The Bank of Italy Maintains Stake in Ferrari (RACE)

The Bank of Italy Maintains Stake in Ferrari (RACE)

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Ferrari during the fourth quarter worth about $146,658,000. Price T Rowe Associates Inc. MD increased its stake in shares of Ferrari by 16.9% in the third quarter. Price T Rowe Associates Inc. MD now owns 16,053,532 shares of the company’s stock worth $832,697,000 after buying an additional 2,325,508 shares in the last quarter. Baillie Gifford & Co. increased its stake in shares of Ferrari by 9.0% in the fourth quarter. Baillie Gifford & Co. now owns 18,155,973 shares of the company’s stock worth $1,058,995,000 after buying an additional 1,501,128 shares in the last quarter. AKO Capital LLP increased its stake in shares of Ferrari by 31.1% in the first quarter. AKO Capital LLP now owns 5,441,163 shares of the company’s stock worth $400,203,000 after buying an additional 1,289,839 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Ferrari by 102.8% in the first quarter. JPMorgan Chase & Co. now owns 1,830,812 shares of the company’s stock worth $136,139,000 after buying an additional 928,230 shares in the last quarter. Institutional investors own 30.45% of the company’s stock.

Bank of Italy held its position in Ferrari (NYSE:RACE) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 969,615 shares of the company’s stock at the end of the first quarter. Ferrari comprises approximately 4.4% of Bank of Italy’s portfolio, making the stock its 4th largest position. Bank of Italy owned 0.51% of Ferrari worth $72,304,000 at the end of the most recent quarter.

Ferrari (NYSE:RACE) traded up 2.25% during mid-day trading on Friday, hitting $90.59. 762,177 shares of the stock were exchanged. The stock has a market cap of $17.12 billion, a PE ratio of 34.70 and a beta of 1.79. The stock’s 50 day moving average is $80.43 and its 200 day moving average is $67.21. Ferrari has a 52-week low of $38.71 and a 52-week high of $90.84.

A number of brokerages have issued reports on RACE. Kepler Capital Markets reiterated a “hold” rating on shares of Ferrari in a report on Monday, May 15th. Bank of America Corp lifted their price target on shares of Ferrari from $82.00 to $90.00 and gave the company a “buy” rating in a report on Monday, May 15th. Zacks Investment Research upgraded shares of Ferrari from a “sell” rating to a “hold” rating and set a $95.00 price target on the stock in a report on Wednesday, May 10th. Morgan Stanley reduced their price target on shares of Ferrari from $100.00 to $72.00 and set an “overweight” rating on the stock in a report on Monday, May 8th. Finally, Jefferies Group LLC set a $96.00 target price on shares of Ferrari and gave the stock a “buy” rating in a report on Saturday, May 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $73.86.

Ferrari Company Profile Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A; as well as two grand tourer (GT) cars: California T and FF.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “RACE”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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