Baird Financial Group Inc. Boosts Stock Holdings in Ferrari N.V. $RACE

Baird Financial Group Inc. raised its position in Ferrari N.V. (NYSE:RACE) by 6.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 50,024 shares of the company’s stock after acquiring an additional 2,815 shares during the period. Baird Financial Group Inc.’s holdings in Ferrari were worth $18,623,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in RACE. HighTower Advisors LLC lifted its holdings in Ferrari by 94.4% during the fourth quarter. HighTower Advisors LLC now owns 25,068 shares of the company’s stock valued at $9,284,000 after purchasing an additional 12,175 shares during the last quarter. Deutsche Bank AG lifted its stake in shares of Ferrari by 3.9% during the 4th quarter. Deutsche Bank AG now owns 973,583 shares of the company’s stock valued at $359,797,000 after buying an additional 36,670 shares in the last quarter. Biglari Sardar purchased a new stake in shares of Ferrari during the 2nd quarter valued at approximately $20,997,156. USS Investment Management Ltd grew its stake in Ferrari by 902.0% in the 1st quarter. USS Investment Management Ltd now owns 229,353 shares of the company’s stock valued at $76,588,000 after buying an additional 206,463 shares in the last quarter. Finally, TD Waterhouse Canada Inc. raised its holdings in Ferrari by 139.4% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 42,858 shares of the company’s stock valued at $16,058,000 after acquiring an additional 24,956 shares during the period.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RACE shares. Wolfe Research assumed coverage on Ferrari in a research report on Tuesday, July 7th. They issued an “outperform” rating for the company. Evercore reaffirmed an “outperform” rating and set a $485.00 target price on shares of Ferrari in a report on Friday, July 31st. Morgan Stanley reissued an “overweight” rating and issued a $460.00 price target on shares of Ferrari in a report on Thursday. Needham & Company LLC upgraded shares of Ferrari to a “neutral” rating in a research report on Friday, July 31st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ferrari in a research note on Wednesday, July 8th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Ferrari has an average rating of “Moderate Buy” and a consensus price target of $478.79.

Ferrari Stock Performance

NYSE RACE opened at $413.70 on Friday. Ferrari N.V. has a 52-week low of $312.51 and a 52-week high of $504.49. The company has a fifty day moving average of $399.51 and a 200-day moving average of $366.01. The company has a market capitalization of $96.78 billion, a P/E ratio of 38.41, a P/E/G ratio of 3.51 and a beta of 0.92. The company has a debt-to-equity ratio of 0.86, a quick ratio of 3.70 and a current ratio of 4.85.

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

Ferrari Company Profile

Ferrari N.V. is an Italian luxury automotive company headquartered in Maranello, Italy. The company designs, develops, manufactures and sells high-performance sports cars, grand touring vehicles, supercars and limited-edition models under the Ferrari brand.

Ferrari’s business includes vehicle personalization, after-sales services, replacement parts and accessories, as well as branded merchandise, licensing and retail activities. The company also supports its brand through customer experiences, events and the Ferrari racing business, including its long-standing participation in Formula One.

Ferrari traces its origins to Enzo Ferrari, who established Auto Avio Costruzioni in 1939 before producing its first Ferrari-badged car in 1947.