Ardevora Asset Management LLP Takes $37.50 Million Position in Ferrari N.V. (RACE)
Ardevora Asset Management LLP purchased a new position in Ferrari N.V. (NYSE:RACE) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 339,440 shares of the company’s stock, valued at approximately $37,501,000. Ferrari N.V. makes up 1.1% of Ardevora Asset Management LLP’s holdings, making the stock its 25th biggest position. Ardevora Asset Management LLP owned approximately 0.18% of Ferrari N.V. as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its position in Ferrari N.V. by 1.3% in the second quarter. Vanguard Group Inc. now owns 3,144,415 shares of the company’s stock worth $270,483,000 after buying an additional 39,530 shares in the last quarter. Bank of New York Mellon Corp increased its position in Ferrari N.V. by 124.2% in the second quarter. Bank of New York Mellon Corp now owns 811,847 shares of the company’s stock worth $69,836,000 after buying an additional 449,795 shares in the last quarter. Capital Growth Management LP purchased a new stake in shares of Ferrari N.V. during the second quarter worth about $37,849,000. The Manufacturers Life Insurance Company grew its position in shares of Ferrari N.V. by 20.8% during the second quarter. The Manufacturers Life Insurance Company now owns 386,227 shares of the company’s stock worth $33,223,000 after purchasing an additional 66,629 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Ferrari N.V. by 18,261.6% during the second quarter. Victory Capital Management Inc. now owns 314,167 shares of the company’s stock worth $27,024,000 after purchasing an additional 312,456 shares in the last quarter. Institutional investors and hedge funds own 29.91% of the company’s stock.
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Ferrari N.V. (RACE) traded down $0.96 during midday trading on Tuesday, reaching $109.48. The company’s stock had a trading volume of 140,261 shares, compared to its average volume of 592,504. The stock has a market cap of $20,701.80, a PE ratio of 35.46, a PEG ratio of 2.57 and a beta of 1.72. The company has a debt-to-equity ratio of 2.77, a current ratio of 3.26 and a quick ratio of 2.68. Ferrari N.V. has a fifty-two week low of $52.72 and a fifty-two week high of $121.14.
RACE has been the subject of several research analyst reports. Zacks Investment Research upgraded Ferrari N.V. from a “hold” rating to a “buy” rating and set a $112.00 target price for the company in a research report on Saturday, July 22nd. UBS AG reiterated a “buy” rating and set a $125.00 target price (up previously from $100.00) on shares of Ferrari N.V. in a research report on Thursday, August 3rd. Berenberg Bank reiterated a “buy” rating on shares of Ferrari N.V. in a research report on Monday, August 14th. Evercore ISI increased their target price on 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, Morgan Stanley cut Ferrari N.V. from an “overweight” rating to an “underweight” rating and set a $100.00 target price for the company. in a research report on Thursday, September 7th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $109.86.
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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