Rock-Tenn Company Sees Large Increase in Short Interest (RKT)
Shares of Rock-Tenn Company (NYSE:RKT) were the recipient of a significant growth in short interest in the month of July. As of July 31st, there was short interest totalling 1,184,273 shares, a growth of 68.2% from the July 15th total of 704,242 shares, American Banking News.com reports. Based on an average trading volume of 1,052,419 shares, the days-to-cover ratio is currently 1.1 days. Currently, 1.7% of the shares of the company are short sold.
Several analysts have recently commented on the stock. Analysts at Zacks reiterated an “underperform” rating on shares of Rock-Tenn Company in a research note on Thursday, August 7th. They now have a $89.00 price target on the stock. Separately, analysts at Macquarie downgraded shares of Rock-Tenn Company from an “outperform” rating to a “neutral” rating in a research note on Monday, July 21st. They now have a $106.00 price target on the stock, down previously from $125.00. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $118.89.
Rock-Tenn Company (NYSE:RKT) opened at 94.90 on Tuesday. Rock-Tenn Company has a 52 week low of $92.12 and a 52 week high of $126.05. The stock’s 50-day moving average is $99.58 and its 200-day moving average is $102.1. The company has a market cap of $6.709 billion and a price-to-earnings ratio of 13.77. Shares of Rock-Tenn Company are set to split on Thursday, August 28th. The 2-1 split was announced on Monday, July 28th. The newly minted shares will be issued to shareholders after the market closes on Wednesday, August 27th.
Rock-Tenn Company (NYSE:RKT) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.17. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter in the previous year, the company posted $2.16 earnings per share. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, analysts predict that Rock-Tenn Company will post $7.10 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, August 19th. Stockholders of record on Wednesday, August 6th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date is Monday, August 4th.
Rock-Tenn Company (NYSE:RKT) is a North America’s integrated manufacturer of corrugated and consumer packaging.
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