On October 9, 2023, it was reported that Alera Investment Advisors LLC has reduced its stake in Ferrari (NYSE:RACE) by 34.0% during the second quarter of the year. This information was disclosed in the company’s most recent Form 13F filing with the Securities and Exchange Commission (SEC). According to the filing, Alera Investment Advisors LLC now owns 1,692 shares of Ferrari’s stock after selling 870 shares during the specified time period. The total value of their holdings in Ferrari was estimated to be $550,000 as of the end of the second quarter.
Ferrari N.V. is a globally recognized luxury performance sports car manufacturer that specializes in design, engineering, production, and sale of premium vehicles. The company offers a wide range of cars including special series, Icona models, and supercars. In addition to these offerings, Ferrari also produces limited-edition supercars and one-off cars specifically tailored to individual customers’ preferences. Furthermore, they provide racing cars along with spare parts and engines required for maintenance purposes.
Apart from their core business activities related to automobile manufacturing and sales, Ferrari also offers various after-sales services such as repair, maintenance, and restoration for their cars. These services ensure that Ferrari owners can maintain their vehicles in top condition throughout their ownership period.
Moreover, Ferrari licenses its renowned brand name to different luxury goods producers and retailers worldwide. This strategic move allows other companies to capitalize on the reputation associated with the Ferrari brand while enhancing the overall reach and exposure of their products within the high-end luxury market segment.
To stay updated on Ferrari’s latest developments and financial performance, interested parties can refer to our latest research report on the company. This report provides comprehensive insights into various aspects of Ferrari’s operations and can guide potential investors or industry enthusiasts in making informed decisions.
Overall, Alera Investment Advisors LLC decreasing its stake in Ferrari signifies a change in their investment portfolio. The decision to sell some of their shares in the luxury car manufacturer might be driven by various factors, including market conditions, financial objectives, or strategic reallocation of assets. However, it is important to note that individual investors’ actions may not reflect the overall sentiment towards Ferrari within the investment community as a whole.
Strong Institutional Support and Positive Analyst Ratings Bolster Ferrari’s Position in Luxury Car Industry
Institutional investors and hedge funds have been actively trading shares of Ferrari, the luxury sports car manufacturer. Fifth Third Bancorp increased its position in the company by 5.2% during the second quarter, acquiring an additional 34 shares valued at $222,000. Similarly, Roundview Capital LLC increased its position by 3.6% during the first quarter, purchasing an additional 40 shares valued at $309,000. UMB Bank n.a. also joined in and lifted its position by 16.5% in the first quarter with an additional 44 shares worth $84,000. Angeles Wealth Management LLC followed suit and acquired an extra 52 shares valued at $376,000 in the fourth quarter. Lastly, Keybank National Association OH raised its stake by 4.9% during the first quarter with an additional 55 shares worth $319,000.
Several equity analysts have recently shared their views on Ferrari’s stock (NYSE: RACE). Sanford C. Bernstein raised their price objective from $250 to $300 and assigned the company a “market perform” rating in a research report released on August 18th. Additionally, Bank of America increased their price objective from $350 to $380 on July 6th while UBS Group raised their target to $375 from $368 on September 1st and provided a “buy” rating for the stock. Jefferies Financial Group also chimed in, increasing their price objective from $275 to $300 and assigning a “hold” rating on August 25th. Furthermore, Morgan Stanley reaffirmed their “overweight” rating and set a target price of $340 on July 31st.
As for recent trading activity, RACE stock jumped up by $5.45 during midday trading on Friday to reach a value of $305.40 per share. The company saw about 257,408 shares traded, which is higher than its average volume of 246,173 shares. Over the past year, Ferrari’s stock has had a 52-week low of $176.82 and a 52-week high of $329.88. Presently, it has a 50-day moving average of $305.46 and a 200-day moving average of $299.01. The company boasts a current ratio of 3.91 and a quick ratio of 3.04, displaying its financial strength and liquidity position. Notably, its debt-to-equity ratio stands at an acceptable 0.98.
In terms of financial performance, Ferrari last released its quarterly earnings results on August 2nd. The company reported earnings per share of $1.99 for the quarter, surpassing analysts’ consensus estimate of $1.77 by $0.22 per share. Additionally, Ferrari achieved revenues of $1.60 billion for the quarter, slightly exceeding analyst estimates of $1.58 billion in revenue. Impressively, Ferrari attained a return on equity of 40.70% and a net margin of 19.60%. Analysts predict that the company will post earnings per share of 7.01 for the current fiscal year.
Overall, with multiple institutional investors increasing their positions and positive ratings from various equity analysts along with strong financial figures, Ferrari appears to be in a favorable position within the luxury car industry.