British American Tobacco p.l.c. (NYSE:BTI) Sees Significant Drop in Short Interest

Key Points

• Short interest fell 37.3% to 3.88 million shares as of August 14, from 6.18 million shares on July 30. Short interest now represents 0.2% of outstanding shares, with a days-to-cover ratio of 1.0.
• Several institutional investors increased their British American Tobacco positions during the second quarter, while institutional ownership stood at 16.16%.
• BTI shares opened at $56.16, below their 50-day and 200-day moving averages. Analysts maintain a “Moderate Buy” consensus with a $62 target price, despite mixed ratings and the company’s quarterly earnings and revenue coming in below estimates.

British American Tobacco p.l.c. (NYSE:BTI - Get Free Report) saw a significant decline in short interest in August. As of August 14th, there was short interest totaling 3,879,532 shares, a decline of 37.3% from the July 30th total of 6,183,718 shares. Based on an average daily volume of 3,897,260 shares, the days-to-cover ratio is currently 1.0 days. Currently, 0.2% of the company's stock are sold short.

Institutional Investors Weigh In On British American Tobacco

A number of institutional investors have recently made changes to their positions in the company. Corient Private Wealth LP raised its holdings in British American Tobacco by 18.6% in the 2nd quarter. Corient Private Wealth LP now owns 89,998 shares of the company's stock worth $5,558,000 after acquiring an additional 14,130 shares during the last quarter. Kintra Wealth LLC boosted its stake in British American Tobacco by 33.7% during the 2nd quarter. Kintra Wealth LLC now owns 8,159 shares of the company's stock valued at $468,000 after purchasing an additional 2,056 shares during the last quarter. HB Wealth Management LLC increased its holdings in shares of British American Tobacco by 11.0% in the 2nd quarter. HB Wealth Management LLC now owns 22,048 shares of the company's stock worth $1,362,000 after purchasing an additional 2,179 shares in the last quarter. MW Advisory LLC bought a new stake in shares of British American Tobacco in the 2nd quarter worth $249,000. Finally, Syon Capital LLC raised its stake in shares of British American Tobacco by 1.9% in the second quarter. Syon Capital LLC now owns 40,246 shares of the company's stock worth $2,486,000 after purchasing an additional 763 shares during the last quarter. Hedge funds and other institutional investors own 16.16% of the company's stock.

British American Tobacco Price Performance

Shares of NYSE:BTI opened at $56.16 on Monday. The business has a fifty day moving average price of $59.65 and a 200-day moving average price of $59.94. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.50 and a current ratio of 0.84. British American Tobacco has a 1-year low of $49.88 and a 1-year high of $67.30.

British American Tobacco (NYSE:BTI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $1.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.21 by ($1.10). The company had revenue of $8.10 billion for the quarter, compared to the consensus estimate of $16.42 billion. As a group, analysts anticipate that British American Tobacco will post 4.86 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of British American Tobacco from a "buy" rating to a "hold" rating in a research report on Sunday, August 9th. Royal Bank Of Canada reissued an "underperform" rating on shares of British American Tobacco in a research report on Tuesday, August 11th. Morgan Stanley reissued an "overweight" rating on shares of British American Tobacco in a research note on Monday, June 8th. Weiss Ratings raised shares of British American Tobacco from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, June 3rd. Finally, BTIG Research began coverage on shares of British American Tobacco in a report on Tuesday, July 21st. They set a "buy" rating for the company. Seven equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $62.00.

About British American Tobacco

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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