Tapestry (NYSE:TPR – Get Rating) was downgraded by StockNews.com from a "buy" rating to a "hold" rating in a report released on Friday.
Other equities analysts also recently issued reports about the stock. Cowen boosted their target price on shares of Tapestry from $40.00 to $46.00 and gave the stock an "outperform" rating in a research note on Friday, August 19th. Credit Suisse Group boosted their price target on shares of Tapestry to $49.00 in a research note on Monday, August 22nd. Morgan Stanley dropped their price target on shares of Tapestry from $40.00 to $39.00 and set an "equal weight" rating for the company in a research note on Friday, August 19th. Cowen boosted their price target on shares of Tapestry from $40.00 to $46.00 and gave the stock an "outperform" rating in a research note on Friday, August 19th. Finally, The Goldman Sachs Group dropped their price target on shares of Tapestry from $39.00 to $35.00 and set a "neutral" rating for the company in a research note on Thursday, July 21st. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $47.44.
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Tapestry Price Performance
NYSE:TPR opened at $30.95 on Friday. The firm has a market cap of $7.47 billion, a PE ratio of 9.79, a price-to-earnings-growth ratio of 0.67 and a beta of 1.32. Tapestry has a 12 month low of $26.39 and a 12 month high of $47.05. The company has a quick ratio of 1.08, a current ratio of 1.75 and a debt-to-equity ratio of 0.73. The company's 50-day moving average price is $34.36 and its two-hundred day moving average price is $33.76.
Tapestry (NYSE:TPR – Get Rating) last announced its earnings results on Thursday, August 18th. The luxury accessories retailer reported $0.78 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.01. Tapestry had a net
margin of 12.81% and a return on equity of 34.37%. The company had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same period in the previous year, the firm posted $0.74 earnings per share. The company's revenue was up .6% on a year-over-year basis. On average, equities analysts anticipate that Tapestry will post 3.85 EPS for the current fiscal year.
Insider Activity
In related news, VP Manesh Dadlani sold 2,005 shares of the stock in a transaction on Monday, September 12th. The shares were sold at an average price of $36.81, for a total transaction of $73,804.05. Following the completion of the transaction, the vice president now owns 33,681 shares in the company, valued at $1,239,797.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Manesh Dadlani sold 2,005 shares of the stock in a transaction on Monday, September 12th. The shares were sold at an average price of $36.81, for a total transaction of $73,804.05. Following the completion of the transaction, the vice president now owns 33,681 shares in the company, valued at $1,239,797.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas A. Glaser sold 39,503 shares of the company's stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $35.38, for a total transaction of $1,397,616.14. Following the sale, the insider now directly owns 243,321 shares in the company, valued at $8,608,696.98. The disclosure for this sale can be found here. Insiders sold 47,110 shares of company stock worth $1,677,854 over the last quarter. 1.40% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Tapestry
Large investors have recently modified their holdings of the stock. Brown Brothers Harriman & Co. raised its position in shares of Tapestry by 340.7% in the first quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer's stock valued at $25,000 after purchasing an additional 511 shares during the period. Capital Analysts LLC bought a new position in shares of Tapestry in the first quarter valued at about $28,000. Ronald Blue Trust Inc. bought a new position in Tapestry during the second quarter worth about $30,000. AllSquare Wealth Management LLC bought a new position in Tapestry during the first quarter worth about $39,000. Finally, Quent Capital LLC bought a new position in Tapestry during the fourth quarter worth about $43,000. 90.77% of the stock is owned by institutional investors.
About Tapestry
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Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.
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