M&T Bank Corp Decreases Position in Ferrari (NYSE:RACE)

M&T Bank Corp cut its position in Ferrari (NYSE:RACE – Get Rating) by 3.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 42,605 shares of the company’s stock after selling 1,312 shares during the period. M&T Bank Corp’s holdings in Ferrari were worth $7,882,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Trustcore Financial Services LLC purchased a new position in Ferrari in the third quarter worth about $33,000. Hexagon Capital Partners LLC raised its holdings in shares of Ferrari by 112.9% during the third quarter. Hexagon Capital Partners LLC now owns 181 shares of the company’s stock valued at $33,000 after purchasing an additional 96 shares during the last quarter. City State Bank raised its holdings in shares of Ferrari by 159.1% during the third quarter. City State Bank now owns 285 shares of the company’s stock valued at $54,000 after purchasing an additional 175 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Ferrari by 25.7% during the third quarter. Fifth Third Bancorp now owns 352 shares of the company’s stock valued at $65,000 after purchasing an additional 72 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Ferrari by 169.5% during the third quarter. Tower Research Capital LLC TRC now owns 380 shares of the company’s stock valued at $70,000 after purchasing an additional 239 shares during the last quarter. 32.21% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on RACE. Citigroup raised shares of Ferrari from a “sell” rating to a “neutral” rating and set a $230.60 price objective for the company in a report on Monday, January 9th. Credit Suisse Group boosted their price objective on shares of Ferrari from $290.00 to $310.00 and gave the company an “outperform” rating in a report on Friday, February 3rd. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Friday, January 20th. Morgan Stanley boosted their target price on shares of Ferrari from $280.00 to $310.00 and gave the company an “overweight” rating in a research report on Tuesday, March 7th. Finally, UBS Group boosted their target price on shares of Ferrari from $274.00 to $330.00 in a research report on Friday, February 3rd. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $253.06.

Ferrari Trading Down 2.5 %

Shares of NYSE:RACE opened at $256.29 on Thursday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 3.41 and a current ratio of 4.11. The firm has a fifty day moving average price of $254.24 and a 200 day moving average price of $221.00. Ferrari has a fifty-two week low of $167.45 and a fifty-two week high of $274.08.

Ferrari (NYSE:RACE – Get Rating) last issued its earnings results on Thursday, February 2nd. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.01. The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.35 billion. Ferrari had a net margin of 18.44% and a return on equity of 38.78%. On average, equities analysts forecast that Ferrari will post 6.25 EPS for the current fiscal year.

Ferrari Company Profile

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Ferrari NV is a holding company, which engages in the design, engineering, production, and sale of luxury sports cars. The firm’s models include the F12Berlinetta, 488GTB, 488 Spider, 458 Speciale, California T, the LaFerrari Hybrid, LaFerrari, and the FF four-wheel drive. It participates in car racing such as Formula One.