Ferrari (NYSE:RACE) Shares Sold by M&T Bank Corp

M&T Bank Corp cut its stake in Ferrari (NYSE:RACE - Free Report) by 13.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,433 shares of the company's stock after selling 3,567 shares during the quarter. M&T Bank Corp's holdings in Ferrari were worth $9,956,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of RACE. Hanson & Doremus Investment Management purchased a new stake in Ferrari during the 4th quarter valued at about $26,000. Planning Capital Management Corp acquired a new stake in shares of Ferrari in the third quarter valued at approximately $30,000. Ashton Thomas Securities LLC purchased a new position in Ferrari during the third quarter worth approximately $33,000. Hobbs Group Advisors LLC acquired a new position in Ferrari during the third quarter worth $47,000. Finally, Armstrong Advisory Group Inc. grew its holdings in Ferrari by 100.0% in the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company's stock valued at $42,000 after buying an additional 50 shares in the last quarter.

Ferrari Trading Up 0.8 %

RACE stock traded up $3.44 during mid-day trading on Friday, hitting $450.14. 443,518 shares of the company were exchanged, compared to its average volume of 281,379. Ferrari has a 12-month low of $399.27 and a 12-month high of $509.13. The firm has a market capitalization of $109.10 billion, a P/E ratio of 49.20, a PEG ratio of 4.43 and a beta of 0.95. The business has a fifty day simple moving average of $452.18 and a 200-day simple moving average of $456.95. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93.

Remove Ads

Ferrari Increases Dividend

The company also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be paid a dividend of $3.1265 per share. This represents a yield of 0.5%. This is a boost from Ferrari's previous annual dividend of $2.44. The ex-dividend date of this dividend is Wednesday, April 23rd. Ferrari's dividend payout ratio is 5.63%.

Analysts Set New Price Targets

Several research firms have recently commented on RACE. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a report on Thursday, February 6th. They set a "hold" rating on the stock. Barclays downgraded shares of Ferrari from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, February 5th. Finally, StockNews.com lowered shares of Ferrari from a "buy" rating to a "hold" rating in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $507.14.

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.