Coty Inc (NYSE:COTY) Sees Large Drop in Short Interest

Share on StockTwits

Coty Inc (NYSE:COTY) was the target of a significant drop in short interest in September. As of September 15th, there was short interest totalling 19,420,000 shares, a drop of 10.0% from the August 31st total of 21,570,000 shares. Currently, 6.8% of the company’s stock are short sold. Based on an average trading volume of 13,240,000 shares, the short-interest ratio is presently 1.5 days.

In other news, Director Olivier Goudet acquired 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was acquired at an average cost of $3.60 per share, for a total transaction of $180,000.00. Following the completion of the acquisition, the director now owns 179,129 shares in the company, valued at $644,864.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.90% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in the business. FIL Ltd lifted its stake in shares of Coty by 18,099.7% during the 2nd quarter. FIL Ltd now owns 15,655,604 shares of the company’s stock worth $69,980,000 after buying an additional 15,569,583 shares during the last quarter. Eminence Capital LP lifted its stake in shares of Coty by 56.4% in the 1st quarter. Eminence Capital LP now owns 13,012,199 shares of the company’s stock valued at $67,143,000 after acquiring an additional 4,693,292 shares during the last quarter. Alps Advisors Inc. lifted its stake in shares of Coty by 43.7% in the 2nd quarter. Alps Advisors Inc. now owns 4,020,860 shares of the company’s stock valued at $17,973,000 after acquiring an additional 1,223,356 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Coty by 46.1% in the 2nd quarter. Goldman Sachs Group Inc. now owns 3,017,691 shares of the company’s stock valued at $13,489,000 after acquiring an additional 952,365 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of Coty by 3.5% in the 1st quarter. State Street Corp now owns 16,788,409 shares of the company’s stock valued at $86,628,000 after acquiring an additional 570,498 shares during the last quarter. Hedge funds and other institutional investors own 27.93% of the company’s stock.

Several equities analysts have commented on the stock. Morgan Stanley lowered their target price on shares of Coty from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research report on Monday, July 13th. DA Davidson cut their price objective on Coty from $5.00 to $3.50 in a research report on Monday, August 31st. Citigroup raised Coty from a “sell” rating to a “neutral” rating and increased their price objective for the company from $3.10 to $3.25 in a research report on Friday, September 25th. Royal Bank of Canada reissued a “buy” rating and issued a $8.00 price objective on shares of Coty in a research report on Tuesday, August 25th. Finally, Consumer Edge lowered Coty from an “overweight” rating to an “equal weight” rating in a research note on Thursday, September 24th. Fourteen equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $7.44.

Coty stock traded up $0.06 during mid-day trading on Friday, hitting $2.91. 9,340,164 shares of the company were exchanged, compared to its average volume of 18,762,606. The business has a fifty day moving average of $3.49 and a 200 day moving average of $4.41. The company has a quick ratio of 1.62, a current ratio of 1.81 and a debt-to-equity ratio of 2.44. The company has a market capitalization of $2.23 billion, a PE ratio of -2.19, a price-to-earnings-growth ratio of 5.27 and a beta of 1.14. Coty has a 1-year low of $2.65 and a 1-year high of $13.42.

Coty (NYSE:COTY) last announced its earnings results on Thursday, August 27th. The company reported ($0.51) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.39). Coty had a negative return on equity of 3.96% and a negative net margin of 15.89%. The business had revenue of $560.40 million for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the previous year, the company posted $0.16 EPS. Coty’s revenue for the quarter was down 62.8% on a year-over-year basis. Research analysts expect that Coty will post 0.07 earnings per share for the current year.

Coty Company Profile

Coty Inc, together with its subsidiaries, manufactures, markets, distributes, and sells beauty products worldwide. It operates in three segments: Luxury, Consumer Beauty, and Professional Beauty. The Luxury segment offers prestige fragrances, and skincare and cosmetics products through various retailers, including perfumeries, department stores, and duty-free shops under the Alexander McQueen, Balenciaga, Burberry, Bottega Veneta, Calvin Klein, Cavalli, Chloe, Davidoff, Escada, Gucci, Hugo Boss, Jil Sander, Joop!, Lacoste, Lancaster, Marc Jacobs, Miu Miu, philosophy, Stella McCartney, and Tiffany & Co brands.

Recommended Story: Why is momentum important to successful trading?

Receive News & Ratings for Coty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Coty and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply