Wellington Management Group LLP Lowers Position in Ferrari N.V. $RACE

Key Points

• Wellington Management Group LLP has significantly decreased its stake in Ferrari N.V., reducing its holdings by 75.5% to 73,981 shares, valued at approximately $31.34 million.
• Several large investors have recently adjusted their positions in Ferrari, with First Trust Advisors LP increasing its stake by 36.8%, now holding 15,485 shares worth $6.58 million.
• Ferrari's recent financial performance showed an earnings per share of $2.70 for the last quarter, surpassing analyst expectations of $2.57, contributing to an overall revenue of $2.12 billion.

Wellington Management Group LLP cut its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 75.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 73,981 shares of the company's stock after selling 228,016 shares during the quarter. Wellington Management Group LLP's holdings in Ferrari were worth $31,343,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of RACE. Goldman Sachs Group Inc. grew its holdings in shares of Ferrari by 52.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,277,115 shares of the company's stock worth $974,332,000 after buying an additional 781,587 shares in the last quarter. Nuveen LLC bought a new position in Ferrari in the first quarter valued at approximately $233,200,000. Vanguard Group Inc. grew its stake in Ferrari by 8.1% in the first quarter. Vanguard Group Inc. now owns 5,071,130 shares of the company's stock valued at $2,165,683,000 after purchasing an additional 377,929 shares in the last quarter. Citigroup Inc. lifted its position in shares of Ferrari by 155.1% in the first quarter. Citigroup Inc. now owns 269,862 shares of the company's stock valued at $115,469,000 after buying an additional 164,092 shares during the last quarter. Finally, Banco Santander S.A. lifted its position in shares of Ferrari by 35.3% in the first quarter. Banco Santander S.A. now owns 560,999 shares of the company's stock valued at $240,040,000 after buying an additional 146,279 shares during the last quarter.

Analyst Ratings Changes

RACE has been the subject of several analyst reports. Cfra Research cut Ferrari from a "hold" rating to a "moderate sell" rating in a report on Thursday, July 31st. Wall Street Zen lowered Ferrari from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Ferrari in a research note on Monday, August 4th. UBS Group boosted their price objective on Ferrari from $520.00 to $560.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Finally, Citigroup restated a "sell" rating on shares of Ferrari in a research report on Monday, August 11th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $528.33.

Ferrari Trading Up 0.5%

Shares of Ferrari stock traded up $2.36 on Wednesday, hitting $470.30. 233,158 shares of the company's stock traded hands, compared to its average volume of 605,640. The company has a fifty day moving average of $477.42 and a two-hundred day moving average of $467.17. Ferrari N.V. has a one year low of $391.54 and a one year high of $519.10. The company has a debt-to-equity ratio of 0.89, a current ratio of 5.09 and a quick ratio of 3.94. The company has a market capitalization of $113.99 billion, a price-to-earnings ratio of 48.53, a price-to-earnings-growth ratio of 5.06 and a beta of 1.09.

Ferrari (NYSE:RACE - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.70 earnings per share for the quarter, topping analysts' consensus estimates of $2.57 by $0.13. Ferrari had a return on equity of 45.41% and a net margin of 22.95%.The business had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same period in the prior year, the business earned $2.29 EPS. The firm's revenue for the quarter was up 4.4% on a year-over-year basis. Ferrari has set its FY 2025 guidance at 9.751- EPS. As a group, sell-side analysts expect that Ferrari N.V. will post 9.22 earnings per share 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.