M&T Bank Corp Has $9.64 Million Stock Position in Ferrari N.V. (NYSE:RACE)

M&T Bank Corp decreased its holdings in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 3.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Park Square Financial Group LLC bought a new position in shares of Ferrari during the 4th quarter worth approximately $32,000. Alpine Bank Wealth Management bought a new position in shares of Ferrari during the 1st quarter worth approximately $33,000. Webster Bank N. A. bought a new position in shares of Ferrari during the 1st quarter worth approximately $43,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Ferrari during the 1st quarter worth approximately $48,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Ferrari by 60.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148 shares of the company's stock worth $63,000 after buying an additional 56 shares in the last quarter.

Analyst Ratings Changes

RACE has been the subject of several research analyst reports. Barclays raised Ferrari from an "equal weight" rating to an "overweight" rating in a research report on Friday, March 28th. 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 report on Wednesday, May 7th. Kepler Capital Markets upgraded Ferrari from a "hold" rating to a "buy" rating in a research report on Friday, March 28th. JPMorgan Chase & Co. cut their price objective on shares of Ferrari from $525.00 to $460.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Finally, Wall Street Zen downgraded Ferrari from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $526.25.

Ferrari Stock Up 0.4%

Shares of NYSE:RACE opened at $490.97 on Thursday. The firm has a fifty day moving average of $480.24 and a 200 day moving average of $456.79. The firm has a market capitalization of $119.00 billion, a PE ratio of 51.95, a price-to-earnings-growth ratio of 5.56 and a beta of 1.09. Ferrari N.V. has a 52-week low of $391.54 and a 52-week high of $509.13. The company has a debt-to-equity ratio of 0.93, a quick ratio of 4.04 and a current ratio of 5.09.

Ferrari (NYSE:RACE - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $2.42 EPS for the quarter, topping analysts' consensus estimates of $2.36 by $0.06. Ferrari had a net margin of 23.00% and a return on equity of 46.46%. The company had revenue of $1.94 billion for the quarter, compared to analysts' expectations of $1.82 billion. During the same quarter last year, the company earned $1.95 EPS. The firm's revenue was up 13.0% compared to the same quarter last year. As a group, research analysts anticipate that Ferrari N.V. will post 9.22 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.

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