M&T Bank Corp raised its holdings in shares of Ferrari NV (NYSE:RACE) by 4.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 38,650 shares of the company’s stock after buying an additional 1,786 shares during the period. M&T Bank Corp’s holdings in Ferrari were worth $6,610,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. Northwestern Mutual Wealth Management Co. boosted its stake in Ferrari by 5.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,233 shares of the company’s stock worth $188,000 after purchasing an additional 67 shares during the period. Sequoia Financial Advisors LLC boosted its stake in Ferrari by 3.2% in the 1st quarter. Sequoia Financial Advisors LLC now owns 2,357 shares of the company’s stock worth $360,000 after purchasing an additional 73 shares during the period. Coastal Investment Advisors Inc. boosted its stake in Ferrari by 2.4% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 3,545 shares of the company’s stock worth $606,000 after purchasing an additional 83 shares during the period. Sunbelt Securities Inc. acquired a new position in Ferrari in the 4th quarter worth approximately $3,725,000. Finally, Stratos Wealth Partners LTD. boosted its stake in Ferrari by 5.0% in the 1st quarter. Stratos Wealth Partners LTD. now owns 2,199 shares of the company’s stock worth $335,000 after purchasing an additional 104 shares during the period. Hedge funds and other institutional investors own 34.09% of the company’s stock.
A number of equities analysts recently commented on RACE shares. UBS Group decreased their price objective on shares of Ferrari from $180.00 to $176.00 and set a “buy” rating for the company in a research note on Tuesday, May 5th. Jefferies Financial Group downgraded shares of Ferrari from a “hold” rating to an “underperform” rating and set a $108.00 target price for the company. in a research report on Tuesday, April 28th. CSFB cut their target price on shares of Ferrari from $205.00 to $198.00 and set an “outperform” rating for the company in a research report on Tuesday, May 5th. Royal Bank of Canada initiated coverage on shares of Ferrari in a research report on Wednesday, July 8th. They issued an “outperform” rating for the company. Finally, JPMorgan Chase & Co. increased their target price on shares of Ferrari from $133.00 to $145.00 and gave the stock a “neutral” rating in a research report on Friday, June 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Ferrari currently has an average rating of “Buy” and an average price target of $172.67.
Ferrari (NYSE:RACE) last released its quarterly earnings results on Monday, May 4th. The company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.09. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $852.32 million. Ferrari had a net margin of 18.23% and a return on equity of 47.13%. On average, equities research analysts predict that Ferrari NV will post 3.07 earnings per share for the current 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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