Summit Securities Group LLC Lowers Stock Position in British American Tobacco p.l.c. $BTI

Key Points

• Summit Securities Group LLC slashed its British American Tobacco stake by 97.7% in the first quarter, leaving it with 500 shares worth about $29,000.
• Institutional ownership in BTI remains meaningful, with hedge funds and other institutions holding 16.16% of the stock, and several firms recently increasing or initiating positions.
• BTI shares fell to $60.01 on Friday; analysts remain mixed but overall rate the stock Moderate Buy, with an average price target of $51.00.

Summit Securities Group LLC cut its stake in shares of British American Tobacco p.l.c. (NYSE:BTI - Free Report) by 97.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 500 shares of the company's stock after selling 20,800 shares during the quarter. Summit Securities Group LLC's holdings in British American Tobacco were worth $29,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BTI. Wealth High Governance Capital Ltda purchased a new stake in British American Tobacco in the 4th quarter worth $6,911,000. Assetmark Inc. raised its holdings in British American Tobacco by 4.3% during the fourth quarter. Assetmark Inc. now owns 557,887 shares of the company's stock valued at $31,588,000 after acquiring an additional 23,141 shares during the period. Prime Capital Investment Advisors LLC lifted its position in shares of British American Tobacco by 284.8% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 26,274 shares of the company's stock valued at $1,488,000 after acquiring an additional 19,446 shares in the last quarter. Brevan Howard Capital Management LP bought a new position in shares of British American Tobacco in the third quarter worth about $4,135,000. Finally, M&T Bank Corp boosted its stake in shares of British American Tobacco by 74.6% in the fourth quarter. M&T Bank Corp now owns 102,703 shares of the company's stock worth $5,815,000 after acquiring an additional 43,886 shares during the period. 16.16% of the stock is owned by hedge funds and other institutional investors.

British American Tobacco Stock Performance

Shares of British American Tobacco stock traded down $0.86 during trading on Friday, reaching $60.01. 2,452,597 shares of the stock traded hands, compared to its average volume of 4,155,328. British American Tobacco p.l.c. has a 52-week low of $49.88 and a 52-week high of $67.30. The company has a current ratio of 0.87, a quick ratio of 0.57 and a debt-to-equity ratio of 0.66. The business has a fifty day simple moving average of $61.72 and a two-hundred day simple moving average of $59.70.

Analyst Ratings Changes

Several analysts recently issued reports on BTI shares. Citigroup reissued a "buy" rating on shares of British American Tobacco in a research note on Thursday, May 14th. Wall Street Zen lowered shares of British American Tobacco from a "buy" rating to a "hold" rating in a report on Saturday, June 13th. Weiss Ratings upgraded shares of British American Tobacco from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, June 3rd. Finally, Morgan Stanley reissued an "overweight" rating on shares of British American Tobacco in a report on Monday, June 8th. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $51.00.

British American Tobacco Profile

British American Tobacco plc (BTI) is a multinational tobacco manufacturer and nicotine products company headquartered in London. Founded in 1902 as a joint venture to commercialize tobacco products outside the United States, the company has grown into one of the world's largest tobacco firms with a long history in manufacturing and global distribution of combustible tobacco products.

BAT's core business remains the manufacture and sale of cigarettes and other tobacco products under a portfolio of well-known consumer brands, including Dunhill, Lucky Strike, Pall Mall, Kent and Rothmans.

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