Sustainable Insight Capital Management LLC Acquires New Stake in Ferrari N.V. $RACE

Sustainable Insight Capital Management LLC bought a new position in shares of Ferrari N.V. (NYSE:RACE) in the 1st quarter, HoldingsChannel.com reports. The firm bought 10,425 shares of the company’s stock, valued at approximately $3,481,000. Ferrari makes up approximately 1.2% of Sustainable Insight Capital Management LLC’s portfolio, making the stock its 24th largest position.

A number of other institutional investors have also added to or reduced their stakes in RACE. Vanguard Group Inc. boosted its position 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 valued at $1,937,388,000 after acquiring an additional 58,506 shares during the last quarter. Amundi grew its holdings in shares of Ferrari by 11.1% during the fourth 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 in the last quarter. Bank of New York Mellon Corp increased its position in shares of Ferrari by 8.4% in 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 shares of Ferrari by 43.4% in 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 bought a new position in shares of Ferrari in the fourth quarter worth approximately $779,894,000.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RACE. Sanford C. Bernstein reiterated an “outperform” rating on shares of Ferrari in a research report on Tuesday, June 2nd. UBS Group increased their price target on shares of Ferrari from $483.00 to $497.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Morgan Stanley upgraded 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 report on Monday, June 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ferrari in a report on Wednesday, July 8th. Finally, Jefferies Financial Group raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Tuesday, March 31st. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $471.97.

Ferrari Stock Performance

NYSE:RACE opened at $359.99 on Friday. The business has a 50 day moving average of $360.00 and a 200 day moving average of $352.45. The company has a market capitalization of $84.22 billion, a price-to-earnings ratio of 34.54, a PEG ratio of 3.08 and a beta of 0.92. Ferrari N.V. has a 1-year low of $312.51 and a 1-year high of $519.10. The company has a debt-to-equity ratio of 0.72, a current ratio of 5.20 and a quick ratio of 4.08.

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.