OMERS ADMINISTRATION Corp Acquires Shares of 17,531 Ferrari N.V. $RACE

OMERS ADMINISTRATION Corp acquired a new position in shares of Ferrari N.V. (NYSE:RACE) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 17,531 shares of the company’s stock, valued at approximately $6,501,000.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings 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 purchasing an additional 58,506 shares during the last quarter. Amundi boosted its position in shares of Ferrari by 11.1% in the 4th quarter. Amundi now owns 3,303,264 shares of the company’s stock worth $1,220,754,000 after buying an additional 330,896 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Ferrari by 8.4% in the 1st quarter. Bank of New York Mellon Corp now owns 2,808,855 shares of the company’s stock valued at $950,657,000 after acquiring an additional 218,830 shares during the last quarter. Morgan Stanley grew its stake in Ferrari by 43.4% in the 4th quarter. Morgan Stanley now owns 2,546,564 shares of the company’s stock valued at $941,109,000 after acquiring an additional 771,039 shares during the last quarter. Finally, Norges Bank purchased a new position in Ferrari during the 4th quarter valued at about $779,894,000.

Ferrari Stock Down 2.8%

RACE stock opened at $424.31 on Tuesday. The company has a 50 day moving average price of $385.77 and a two-hundred day moving average price of $361.05. The company has a debt-to-equity ratio of 0.86, a quick ratio of 3.70 and a current ratio of 4.85. The stock has a market capitalization of $99.27 billion, a P/E ratio of 39.39, a PEG ratio of 3.75 and a beta of 0.91. Ferrari N.V. has a one year low of $312.51 and a one year high of $504.49.

Ferrari (NYSE:RACE) last issued its quarterly 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 company had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.14 billion. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.38 EPS. As a group, sell-side analysts expect that Ferrari N.V. will post 11.18 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RACE. Morgan Stanley restated an “overweight” rating and set a $442.00 target price on shares of Ferrari in a research report on Friday, July 31st. Needham & Company LLC raised shares of Ferrari to a “neutral” rating in a research note on Friday, July 31st. Wolfe Research began coverage on Ferrari in a research report on Tuesday, July 7th. They set an “outperform” rating for the company. Sanford C. Bernstein upped their target price on Ferrari from $402.00 to $460.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Finally, UBS Group lowered their target price on Ferrari from $497.00 to $490.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.