Van ECK Associates Corp Purchases New Position in Ferrari N.V. $RACE

Van ECK Associates Corp acquired a new position in Ferrari N.V. (NYSE:RACE) in the 2nd quarter, HoldingsChannel reports. The firm acquired 45,102 shares of the company’s stock, valued at approximately $16,709,000.

Other large investors have also recently made changes to their positions in the company. Fideuram Asset Management Ireland dac purchased a new position in shares of Ferrari during the fourth quarter valued at approximately $29,000. Entrust Financial LLC purchased a new stake in Ferrari in the fourth quarter worth $33,000. Bamco Inc. NY lifted its stake in Ferrari by 790.9% in the fourth quarter. Bamco Inc. NY now owns 98 shares of the company’s stock worth $36,000 after acquiring an additional 87 shares during the period. Bellevue Asset Management LLC bought a new stake in Ferrari in the first quarter valued at $34,000. Finally, Dunhill Financial LLC bought a new stake in Ferrari in the second quarter valued at $38,000.

Wall Street Analyst Weigh In

RACE has been the topic of a number of research analyst reports. Wolfe Research began coverage on shares of Ferrari in a research report on Tuesday, July 7th. They set an “outperform” rating on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ferrari in a research report on Wednesday, July 8th. Evercore reaffirmed an “outperform” rating and set a $485.00 target price on shares of Ferrari in a research note on Friday, July 31st. Morgan Stanley reiterated an “overweight” rating and set a $442.00 price target on shares of Ferrari in a research report on Friday, July 31st. Finally, UBS Group decreased their price target on shares of Ferrari from $497.00 to $490.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $477.15.

Ferrari Stock Performance

Shares of Ferrari stock opened at $422.94 on Tuesday. The stock has a market cap of $98.95 billion, a price-to-earnings ratio of 39.27, a PEG ratio of 3.61 and a beta of 0.91. The firm’s 50-day moving average is $391.72 and its 200 day moving average is $363.75. Ferrari N.V. has a 1 year low of $312.51 and a 1 year 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.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Friday, July 31st. The company reported $2.99 EPS for the quarter, beating the consensus estimate of $2.83 by $0.16. The company had revenue of $2.21 billion for 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 period in the prior year, the firm posted $2.38 EPS. Sell-side analysts anticipate that Ferrari N.V. will post 11.18 EPS 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.