Texas Permanent School Fund Reduces Position in Coty Inc (COTY)

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Texas Permanent School Fund lessened its stake in shares of Coty Inc (NYSE:COTY) by 12.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 101,127 shares of the company’s stock after selling 14,259 shares during the period. Texas Permanent School Fund’s holdings in Coty were worth $1,270,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the stock. Millennium Management LLC increased its stake in Coty by 48.2% in the 1st quarter. Millennium Management LLC now owns 147,729 shares of the company’s stock valued at $2,703,000 after purchasing an additional 48,080 shares in the last quarter. Royal Bank of Canada increased its stake in Coty by 11.6% in the 1st quarter. Royal Bank of Canada now owns 178,695 shares of the company’s stock valued at $3,270,000 after purchasing an additional 18,588 shares in the last quarter. Suntrust Banks Inc. purchased a new position in Coty in the 1st quarter valued at approximately $286,000. DnB Asset Management AS purchased a new position in Coty in the 2nd quarter valued at approximately $991,000. Finally, IFM Investors Pty Ltd increased its stake in Coty by 43.8% in the 2nd quarter. IFM Investors Pty Ltd now owns 23,991 shares of the company’s stock valued at $338,000 after purchasing an additional 7,302 shares in the last quarter. Institutional investors own 64.12% of the company’s stock.

In other Coty news, major shareholder Cosmetics B.V. Jab acquired 2,600,000 shares of the firm’s stock in a transaction dated Tuesday, August 28th. The shares were acquired at an average price of $12.29 per share, for a total transaction of $31,954,000.00. Following the completion of the acquisition, the insider now directly owns 291,138,041 shares of the company’s stock, valued at $3,578,086,523.89. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert S. Singer acquired 5,000 shares of the firm’s stock in a transaction dated Monday, August 27th. The shares were acquired at an average price of $12.00 per share, for a total transaction of $60,000.00. Following the acquisition, the director now directly owns 175,000 shares of the company’s stock, valued at $2,100,000. The disclosure for this purchase can be found here. Insiders have bought 3,655,000 shares of company stock worth $44,583,400 in the last 90 days. Insiders own 1.20% of the company’s stock.

Shares of NYSE:COTY opened at $8.49 on Friday. The firm has a market cap of $6.50 billion, a price-to-earnings ratio of 12.30, a P/E/G ratio of 1.12 and a beta of 0.47. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.62 and a current ratio of 0.99. Coty Inc has a one year low of $8.29 and a one year high of $21.68.

Coty (NYSE:COTY) last announced its earnings results on Wednesday, November 7th. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.04. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.17 billion. Coty had a positive return on equity of 5.72% and a negative net margin of 1.75%. Coty’s quarterly revenue was down 9.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.10 EPS. As a group, equities research analysts forecast that Coty Inc will post 0.7 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 30th will be issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 5.89%. The ex-dividend date is Thursday, November 29th. Coty’s dividend payout ratio (DPR) is 72.46%.

A number of equities research analysts have commented on COTY shares. JPMorgan Chase & Co. lowered their target price on Coty from $13.00 to $11.00 and set an “underweight” rating on the stock in a report on Friday, August 10th. Jefferies Financial Group set a $10.00 target price on Coty and gave the company a “hold” rating in a report on Wednesday. Morgan Stanley reiterated an “equal weight” rating and set a $10.00 target price (down previously from $14.50) on shares of Coty in a report on Thursday. Societe Generale cut Coty from a “buy” rating to a “hold” rating in a report on Wednesday, August 22nd. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $24.00 target price on shares of Coty in a report on Wednesday, August 22nd. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $13.95.

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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.

Further Reading: Cost of Capital

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Institutional Ownership by Quarter for Coty (NYSE:COTY)

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