M&T Bank Corp Trims Stake in Ferrari N.V. (NYSE:RACE)

M&T Bank Corp decreased its stake in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 3.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 22,534 shares of the company's stock after selling 899 shares during the period. M&T Bank Corp's holdings in Ferrari were worth $9,642,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. grew its holdings in Ferrari by 8.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 10,139 shares of the company's stock valued at $4,307,000 after buying an additional 755 shares in the last quarter. Assetmark Inc. grew its holdings in shares of Ferrari by 17.8% during the 4th quarter. Assetmark Inc. now owns 1,826 shares of the company's stock worth $776,000 after purchasing an additional 276 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Ferrari during the 4th quarter worth $27,657,000. Citizens Financial Group Inc. RI grew its holdings in shares of Ferrari by 4.4% during the 4th quarter. Citizens Financial Group Inc. RI now owns 591 shares of the company's stock worth $251,000 after purchasing an additional 25 shares in the last quarter. Finally, Prosperity Financial Group Inc. grew its holdings in shares of Ferrari by 14.3% during the 4th quarter. Prosperity Financial Group Inc. now owns 2,281 shares of the company's stock worth $969,000 after purchasing an additional 286 shares in the last quarter.

Ferrari Stock Performance

Shares of RACE traded up $6.92 during mid-day trading on Thursday, hitting $497.93. The stock had a trading volume of 316,231 shares, compared to its average volume of 346,067. The firm has a market cap of $120.69 billion, a P/E ratio of 52.69, a PEG ratio of 5.56 and a beta of 1.09. The business has a fifty day moving average price of $480.24 and a 200-day moving average price of $456.79. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.04. Ferrari N.V. has a 52 week low of $391.54 and a 52 week high of $509.13.

Ferrari (NYSE:RACE - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.06. The firm had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.82 billion. Ferrari had a return on equity of 46.46% and a net margin of 23.00%. The business's revenue was up 13.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.95 earnings per share. On average, equities research analysts expect that Ferrari N.V. will post 9.22 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on RACE shares. Barclays raised Ferrari from an "equal weight" rating to an "overweight" rating in a research note on Friday, March 28th. Wall Street Zen cut Ferrari from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. JPMorgan Chase & Co. decreased their target price on Ferrari from $525.00 to $460.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. Kepler Capital Markets raised Ferrari from a "hold" rating to a "buy" rating in a research report on Friday, March 28th. Finally, UBS Group boosted their price target on shares of Ferrari from $520.00 to $560.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $526.25.

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.