Empowered Funds LLC Increases Stake in Ferrari N.V. $RACE

Empowered Funds LLC grew its stake in shares of Ferrari N.V. (NYSE:RACE) by 40,866.7% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 27,038 shares of the company’s stock after purchasing an additional 26,972 shares during the quarter. Empowered Funds LLC’s holdings in Ferrari were worth $9,151,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC increased its holdings in Ferrari by 78.9% in the 1st quarter. AQR Capital Management LLC now owns 3,568 shares of the company’s stock valued at $1,527,000 after acquiring an additional 1,574 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Ferrari by 31.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 194 shares of the company’s stock valued at $82,000 after purchasing an additional 46 shares during the last quarter. Woodline Partners LP purchased a new position in shares of Ferrari during the first quarter valued at about $1,519,000. Sivia Capital Partners LLC grew its position in shares of Ferrari by 67.5% during the second quarter. Sivia Capital Partners LLC now owns 913 shares of the company’s stock valued at $448,000 after purchasing an additional 368 shares in the last quarter. Finally, Rhumbline Advisers grew its position in shares of Ferrari by 7.5% during the second quarter. Rhumbline Advisers now owns 1,370 shares of the company’s stock valued at $672,000 after purchasing an additional 96 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RACE. Sanford C. Bernstein boosted their target price on Ferrari from $402.00 to $460.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Morgan Stanley restated an “overweight” rating and set a $442.00 price target on shares of Ferrari in a report on Friday, July 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ferrari in a research note on Wednesday, July 8th. Needham & Company LLC raised Ferrari to a “neutral” rating in a report on Friday, July 31st. Finally, Evercore reiterated an “outperform” rating and set a $485.00 target price on shares of Ferrari in a research report on Friday, July 31st. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Ferrari currently has a consensus rating of “Moderate Buy” and an average price target of $477.15.

Ferrari Stock Performance

Ferrari stock opened at $414.46 on Friday. The company’s 50-day moving average price is $377.84 and its 200-day moving average price is $357.16. The company has a quick ratio of 3.70, a current ratio of 4.85 and a debt-to-equity ratio of 0.86. The company has a market cap of $96.96 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 3.54 and a beta of 0.91. Ferrari N.V. has a twelve month low of $312.51 and a twelve month high of $504.49.

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

Ferrari 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.