Northwestern Mutual Wealth Management Co. Raises Stock Position in Ferrari (NYSE:RACE)

Northwestern Mutual Wealth Management Co. increased its holdings in shares of Ferrari (NYSE:RACE) by 44.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 34,082 shares of the company’s stock after purchasing an additional 10,569 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Ferrari were worth $13,919,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Creative Planning grew its stake in shares of Ferrari by 5.9% in the second quarter. Creative Planning now owns 10,959 shares of the company’s stock valued at $4,475,000 after buying an additional 606 shares in the last quarter. Oliver Lagore Vanvalin Investment Group grew its position in Ferrari by 21.3% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 1,281 shares of the company’s stock valued at $523,000 after acquiring an additional 225 shares in the last quarter. Susquehanna International Group Ltd. purchased a new stake in shares of Ferrari during the second quarter valued at approximately $1,369,000. Shellback Capital LP acquired a new position in shares of Ferrari during the second quarter worth $7,351,000. Finally, Legal & General Group Plc boosted its stake in shares of Ferrari by 2.4% in the second quarter. Legal & General Group Plc now owns 1,256,482 shares of the company’s stock valued at $512,660,000 after purchasing an additional 30,014 shares during the period.

Wall Street Analyst Weigh In

A number of equities analysts have commented on RACE shares. UBS Group boosted their price objective on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Morgan Stanley boosted their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Finally, StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Ferrari has an average rating of “Moderate Buy” and an average target price of $481.67.

Ferrari Stock Down 3.1 %

RACE stock opened at $455.58 on Wednesday. The firm has a market cap of $84.17 billion, a price-to-earnings ratio of 58.18, a PEG ratio of 4.98 and a beta of 1.00. Ferrari has a 1-year low of $293.49 and a 1-year high of $498.23. The firm has a fifty day moving average price of $457.24 and a two-hundred day moving average price of $432.69. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.08. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The business had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the firm earned $1.99 EPS. The company’s revenue for the quarter was up 16.1% compared to the same quarter last year. Research analysts predict that Ferrari will post 8.81 EPS for the current year.

Ferrari Profile

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.