Korea Investment CORP Makes New $83.57 Million Investment in Ferrari N.V. $RACE

Korea Investment CORP bought a new stake in shares of Ferrari N.V. (NYSE:RACE) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 225,359 shares of the company’s stock, valued at approximately $83,570,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Fideuram Asset Management Ireland dac bought a new position in shares of Ferrari in the 4th quarter valued at approximately $29,000. Entrust Financial LLC bought a new stake in Ferrari during the fourth quarter worth approximately $33,000. Bellevue Asset Management LLC acquired a new position in Ferrari during the first quarter valued at approximately $34,000. Bamco Inc. NY raised its position in shares of Ferrari by 790.9% in the fourth quarter. Bamco Inc. NY now owns 98 shares of the company’s stock valued at $36,000 after purchasing an additional 87 shares during the period. Finally, Dunhill Financial LLC bought a new position in shares of Ferrari in the second quarter valued at approximately $38,000.

Ferrari Stock Performance

NYSE RACE opened at $436.38 on Friday. The company’s fifty day moving average is $384.67 and its two-hundred day moving average is $360.22. Ferrari N.V. has a 52-week low of $312.51 and a 52-week high of $504.49. The company has a debt-to-equity ratio of 0.86, a current ratio of 4.85 and a quick ratio of 3.70. The firm has a market capitalization of $102.09 billion, a price-to-earnings ratio of 40.51, a P/E/G ratio of 3.68 and a beta of 0.91.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RACE. Morgan Stanley restated an “overweight” rating and issued a $442.00 price objective on shares of Ferrari in a research note on Friday, July 31st. Wolfe Research assumed coverage on shares of Ferrari in a report on Tuesday, July 7th. They issued an “outperform” rating on the stock. Sanford C. Bernstein boosted their target price on shares of Ferrari from $402.00 to $460.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. UBS Group decreased their price target on shares of Ferrari from $497.00 to $490.00 and set a “buy” rating for the company in a report on Friday, July 31st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Ferrari in a research note on Wednesday, July 8th. Three 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $477.15.

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.