The Manufacturers Life Insurance Company Sells 19,825 Shares of Ferrari N.V. $RACE

The Manufacturers Life Insurance Company reduced its position in Ferrari N.V. (NYSE:RACE) by 2.5% in the 1st quarter, Holdings Channel reports. The institutional investor owned 770,549 shares of the company’s stock after selling 19,825 shares during the period. The Manufacturers Life Insurance Company’s holdings in Ferrari were worth $260,382,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in RACE. Norges Bank bought a new position in Ferrari in the fourth quarter valued at about $779,894,000. Ninety One UK Ltd bought a new stake in Ferrari during the 4th quarter worth about $338,785,000. Morgan Stanley raised its holdings in 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 purchasing an additional 771,039 shares during the last quarter. Viking Global Investors LP lifted its position in Ferrari by 432.7% during the 2nd quarter. Viking Global Investors LP now owns 721,269 shares of the company’s stock valued at $353,526,000 after purchasing an additional 585,872 shares during the period. Finally, Credit Agricole S A acquired a new position in Ferrari during the 3rd quarter valued at about $279,003,000.

Ferrari Price Performance

Ferrari stock opened at $380.09 on Tuesday. The company has a current ratio of 5.20, a quick ratio of 4.08 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $88.92 billion, a P/E ratio of 36.47, a PEG ratio of 3.09 and a beta of 0.92. The business has a 50-day moving average of $361.11 and a 200-day moving average of $352.31. Ferrari N.V. has a 1 year low of $312.51 and a 1 year high of $515.00.

Wall Street Analysts Forecast Growth

RACE has been the topic of several recent research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ferrari in a research note on Wednesday, July 8th. Wolfe Research began coverage on shares of Ferrari in a report on Tuesday, July 7th. They issued an “outperform” rating on the stock. Morgan Stanley raised shares of Ferrari from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $388.00 to $438.00 in a research note on Monday, June 15th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Ferrari in a report on Tuesday, June 2nd. Finally, UBS Group upped their target price on shares of Ferrari from $483.00 to $497.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Three investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $471.97.

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.