M&T Bank Corp bought a new position in shares of Ferrari NV (NYSE:RACE) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 4,613 shares of the company’s stock, valued at approximately $745,000.
Several other hedge funds have also recently added to or reduced their stakes in the company. Atlas Capital Advisors LLC lifted its stake in Ferrari by 63.4% in the second quarter. Atlas Capital Advisors LLC now owns 219 shares of the company’s stock valued at $36,000 after buying an additional 85 shares during the period. Advisory Services Network LLC grew its position in shares of Ferrari by 121.6% in the 2nd quarter. Advisory Services Network LLC now owns 246 shares of the company’s stock valued at $40,000 after purchasing an additional 135 shares during the period. Parallel Advisors LLC grew its position in shares of Ferrari by 45.9% in the 2nd quarter. Parallel Advisors LLC now owns 375 shares of the company’s stock valued at $61,000 after purchasing an additional 118 shares during the period. Sandy Spring Bank raised its holdings in Ferrari by 127.0% during the 2nd quarter. Sandy Spring Bank now owns 454 shares of the company’s stock worth $74,000 after buying an additional 254 shares during the period. Finally, Rehmann Capital Advisory Group lifted its stake in Ferrari by 21.5% in the first quarter. Rehmann Capital Advisory Group now owns 1,050 shares of the company’s stock valued at $140,000 after buying an additional 186 shares in the last quarter. Institutional investors own 36.60% of the company’s stock.
Several research analysts have recently weighed in on RACE shares. Zacks Investment Research cut shares of Ferrari from a “buy” rating to a “hold” rating in a report on Thursday, August 15th. Goldman Sachs Group upgraded shares of Ferrari from a “neutral” rating to a “buy” rating and set a $182.00 price objective on the stock in a report on Tuesday, August 13th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $185.00 price objective (up from $158.00) on shares of Ferrari in a research report on Thursday, June 20th. Bank of America boosted their price objective on shares of Ferrari from $150.00 to $225.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Finally, Morgan Stanley set a $175.00 target price on shares of Ferrari and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Ferrari presently has an average rating of “Buy” and an average price target of $168.48.
NYSE RACE traded up $1.53 during trading on Wednesday, hitting $152.57. The stock had a trading volume of 8,159 shares, compared to its average volume of 398,453. Ferrari NV has a 12 month low of $93.85 and a 12 month high of $170.54. The company has a debt-to-equity ratio of 1.48, a quick ratio of 3.20 and a current ratio of 3.77. The company’s 50-day moving average price is $159.35 and its two-hundred day moving average price is $147.91. The company has a market capitalization of $30.37 billion, a PE ratio of 37.90, a P/E/G ratio of 2.43 and a beta of 1.35.
Ferrari (NYSE:RACE) last issued its quarterly earnings results on Friday, August 2nd. The company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.06. Ferrari had a net margin of 23.42% and a return on equity of 50.99%. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.08 billion. As a group, equities analysts anticipate that Ferrari NV will post 4.03 earnings per share for the current fiscal year.
Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; Fuori series, one-off, and track cars; and Icona cars. It also provides non-registered racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.
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