Freestone Grove Partners LP Makes New Investment in Ferrari N.V. $RACE

Freestone Grove Partners LP acquired a new stake in Ferrari N.V. (NYSE:RACE) in the second quarter, HoldingsChannel reports. The fund acquired 28,481 shares of the company’s stock, valued at approximately $10,603,000.

Several other institutional investors also recently modified their holdings of RACE. Vanguard Group Inc. increased its position in Ferrari by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 5,213,450 shares of the company’s stock worth $1,937,388,000 after buying an additional 58,506 shares during the last quarter. Amundi lifted its position in shares of Ferrari by 11.1% in the fourth quarter. Amundi now owns 3,303,264 shares of the company’s stock valued at $1,220,754,000 after buying an additional 330,896 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Ferrari by 8.4% during the 1st quarter. Bank of New York Mellon Corp now owns 2,808,855 shares of the company’s stock worth $950,657,000 after acquiring an additional 218,830 shares during the period. Morgan Stanley boosted its stake in shares of Ferrari by 43.4% during the 4th quarter. Morgan Stanley now owns 2,546,564 shares of the company’s stock worth $941,109,000 after acquiring an additional 771,039 shares during the period. Finally, Norges Bank acquired a new position in shares of Ferrari during the 4th quarter worth approximately $779,894,000.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on RACE shares. Weiss Ratings restated a “hold (c)” rating on shares of Ferrari in a research note on Wednesday, July 8th. UBS Group decreased their price objective on shares of Ferrari from $497.00 to $490.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Evercore reissued an “outperform” rating and issued a $485.00 price objective on shares of Ferrari in a research report on Friday, July 31st. Citigroup restated a “neutral” rating on shares of Ferrari in a research note on Monday, August 3rd. Finally, Wolfe Research initiated coverage on shares of Ferrari in a report on Tuesday, July 7th. They set an “outperform” rating for the company. Three research 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 company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $477.15.

Ferrari Trading Up 0.2%

Shares of Ferrari stock opened at $413.79 on Friday. The firm has a market capitalization of $96.81 billion, a PE ratio of 38.42, a price-to-earnings-growth ratio of 3.55 and a beta of 0.91. The company has a current ratio of 4.85, a quick ratio of 3.70 and a debt-to-equity ratio of 0.86. The firm’s 50 day moving average is $389.07 and its 200 day moving average is $362.74. Ferrari N.V. has a 1 year low of $312.51 and a 1 year high of $504.49.

Ferrari (NYSE:RACE) last posted its 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 analysts’ expectations of $2.14 billion. Ferrari had a net margin of 22.29% and a return on equity of 42.83%. The company’s revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.38 earnings per share. Equities research analysts forecast that Ferrari N.V. will post 11.18 earnings per share 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.