Comerica Bank Purchases 352 Shares of Ferrari (NYSE:RACE)

Comerica Bank lifted its position in shares of Ferrari (NYSE:RACE – Get Rating) by 5.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,986 shares of the company’s stock after purchasing an additional 352 shares during the period. Comerica Bank’s holdings in Ferrari were worth $1,339,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. CWM LLC grew its holdings in shares of Ferrari by 77.1% during the third quarter. CWM LLC now owns 386 shares of the company’s stock worth $71,000 after purchasing an additional 168 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in Ferrari in the third quarter valued at approximately $392,000. Veriti Management LLC boosted its holdings in Ferrari by 18.2% in the third quarter. Veriti Management LLC now owns 1,596 shares of the company’s stock valued at $295,000 after acquiring an additional 246 shares during the last quarter. Achmea Investment Management B.V. boosted its holdings in Ferrari by 26.0% in the third quarter. Achmea Investment Management B.V. now owns 6,411 shares of the company’s stock valued at $1,204,000 after acquiring an additional 1,322 shares during the last quarter. Finally, Balentine LLC bought a new stake in Ferrari in the third quarter valued at approximately $454,000. 32.21% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Citigroup upgraded Ferrari from a “sell” rating to a “neutral” rating and set a $230.60 target price on the stock in a report on Monday, January 9th. Morgan Stanley reduced their target price on Ferrari from $300.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, November 3rd. Royal Bank of Canada upped their target price on Ferrari from €261.00 ($283.70) to €265.00 ($288.04) in a report on Monday, December 12th. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research note on Friday. Finally, HSBC raised Ferrari from a “hold” rating to a “buy” rating in a research note on Thursday, October 27th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $241.56.

Ferrari Price Performance

Shares of NYSE:RACE opened at $242.38 on Monday. The company has a quick ratio of 3.74, a current ratio of 4.47 and a debt-to-equity ratio of 1.21. Ferrari has a twelve month low of $167.45 and a twelve month high of $242.64. The stock’s 50 day moving average is $221.31 and its 200-day moving average is $205.96. The firm has a market capitalization of $44.78 billion, a price-to-earnings ratio of 44.31, a PEG ratio of 3.48 and a beta of 0.97.

Ferrari (NYSE:RACE – Get Rating) last issued its earnings results on Wednesday, November 2nd. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.10. Ferrari had a return on equity of 40.02% and a net margin of 19.00%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.15 billion. Sell-side analysts forecast that Ferrari will post 5.08 EPS for the current fiscal year.

Ferrari Company Profile

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Ferrari N.V., through its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hyper cars; one-off and track cars; and Icona cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.