Evelyn Partners Asset Management Ltd Makes New Investment in Ferrari N.V. $RACE

Evelyn Partners Asset Management Ltd bought a new stake in Ferrari N.V. (NYSE:RACE) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,468 shares of the company’s stock, valued at approximately $2,529,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Ferrari by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 5,213,450 shares of the company’s stock worth $1,937,388,000 after acquiring an additional 58,506 shares during the period. Amundi grew its holdings in shares of Ferrari by 11.1% in the fourth quarter. Amundi now owns 3,303,264 shares of the company’s stock valued at $1,220,754,000 after purchasing an additional 330,896 shares during the period. Bank of New York Mellon Corp increased its position in Ferrari by 8.4% during the first quarter. Bank of New York Mellon Corp now owns 2,808,855 shares of the company’s stock worth $950,657,000 after purchasing an additional 218,830 shares during the last quarter. Morgan Stanley increased its position in Ferrari by 43.4% during the fourth 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. Finally, Norges Bank purchased a new position in Ferrari during the fourth quarter worth about $779,894,000.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Ferrari in a report on Wednesday, July 8th. UBS Group lifted their price target 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. Morgan Stanley upgraded Ferrari from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $388.00 to $438.00 in a report on Monday, June 15th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Ferrari in a research report on Tuesday, June 2nd. Finally, Wolfe Research began coverage on Ferrari in a research report on Tuesday, July 7th. They issued an “outperform” rating for the company. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $471.97.

Ferrari Trading Up 5.5%

NYSE RACE opened at $380.09 on Tuesday. The firm’s 50-day moving average is $361.11 and its two-hundred day moving average is $352.31. Ferrari N.V. has a 12 month low of $312.51 and a 12 month high of $515.00. The company has a debt-to-equity ratio of 0.72, a current ratio of 5.20 and a quick ratio of 4.08. The stock 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.

Ferrari Company 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.