Legal & General Group Plc Buys New Stake in Ferrari N.V. $RACE

Legal & General Group Plc purchased a new position in shares of Ferrari N.V. (NYSE:RACE) during the second quarter, Holdings Channel.com reports. The fund purchased 868,826 shares of the company’s stock, valued at approximately $322,208,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its holdings in Ferrari by 78.9% in the first quarter. AQR Capital Management LLC now owns 3,568 shares of the company’s stock valued at $1,527,000 after buying an additional 1,574 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position 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 acquiring an additional 46 shares during the period. Woodline Partners LP acquired a new stake in shares of Ferrari during the 1st quarter valued at about $1,519,000. Sivia Capital Partners LLC increased its stake in shares of Ferrari by 67.5% in the 2nd 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 increased its stake in shares of Ferrari by 7.5% in the 2nd 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.

Ferrari Trading Down 0.6%

Shares of Ferrari stock opened at $421.86 on Wednesday. The company has a current ratio of 4.85, a quick ratio of 3.70 and a debt-to-equity ratio of 0.86. Ferrari N.V. has a twelve month low of $312.51 and a twelve month high of $504.49. The firm has a market capitalization of $98.69 billion, a PE ratio of 39.17, a P/E/G ratio of 3.65 and a beta of 0.91. The firm’s 50-day moving average price is $386.88 and its 200 day moving average price is $361.63.

Ferrari (NYSE:RACE) last announced its 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 business had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.14 billion. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.The business’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.38 earnings per share. On average, sell-side analysts predict that Ferrari N.V. will post 11.18 EPS for the current fiscal year.

Analyst Ratings Changes

RACE has been the topic of a number of recent analyst reports. Citigroup reiterated a “neutral” rating on shares of Ferrari in a research report on Monday, August 3rd. UBS Group reduced their target price on Ferrari from $497.00 to $490.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Evercore reiterated an “outperform” rating and set a $485.00 target price on shares of Ferrari in a research report on Friday, July 31st. Weiss Ratings reissued a “hold (c)” rating on shares of Ferrari in a research note on Wednesday, July 8th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $442.00 price target on shares of Ferrari in a report on Friday, July 31st. Three investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $477.15.

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.