M&T Bank Corp Sells 166 Shares of Ferrari (NYSE:RACE)

M&T Bank Corp cut its holdings in Ferrari (NYSE:RACE) by 0.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,000 shares of the company’s stock after selling 166 shares during the quarter. M&T Bank Corp’s holdings in Ferrari were worth $12,693,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Rothschild Investment LLC purchased a new position in shares of Ferrari during the second quarter valued at approximately $29,000. E Fund Management Hong Kong Co. Ltd. purchased a new position in Ferrari during the 3rd quarter valued at $29,000. Planning Capital Management Corp bought a new position in Ferrari in the 3rd quarter worth $30,000. Valley Wealth Managers Inc. purchased a new stake in shares of Ferrari in the 2nd quarter worth about $33,000. Finally, Ashton Thomas Securities LLC bought a new stake in shares of Ferrari during the 3rd quarter valued at about $33,000.

Ferrari Stock Up 0.4 %

RACE stock opened at $426.93 on Friday. The stock has a market capitalization of $78.88 billion, a P/E ratio of 49.59, a P/E/G ratio of 4.26 and a beta of 0.95. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. Ferrari has a 1-year low of $330.15 and a 1-year high of $498.23. The business has a fifty day moving average price of $452.55 and a 200-day moving average price of $446.39.

Ferrari (NYSE:RACE) last posted its earnings results on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period last year, the firm posted $1.98 EPS. Equities analysts forecast that Ferrari will post 8.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RACE has been the subject of several research analyst reports. 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. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $385.00 to $525.00 in a report on Friday, October 11th. Evercore ISI boosted their target price on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. Finally, UBS Group increased their price target on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. One 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’s stock. Based on data from MarketBeat.com, Ferrari currently has an average rating of “Moderate Buy” and an average price target of $507.14.

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.