Ferrari (NYSE:RACE) Shares Sold by M&T Bank Corp

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

Other hedge funds have also modified their holdings of the company. Jennison Associates LLC lifted its position in Ferrari by 910.1% during the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after buying an additional 2,636,869 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Ferrari by 47,023.5% during the third quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock worth $5,551,600,000 after purchasing an additional 1,178,410 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Ferrari by 108.4% during the second quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock worth $361,961,000 after purchasing an additional 461,409 shares in the last quarter. Quadrature Capital Ltd lifted its position in shares of Ferrari by 83.7% during the third quarter. Quadrature Capital Ltd now owns 231,279 shares of the company’s stock worth $108,417,000 after purchasing an additional 105,390 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of Ferrari by 89.9% during the third quarter. BNP Paribas Financial Markets now owns 220,418 shares of the company’s stock worth $103,621,000 after purchasing an additional 104,366 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on RACE shares. Evercore ISI boosted their target price on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Morgan Stanley boosted their target price on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. UBS Group lifted 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. Finally, JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Stock Performance

RACE stock opened at $448.56 on Wednesday. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a 1-year low of $330.15 and a 1-year high of $498.23. The firm has a fifty day moving average price of $455.63 and a two-hundred day moving average price of $444.90.

Ferrari (NYSE:RACE) last released its earnings results 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 business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the previous year, the firm earned $1.98 EPS. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, analysts anticipate that Ferrari will post 8.58 EPS for the current fiscal year.

Ferrari Company 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.