Ferrari (NYSE:RACE) Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp grew its position in Ferrari (NYSE:RACE) by 9.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 393 shares of the company’s stock after purchasing an additional 35 shares during the period. Fifth Third Bancorp’s holdings in Ferrari were worth $167,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of RACE. E Fund Management Hong Kong Co. Ltd. acquired a new position in Ferrari during the third quarter valued at approximately $29,000. Planning Capital Management Corp purchased a new position in shares of Ferrari in the 3rd quarter valued at $30,000. Ashton Thomas Securities LLC acquired a new position in shares of Ferrari during the 3rd quarter valued at $33,000. Armstrong Advisory Group Inc. boosted its position in Ferrari by 100.0% during the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after purchasing an additional 50 shares during the period. Finally, FSC Wealth Advisors LLC acquired a new stake in Ferrari in the 3rd quarter valued at $47,000.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. UBS Group upped their price target on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Evercore ISI lifted their price objective on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Finally, StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Price Performance

RACE opened at $429.35 on Friday. The company has a market capitalization of $104.65 billion, a P/E ratio of 49.87, a PEG ratio of 3.73 and a beta of 0.95. The company has a 50-day moving average of $433.82 and a 200-day moving average of $448.37. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. Ferrari has a 1-year low of $345.92 and a 1-year high of $498.23.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same period in the prior year, the firm earned $1.98 earnings per share. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. Equities analysts expect that Ferrari will post 8.59 EPS for the current fiscal 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.