Bank of New York Mellon Corp Grows Stake in Ferrari N.V. $RACE

Bank of New York Mellon Corp increased its position in Ferrari N.V. (NYSE:RACE) by 8.4% in the 1st quarter, HoldingsChannel.com reports. The fund owned 2,808,855 shares of the company’s stock after acquiring an additional 218,830 shares during the quarter. Bank of New York Mellon Corp’s holdings in Ferrari were worth $950,657,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of RACE. Fideuram Asset Management Ireland dac purchased a new position in shares of Ferrari in the fourth quarter worth approximately $29,000. Entrust Financial LLC purchased a new stake in Ferrari during the fourth quarter valued at approximately $33,000. Bellevue Asset Management LLC bought a new position in Ferrari in the first quarter worth approximately $34,000. Bamco Inc. NY raised its position in Ferrari by 790.9% in the fourth quarter. Bamco Inc. NY now owns 98 shares of the company’s stock worth $36,000 after acquiring an additional 87 shares during the period. Finally, CoreCap Advisors LLC boosted its stake in shares of Ferrari by 70.0% during the 4th quarter. CoreCap Advisors LLC now owns 102 shares of the company’s stock worth $38,000 after acquiring an additional 42 shares during the last quarter.

Ferrari Trading Up 1.7%

Shares of Ferrari stock opened at $375.40 on Thursday. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $519.10. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.08 and a current ratio of 5.20. The company has a market capitalization of $87.83 billion, a P/E ratio of 36.02, a P/E/G ratio of 3.17 and a beta of 0.92. The company has a fifty day moving average of $354.56 and a 200 day moving average of $352.41.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on RACE shares. Morgan Stanley raised shares of Ferrari from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $388.00 to $438.00 in a research report on Monday, June 15th. Jefferies Financial Group upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Tuesday, March 31st. UBS Group boosted their price target on Ferrari from $483.00 to $497.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Sanford C. Bernstein restated an “outperform” rating on shares of Ferrari in a research report on Tuesday, June 2nd. Finally, Wolfe Research began coverage on Ferrari in a research note on Tuesday, July 7th. They issued an “outperform” rating on the stock. Three research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $471.97.

About Ferrari

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.