Russell Investments Group Ltd. grew its stake in shares of Ferrari NV (NYSE:RACE) by 38.3% during the third quarter, Holdings Channel reports. The institutional investor owned 214,632 shares of the company’s stock after purchasing an additional 59,402 shares during the quarter. Russell Investments Group Ltd.’s holdings in Ferrari were worth $33,110,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Covington Capital Management lifted its position in shares of Ferrari by 3,000.0% in the 2nd quarter. Covington Capital Management now owns 3,100 shares of the company’s stock worth $503,000 after purchasing an additional 3,000 shares during the period. FDx Advisors Inc. acquired a new stake in shares of Ferrari in the second quarter worth $251,000. Tyers Asset Management LLC increased its stake in shares of Ferrari by 16.7% in the second quarter. Tyers Asset Management LLC now owns 1,372 shares of the company’s stock worth $223,000 after acquiring an additional 196 shares during the period. Prudential PLC increased its stake in shares of Ferrari by 2.4% in the second quarter. Prudential PLC now owns 58,121 shares of the company’s stock worth $9,454,000 after acquiring an additional 1,341 shares during the period. Finally, Swiss National Bank increased its stake in shares of Ferrari by 1.0% in the second quarter. Swiss National Bank now owns 582,389 shares of the company’s stock worth $94,671,000 after acquiring an additional 5,536 shares during the period. 36.56% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have issued reports on RACE. Credit Suisse Group increased their price objective on shares of Ferrari from $185.00 to $205.00 and gave the company an “outperform” rating in a report on Tuesday. ValuEngine downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Morgan Stanley restated a “buy” rating and set a $180.00 price objective (up from $175.00) on shares of Ferrari in a research report on Thursday. Bank of America raised their price objective on shares of Ferrari from $150.00 to $225.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Finally, Zacks Investment Research upgraded shares of Ferrari from a “sell” rating to a “hold” rating in a research report on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $174.81.
Shares of RACE stock opened at $164.96 on Friday. The firm has a market cap of $30.96 billion, a P/E ratio of 41.03, a PEG ratio of 2.43 and a beta of 1.34. Ferrari NV has a 1-year low of $93.85 and a 1-year high of $172.89. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.23 and a quick ratio of 3.20. The firm’s 50-day simple moving average is $154.94 and its 200-day simple moving average is $154.16.
Ferrari (NYSE:RACE) last released its quarterly earnings results on Monday, November 4th. The company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.03). Ferrari had a return on equity of 51.17% and a net margin of 19.67%. The company had revenue of $915.00 million for the quarter, compared to analyst estimates of $889.08 million. During the same period in the previous year, the business posted $0.77 EPS. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. Analysts expect that Ferrari NV will post 4.15 earnings per share for the current fiscal year.
Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; Fuori series, one-off, and track cars; and Icona cars. It also provides non-registered racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.
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