The Manufacturers Life Insurance Company Takes $388.82 Million Position in Ferrari N.V. $RACE

The Manufacturers Life Insurance Company bought a new stake in Ferrari N.V. (NYSE:RACE) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,044,720 shares of the company’s stock, valued at approximately $388,816,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of RACE. HighTower Advisors LLC grew its holdings in Ferrari by 94.4% during the 4th quarter. HighTower Advisors LLC now owns 25,068 shares of the company’s stock worth $9,284,000 after acquiring an additional 12,175 shares in the last quarter. Deutsche Bank AG increased its position in shares of Ferrari by 3.9% in the 4th quarter. Deutsche Bank AG now owns 973,583 shares of the company’s stock valued at $359,797,000 after purchasing an additional 36,670 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Ferrari by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 5,213,450 shares of the company’s stock valued at $1,937,388,000 after purchasing an additional 58,506 shares in the last quarter. USS Investment Management Ltd lifted its position in shares of Ferrari by 902.0% during the 1st quarter. USS Investment Management Ltd now owns 229,353 shares of the company’s stock worth $76,588,000 after purchasing an additional 206,463 shares during the last quarter. Finally, Biglari Sardar lifted its position in shares of Ferrari by 49.8% during the 1st quarter. Biglari Sardar now owns 49,600 shares of the company’s stock worth $16,787,000 after purchasing an additional 16,500 shares during the last quarter.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Ferrari in a research note on Wednesday, July 8th. UBS Group decreased their price target on Ferrari from $497.00 to $490.00 and set a “buy” rating for the company in a report on Friday, July 31st. Sanford C. Bernstein upped their price objective on Ferrari from $402.00 to $460.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Citigroup reiterated a “neutral” rating on shares of Ferrari in a report on Monday, August 3rd. Finally, Evercore reissued an “outperform” rating and set a $485.00 target price on shares of Ferrari in a research report on Friday, July 31st. Three research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ferrari currently has a consensus rating of “Moderate Buy” and a consensus target price of $477.15.

Ferrari Trading Down 2.8%

NYSE RACE opened at $424.31 on Tuesday. The firm’s fifty day moving average price is $385.77 and its 200 day moving average price is $361.05. Ferrari N.V. has a 12 month low of $312.51 and a 12 month 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 company has a market capitalization of $99.27 billion, a price-to-earnings ratio of 39.39, a price-to-earnings-growth ratio of 3.75 and a beta of 0.91.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Friday, July 31st. The company reported $2.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.16. The company 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%. Ferrari’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.38 earnings per share. On average, sell-side analysts expect 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.