Ferrari N.V. (RACE) Stake Increased by FNY Partners Fund LP
FNY Partners Fund LP lifted its stake in shares of Ferrari N.V. (NYSE:RACE) by 107.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,470 shares of the company’s stock after buying an additional 15,770 shares during the quarter. Ferrari N.V. makes up about 0.6% of FNY Partners Fund LP’s investment portfolio, making the stock its 28th largest holding. FNY Partners Fund LP’s holdings in Ferrari N.V. were worth $2,621,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the company. Columbia Asset Management acquired a new stake in shares of Ferrari N.V. during the second quarter worth approximately $352,000. Alliancebernstein L.P. grew its position in shares of Ferrari N.V. by 109.6% during the second quarter. Alliancebernstein L.P. now owns 120,376 shares of the company’s stock worth $10,355,000 after buying an additional 62,946 shares in the last quarter. AXA grew its position in shares of Ferrari N.V. by 428.5% during the second quarter. AXA now owns 84,784 shares of the company’s stock worth $7,293,000 after buying an additional 68,742 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Ferrari N.V. by 3.6% during the second quarter. Wells Fargo & Company MN now owns 95,098 shares of the company’s stock worth $8,180,000 after buying an additional 3,305 shares in the last quarter. Finally, CIBC World Markets Inc. acquired a new stake in shares of Ferrari N.V. during the second quarter worth approximately $4,036,000. 29.78% of the stock is owned by institutional investors and hedge funds.
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Ferrari N.V. (NYSE:RACE) traded up 1.61% during trading on Monday, reaching $111.12. 439,154 shares of the company’s stock were exchanged. The company has a market capitalization of $21.00 billion, a price-to-earnings ratio of 37.20 and a beta of 1.78. The stock’s 50-day moving average price is $110.19 and its 200-day moving average price is $87.00. Ferrari N.V. has a 52-week low of $46.39 and a 52-week high of $118.10.
Ferrari N.V. (NYSE:RACE) last released its quarterly earnings data on Wednesday, August 2nd. The company reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.13. Ferrari N.V. had a return on equity of 128.49% and a net margin of 14.43%. The company had revenue of $1.01 billion during the quarter. Equities analysts expect that Ferrari N.V. will post $3.23 earnings per share for the current year.
A number of research firms have recently weighed in on RACE. UBS AG reissued a “buy” rating and set a $125.00 price target (up previously from $100.00) on shares of Ferrari N.V. in a research report on Thursday, August 3rd. Kepler Capital Markets reissued a “hold” rating on shares of Ferrari N.V. in a research report on Monday, May 15th. Bank of America Corporation raised their price target on shares of Ferrari N.V. from $82.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, May 15th. Evercore ISI raised their price target on shares of Ferrari N.V. from $46.00 to $105.00 and gave the stock an “in-line” rating in a research report on Friday, September 1st. Finally, Berenberg Bank reissued a “buy” rating on shares of Ferrari N.V. in a research report on Monday, August 14th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $97.57.
Ferrari N.V. Profile
Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A; as well as two grand tourer (GT) cars: California T and FF.
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