Fifth Third Bancorp Acquires 31 Shares of Ferrari N.V. (NYSE:RACE)

Fifth Third Bancorp raised its holdings in shares of Ferrari N.V. (NYSE:RACE) by 7.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 424 shares of the company’s stock after buying an additional 31 shares during the quarter. Fifth Third Bancorp’s holdings in Ferrari were worth $181,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Ferrari by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 4,693,201 shares of the company’s stock valued at $2,002,581,000 after purchasing an additional 45,754 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Ferrari by 49.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock valued at $763,125,000 after buying an additional 594,547 shares during the last quarter. Norges Bank acquired a new position in shares of Ferrari during the fourth quarter valued at about $697,226,000. Bank of New York Mellon Corp lifted its stake in shares of Ferrari by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock valued at $684,888,000 after buying an additional 38,356 shares during the period. Finally, Marshall Wace LLP grew its position in Ferrari by 62.1% during the fourth quarter. Marshall Wace LLP now owns 1,358,467 shares of the company’s stock worth $579,561,000 after buying an additional 520,337 shares in the last quarter.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. Wall Street Zen lowered shares of Ferrari from a “buy” rating to a “hold” rating in a report on Thursday, May 15th. JPMorgan Chase & Co. reduced their price objective on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. UBS Group upped their target price 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. Finally, Kepler Capital Markets upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 28th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $526.25.

Ferrari Stock Up 0.0%

Shares of NYSE:RACE opened at $460.80 on Friday. The company’s fifty day moving average is $469.76 and its 200-day moving average is $452.91. 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 N.V. has a 52 week low of $391.54 and a 52 week high of $509.13. The company has a market capitalization of $111.69 billion, a PE ratio of 48.76, a P/E/G ratio of 5.35 and a beta of 1.10.

Ferrari (NYSE:RACE) last announced its quarterly 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 during the quarter, compared to the consensus estimate of $1.82 billion. Ferrari had a net margin of 23.00% and a return on equity of 46.46%. The firm’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period last year, the firm posted $1.95 EPS. Equities research analysts predict that Ferrari N.V. will post 9.22 earnings per share 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.