Bank of New York Mellon Corp Has $92.16 Million Stake in Ferrari N.V. (RACE)
Bank of New York Mellon Corp grew its position in shares of Ferrari N.V. (NYSE:RACE) by 2.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 834,176 shares of the company’s stock after purchasing an additional 22,329 shares during the period. Bank of New York Mellon Corp owned approximately 0.44% of Ferrari worth $92,160,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Aviance Capital Management LLC bought a new stake in shares of Ferrari in the second quarter worth $130,000. Quadrant Capital Group LLC increased its stake in shares of Ferrari by 1.2% in the second quarter. Quadrant Capital Group LLC now owns 1,976 shares of the company’s stock worth $162,000 after buying an additional 24 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Ferrari by 6.6% in the second quarter. PNC Financial Services Group Inc. now owns 1,917 shares of the company’s stock worth $165,000 after buying an additional 119 shares during the last quarter. Cornerstone Advisors Inc. increased its stake in shares of Ferrari by 678.6% in the third quarter. Cornerstone Advisors Inc. now owns 1,526 shares of the company’s stock worth $169,000 after buying an additional 1,330 shares during the last quarter. Finally, IFP Advisors Inc increased its stake in shares of Ferrari by 90.9% in the third quarter. IFP Advisors Inc now owns 1,569 shares of the company’s stock worth $173,000 after buying an additional 747 shares during the last quarter. Institutional investors and hedge funds own 29.82% of the company’s stock.
A number of analysts recently issued reports on the stock. UBS AG restated a “buy” rating and issued a $125.00 price target (up previously from $100.00) on shares of Ferrari in a research note on Wednesday, August 9th. Berenberg Bank reaffirmed a “buy” rating on shares of Ferrari in a report on Monday, August 14th. Evercore ISI lifted their price objective on shares of Ferrari from $46.00 to $105.00 and gave the stock an “in-line” rating in a report on Friday, September 1st. Zacks Investment Research downgraded shares of Ferrari from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 2nd. Finally, TheStreet raised shares of Ferrari from a “c” rating to a “b-” rating in a report on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $109.86.
Ferrari N.V. (RACE) traded up $1.89 during trading on Monday, reaching $113.71. 164,000 shares of the company’s stock were exchanged, compared to its average volume of 581,982. The firm has a market capitalization of $21,490.00 and a P/E ratio of 36.80. The company has a current ratio of 3.26, a quick ratio of 2.68 and a debt-to-equity ratio of 2.77. Ferrari N.V. has a 1 year low of $53.71 and a 1 year high of $121.14.
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Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A; as well as two grand tourer (GT) cars: California T and FF.
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