Royal London Asset Management Ltd. Buys 287,907 Shares of Ferrari N.V. $RACE

Royal London Asset Management Ltd. increased its position in Ferrari N.V. (NYSE:RACE) by 645.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 332,495 shares of the company’s stock after buying an additional 287,907 shares during the period. Royal London Asset Management Ltd.’s holdings in Ferrari were worth $122,877,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Community Bank N.A. acquired a new position in Ferrari during the 3rd quarter worth approximately $33,000. Fideuram Asset Management Ireland dac acquired a new stake in Ferrari in the fourth quarter valued at approximately $29,000. Entrust Financial LLC bought a new stake in shares of Ferrari during the fourth quarter valued at approximately $33,000. CoreCap Advisors LLC increased its holdings in shares of Ferrari by 70.0% during the fourth quarter. CoreCap Advisors LLC now owns 102 shares of the company’s stock valued at $38,000 after acquiring an additional 42 shares in the last quarter. Finally, Horizon Investments LLC raised its position in shares of Ferrari by 33.3% during the third quarter. Horizon Investments LLC now owns 104 shares of the company’s stock worth $50,000 after purchasing an additional 26 shares during the period.

Ferrari Stock Down 3.0%

RACE stock opened at $354.77 on Friday. The firm has a market capitalization of $83.00 billion, a PE ratio of 34.04, a P/E/G ratio of 3.46 and a beta of 0.93. The company has a quick ratio of 4.08, a current ratio of 5.20 and a debt-to-equity ratio of 0.72. Ferrari N.V. has a twelve month low of $312.51 and a twelve month high of $519.10. The stock’s 50 day moving average is $345.59 and its 200-day moving average is $354.15.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RACE. Weiss Ratings reiterated a “hold (c)” rating on shares of Ferrari in a report on Friday, April 10th. Morgan Stanley set a $420.00 price objective on shares of Ferrari in a report on Monday, February 16th. Jefferies Financial Group raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Tuesday, March 31st. Sanford C. Bernstein reiterated an “outperform” rating on shares of Ferrari in a report on Tuesday, June 2nd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Ferrari from $407.00 to $447.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $469.06.

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.