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

M&T Bank Corp decreased its stake in Ferrari (NYSE:RACE) by 0.6% in the third quarter, HoldingsChannel.com reports. The institutional investor 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 filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Fifth Third Bancorp grew its position in shares of Ferrari by 236.4% during the second quarter. Fifth Third Bancorp now owns 370 shares of the company’s stock worth $151,000 after purchasing an additional 260 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Ferrari by 12.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 152,304 shares of the company’s stock worth $62,196,000 after acquiring an additional 17,165 shares during the last quarter. Atomi Financial Group Inc. grew its stake in Ferrari by 30.0% during the second quarter. Atomi Financial Group Inc. now owns 1,036 shares of the company’s stock valued at $423,000 after acquiring an additional 239 shares in the last quarter. Financial Advocates Investment Management increased its holdings in Ferrari by 5.8% in the 2nd quarter. Financial Advocates Investment Management now owns 2,808 shares of the company’s stock valued at $1,146,000 after acquiring an additional 155 shares during the last quarter. Finally, Whittier Trust Co. boosted its holdings in shares of Ferrari by 9.3% during the 2nd quarter. Whittier Trust Co. now owns 3,783 shares of the company’s stock valued at $1,545,000 after purchasing an additional 322 shares during the last quarter.

Ferrari Price Performance

RACE opened at $426.93 on Friday. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. The business has a fifty day moving average of $452.55 and a 200 day moving average of $446.39. Ferrari has a 52-week low of $330.15 and a 52-week high of $498.23. The stock has a market cap of $78.88 billion, a P/E ratio of 49.59, a PEG ratio of 4.26 and a beta of 0.95.

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on RACE shares. UBS Group lifted their target price on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Morgan Stanley raised their target price on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Evercore ISI upped their target price on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. upgraded 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 report on Friday, October 11th. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company 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.