Ferrari N.V. (RACE) is Bank of Italy’s 4th Largest Position
Bank of Italy continued to hold its stake in shares of Ferrari N.V. (NYSE:RACE) during the second quarter, Holdings Channel reports. The fund owned 969,615 shares of the company’s stock at the end of the second quarter. Ferrari N.V. makes up 4.9% of Bank of Italy’s investment portfolio, making the stock its 4th largest position. Bank of Italy’s holdings in Ferrari N.V. were worth $83,155,000 as of its most recent filing with the SEC.
Other hedge funds have also modified their holdings of the company. Comerica Bank increased its position in Ferrari N.V. by 1.3% in the first quarter. Comerica Bank now owns 10,857 shares of the company’s stock valued at $821,000 after buying an additional 144 shares in the last quarter. Ray Gerald L & Associates Ltd. increased its position in Ferrari N.V. by 3.9% in the first quarter. Ray Gerald L & Associates Ltd. now owns 6,470 shares of the company’s stock valued at $481,000 after buying an additional 240 shares in the last quarter. Bank of New York Mellon Corp increased its position in Ferrari N.V. by 2.9% in the first quarter. Bank of New York Mellon Corp now owns 362,052 shares of the company’s stock valued at $26,923,000 after buying an additional 10,215 shares in the last quarter. AKO Capital LLP increased its position in Ferrari N.V. by 31.1% in the first quarter. AKO Capital LLP now owns 5,441,163 shares of the company’s stock valued at $400,203,000 after buying an additional 1,289,839 shares in the last quarter. Finally, Geneva Advisors LLC purchased a new position in Ferrari N.V. during the first quarter valued at $441,000. 32.54% of the stock is owned by hedge funds and other institutional investors.
Ferrari N.V. (NYSE RACE) opened at 110.56 on Tuesday. The stock has a 50 day moving average price of $93.00 and a 200 day moving average price of $77.93. The stock has a market cap of $20.87 billion, a PE ratio of 37.30 and a beta of 1.82. Ferrari N.V. has a 52 week low of $46.38 and a 52 week high of $110.89.
Ferrari N.V. (NYSE:RACE) last posted its earnings results on Wednesday, August 2nd. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.13. Ferrari N.V. had a return on equity of 128.49% and a net margin of 14.43%. The business had revenue of $1.01 billion during the quarter. On average, equities analysts predict that Ferrari N.V. will post $3.09 earnings per share for the current year.
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Several research firms have weighed in on RACE. Jefferies Group LLC reaffirmed a “buy” rating and issued a $74.00 target price on shares of Ferrari N.V. in a research report on Tuesday, April 18th. Bank of America Corporation reaffirmed a “buy” rating and issued a $100.00 target price (up from $90.00) on shares of Ferrari N.V. in a research report on Friday, June 16th. Zacks Investment Research raised Ferrari N.V. from a “hold” rating to a “buy” rating and set a $112.00 target price for the company in a research report on Saturday, July 22nd. Kepler Capital Markets reaffirmed a “hold” rating on shares of Ferrari N.V. in a research report on Monday, May 15th. Finally, UBS AG lifted their target price on Ferrari N.V. from $74.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, May 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $91.67.
Ferrari N.V. Company Profile
Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A; as well as two grand tourer (GT) cars: California T and FF.
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