AQR Capital Management LLC Invests $228,000 in Ferrari (NYSE:RACE)

AQR Capital Management LLC acquired a new position in Ferrari (NYSE:RACE) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 556 shares of the company’s stock, valued at approximately $228,000.

Other hedge funds have also recently bought and sold shares of the company. Blue Trust Inc. increased its holdings in shares of Ferrari by 3,806.5% during the second quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $528,000 after purchasing an additional 1,180 shares during the period. Raymond James & Associates raised its position in shares of Ferrari by 1.3% during the 2nd quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock worth $20,519,000 after buying an additional 655 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Ferrari by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 4,488,346 shares of the company’s stock worth $1,518,991,000 after acquiring an additional 46,938 shares during the period. Jennison Associates LLC boosted its holdings in shares of Ferrari by 10.5% in the first quarter. Jennison Associates LLC now owns 266,608 shares of the company’s stock valued at $116,225,000 after acquiring an additional 25,228 shares in the last quarter. Finally, Capital Wealth Planning LLC increased its stake in shares of Ferrari by 127.6% during the first quarter. Capital Wealth Planning LLC now owns 7,511 shares of the company’s stock valued at $3,274,000 after acquiring an additional 4,211 shares during the period.

Wall Street Analyst Weigh In

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

Ferrari Price Performance

Shares of NYSE:RACE opened at $482.36 on Friday. The company’s fifty day moving average is $468.22 and its two-hundred day moving average is $435.04. The company has a market cap of $89.12 billion, a P/E ratio of 61.60, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. Ferrari has a 12-month low of $296.34 and a 12-month high of $498.23. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.08. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The firm had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the previous year, the firm earned $1.99 earnings per share. Ferrari’s quarterly revenue was up 16.1% on a year-over-year basis. Equities analysts expect that Ferrari will post 8.81 earnings per share for the current fiscal year.

About Ferrari

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.