.92.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Morgan Stanley raised shares of Ferrari from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $388.00 to $438.00 in a research note on Monday, June 15th. Sanford C. Bernstein reiterated an "outperform" rating on shares of Ferrari in a research note on Tuesday, June 2nd. Jefferies Financial Group raised Ferrari from a "hold" rating to a "buy" rating in a report on Tuesday, March 31st. UBS Group boosted their target price on Ferrari from $483.00 to $497.00 and gave the stock a "buy" rating in a report on Thursday, July 2nd. Finally, Wolfe Research assumed coverage on Ferrari in a research report on Tuesday, July 7th. They set an "outperform" rating on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, Ferrari has an average rating of "Moderate Buy" and a consensus target price of $471.97.

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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