Canada Pension Plan Investment Board Purchases New Shares in Ferrari N.V. $RACE

Canada Pension Plan Investment Board purchased a new stake in Ferrari N.V. (NYSE:RACE) during the second quarter, Holdings Channel reports. The institutional investor purchased 190,698 shares of the company’s stock, valued at approximately $70,648,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new position in Ferrari during the second quarter worth $952,874,000. Norges Bank acquired a new stake in shares of Ferrari in the fourth quarter valued at about $779,894,000. Deutsche Bank AG purchased a new stake in shares of Ferrari during the second quarter worth about $413,209,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Ferrari during the second quarter worth about $388,816,000. Finally, Legal & General Group Plc acquired a new position in shares of Ferrari during the 2nd quarter worth about $322,208,000.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RACE. Citigroup reaffirmed a “neutral” rating on shares of Ferrari in a research note on Monday, August 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Ferrari in a research note on Wednesday, July 8th. Evercore reissued an “outperform” rating and set a $485.00 target price on shares of Ferrari in a report on Friday, July 31st. UBS Group decreased their target price on Ferrari from $497.00 to $490.00 and set a “buy” rating on the stock in a research report on Friday, July 31st. Finally, Wolfe Research started coverage on Ferrari in a research report on Tuesday, July 7th. They issued an “outperform” rating on the stock. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Ferrari presently has a consensus rating of “Moderate Buy” and an average price target of $477.15.

Ferrari Price Performance

Shares of NYSE RACE opened at $413.79 on Friday. The firm has a 50-day simple moving average of $389.07 and a 200-day simple moving average of $362.74. The stock has a market capitalization of $96.81 billion, a price-to-earnings ratio of 38.42, a price-to-earnings-growth ratio of 3.55 and a beta of 0.91. The company has a quick ratio of 3.70, a current ratio of 4.85 and a debt-to-equity ratio of 0.86. Ferrari N.V. has a 52 week low of $312.51 and a 52 week high of $504.49.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Friday, July 31st. The company reported $2.99 earnings per share for the quarter, topping analysts’ consensus estimates of $2.83 by $0.16. The firm had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.14 billion. Ferrari had a net margin of 22.29% and a return on equity of 42.83%. Ferrari’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.38 earnings per share. On average, equities analysts predict that Ferrari N.V. will post 11.18 earnings per share for the current fiscal year.

Ferrari Company Profile

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.