OVERSEA CHINESE BANKING Corp Ltd Acquires Shares of 2,480 Ferrari N.V. $RACE

OVERSEA CHINESE BANKING Corp Ltd bought a new position in Ferrari N.V. (NYSE:RACE) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,480 shares of the company’s stock, valued at approximately $923,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RACE. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Ferrari during the second quarter valued at approximately $15,586,000. West Family Investments Inc. purchased a new position in Ferrari in the 2nd quarter worth approximately $239,000. NewEdge Wealth LLC purchased a new position in Ferrari in the 2nd quarter worth approximately $6,439,000. Flossbach Von Storch SE bought a new position in Ferrari in the 2nd quarter valued at approximately $22,990,000. Finally, Pacific Sun Financial Corp bought a new position in Ferrari in the 2nd quarter valued at approximately $409,000.

Analyst Upgrades and Downgrades

A number of research firms have commented on RACE. Weiss Ratings reissued a “hold (c)” rating on shares of Ferrari in a report on Wednesday, July 8th. UBS Group decreased their price target on Ferrari from $497.00 to $490.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Sanford C. Bernstein upped their price target on Ferrari from $402.00 to $460.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Citigroup reaffirmed a “neutral” rating on shares of Ferrari in a research report on Monday, August 3rd. Finally, Evercore reiterated an “outperform” rating and issued a $485.00 price objective on shares of Ferrari in a report on Friday, July 31st. Three investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $477.15.

Ferrari Price Performance

NYSE RACE opened at $436.38 on Friday. The stock has a market capitalization of $102.09 billion, a price-to-earnings ratio of 40.51, a PEG ratio of 3.68 and a beta of 0.91. Ferrari N.V. has a 1-year low of $312.51 and a 1-year high of $504.49. The company has a debt-to-equity ratio of 0.86, a current ratio of 4.85 and a quick ratio of 3.70. The business’s fifty day moving average price is $384.67 and its 200-day moving average price is $360.22.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Friday, July 31st. The company reported $2.99 EPS for the quarter, topping the consensus estimate of $2.83 by $0.16. The company had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.14 billion. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.Ferrari’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.38 earnings per share. On average, equities analysts predict that Ferrari N.V. will post 11.18 earnings per share for the current 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.