Wesbanco Bank Inc. Makes New Investment in Ferrari (NYSE:RACE)

Wesbanco Bank Inc. bought a new stake in shares of Ferrari (NYSE:RACE) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,100 shares of the company’s stock, valued at approximately $517,000.

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Ferrari by 1.4% in the first quarter. Vanguard Group Inc. now owns 4,549,934 shares of the company’s stock valued at $1,983,498,000 after purchasing an additional 61,588 shares during the last quarter. Capital Research Global Investors lifted its position in shares of Ferrari by 3.9% during the 1st quarter. Capital Research Global Investors now owns 1,329,714 shares of the company’s stock valued at $579,585,000 after buying an additional 49,367 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Ferrari by 2.4% during the 2nd quarter. Legal & General Group Plc now owns 1,256,482 shares of the company’s stock worth $512,660,000 after acquiring an additional 30,014 shares during the period. Capital International Investors increased its holdings in Ferrari by 314.3% in the 1st quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock worth $454,792,000 after acquiring an additional 791,596 shares during the last quarter. Finally, Capital World Investors raised its stake in Ferrari by 34.3% in the 1st quarter. Capital World Investors now owns 962,583 shares of the company’s stock valued at $419,547,000 after acquiring an additional 245,872 shares during the period.

Ferrari Stock Performance

Shares of RACE opened at $471.98 on Thursday. Ferrari has a 12-month low of $296.34 and a 12-month high of $498.23. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01. The company has a market cap of $87.20 billion, a PE ratio of 60.28, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. The stock has a 50-day moving average price of $466.98 and a 200-day moving average price of $434.71.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Thursday, August 1st. The company reported $2.29 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.08. The business had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The business’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.99 EPS. As a group, equities analysts forecast that Ferrari will post 8.81 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. UBS Group increased their target price on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Morgan Stanley raised their price objective on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $385.00 to $525.00 in a report on Friday, October 11th. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $487.86.

Ferrari Company 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.