Short Interest in Coty Inc. (COTY) Decreases By 11.6%
Coty Inc. (NYSE:COTY) saw a large decrease in short interest in the month of August. As of August 15th, there was short interest totalling 44,621,989 shares, a decrease of 11.6% from the July 31st total of 50,465,249 shares. Currently, 10.0% of the shares of the company are sold short. Based on an average trading volume of 3,902,544 shares, the days-to-cover ratio is presently 11.4 days.
Shares of Coty (COTY) opened at 16.51 on Wednesday. The stock’s market cap is $12.36 billion. Coty has a 12-month low of $15.83 and a 12-month high of $27.98. The firm has a 50 day moving average price of $19.06 and a 200 day moving average price of $18.76.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Investors of record on Friday, September 1st will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 3.03%. The ex-dividend date is Wednesday, August 30th. Coty’s payout ratio is -87.72%.
COTY has been the subject of several research reports. Stifel Nicolaus set a $25.00 price target on Coty and gave the stock a “buy” rating in a research note on Monday, August 21st. Societe Generale initiated coverage on Coty in a research note on Monday, June 12th. They issued a “buy” rating and a $21.00 target price for the company. BMO Capital Markets set a $24.00 target price on Coty and gave the stock a “buy” rating in a research note on Tuesday, August 22nd. Deutsche Bank AG restated a “buy” rating and issued a $20.00 target price (down previously from $22.00) on shares of Coty in a research note on Wednesday, August 23rd. Finally, Bank of America Corporation cut their target price on Coty from $23.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, August 23rd. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $20.75.
In other news, major shareholder Cosmetics B.V. Jab purchased 2,600,000 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was bought at an average price of $16.30 per share, for a total transaction of $42,380,000.00. Following the purchase, the insider now owns 276,408,041 shares of the company’s stock, valued at $4,505,451,068.30. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Laurent Kleitman purchased 4,400 shares of the business’s stock in a transaction dated Friday, June 9th. The shares were purchased at an average price of $18.63 per share, with a total value of $81,972.00. Following the purchase, the insider now directly owns 35,400 shares in the company, valued at approximately $659,502. The disclosure for this purchase can be found here. Insiders have bought a total of 2,880,038 shares of company stock valued at $47,216,712 in the last quarter. 16.10% of the stock is owned by corporate insiders.
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Coty Inc is a beauty company. The Company operates through four segments: Fragrances, Color Cosmetics, Skin & Body Care and Brazil Acquisition. Its fragrance products include a range of men’s and women’s products. Its fragrance brands include Calvin Klein, Marc Jacobs, Davidoff, Chloe, Balenciaga, Beyonce, Bottega Veneta, Miu Miu and Roberto Cavalli.
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