Northwestern Mutual Wealth Management Co. Increases Stock Holdings in Ferrari N.V. $RACE

Northwestern Mutual Wealth Management Co. raised its position in shares of Ferrari N.V. (NYSE:RACE) by 24.4% in the second quarter, HoldingsChannel reports. The firm owned 54,327 shares of the company’s stock after buying an additional 10,650 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Ferrari were worth $20,225,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Amundi lifted its stake in shares of Ferrari by 11.1% in the 4th quarter. Amundi now owns 3,303,264 shares of the company’s stock worth $1,220,754,000 after purchasing an additional 330,896 shares during the period. Bank of New York Mellon Corp increased its holdings 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 valued at $950,657,000 after buying an additional 218,830 shares during the last quarter. Morgan Stanley increased its holdings in Ferrari by 43.4% during the fourth quarter. Morgan Stanley now owns 2,546,564 shares of the company’s stock valued at $941,109,000 after buying an additional 771,039 shares during the last quarter. Norges Bank bought a new position in Ferrari in the fourth quarter worth approximately $779,894,000. Finally, Deutsche Bank AG bought a new position in Ferrari in the second quarter worth approximately $413,209,000.

Wall Street Analyst Weigh In

RACE has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ferrari in a report on Wednesday, July 8th. Wolfe Research initiated coverage on Ferrari in a report on Tuesday, July 7th. They set an “outperform” rating for the company. Needham & Company LLC upgraded Ferrari to a “neutral” rating in a research report on Friday, July 31st. Evercore reaffirmed an “outperform” rating and issued a $485.00 price objective on shares of Ferrari in a research note on Friday, July 31st. Finally, Sanford C. Bernstein lifted their price objective on Ferrari from $402.00 to $460.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Three research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $477.15.

Ferrari News Summary

Here are the key news stories impacting Ferrari this week:

• Positive Sentiment: Ferrari completed the second tranche of its multi-year share-repurchase program and announced the third tranche. The buyback program is part of an approximately €3.5 billion capital-return plan expected to run through 2030, which could reduce the share count and support earnings per share and shareholder returns. Ferrari share repurchase program announcement

Ferrari Stock Down 2.9%

NYSE RACE opened at $410.14 on Wednesday. The stock’s 50 day moving average is $393.01 and its 200 day moving average is $363.94. The company has a current ratio of 4.85, a quick ratio of 3.70 and a debt-to-equity ratio of 0.86. Ferrari N.V. has a 12 month low of $312.51 and a 12 month high of $504.49. The stock has a market cap of $95.95 billion, a PE ratio of 38.08, a P/E/G ratio of 3.63 and a beta of 0.92.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Friday, July 31st. The company reported $2.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.16. The business had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.14 billion. Ferrari had a net margin of 22.29% and a return on equity of 42.83%. The company’s revenue was up 8.4% on a year-over-year basis. During the same period last year, the firm posted $2.38 EPS. Research analysts predict 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.