Tapestry Inc (NYSE:TPR) – Equities research analysts at KeyCorp boosted their FY2019 earnings per share estimates for Tapestry in a research report issued on Tuesday, October 30th. KeyCorp analyst E. Yruma now anticipates that the luxury accessories retailer will post earnings of $2.78 per share for the year, up from their prior forecast of $2.75. KeyCorp currently has a “Overweight” rating and a $62.00 price target on the stock. KeyCorp also issued estimates for Tapestry’s Q1 2020 earnings at $0.55 EPS.
Tapestry (NYSE:TPR) last released its earnings results on Tuesday, October 30th. The luxury accessories retailer reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.03. The company had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Tapestry had a return on equity of 24.73% and a net margin of 9.00%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.42 EPS.
A number of other research analysts have also recently issued reports on the company. Piper Jaffray Companies set a $52.00 price objective on Tapestry and gave the company a “buy” rating in a research note on Wednesday. Buckingham Research lowered their price objective on Tapestry from $53.00 to $48.00 and set a “buy” rating for the company in a research note on Wednesday. Barclays lowered their price objective on Tapestry from $55.00 to $51.00 and set an “equal weight” rating for the company in a research note on Wednesday. Credit Suisse Group lowered their price objective on Tapestry from $61.00 to $54.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, Citigroup lowered their price objective on Tapestry from $55.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday. Ten analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Tapestry presently has a consensus rating of “Buy” and an average price target of $54.50.
Shares of NYSE:TPR opened at $42.81 on Friday. The firm has a market cap of $11.68 billion, a price-to-earnings ratio of 16.28, a P/E/G ratio of 1.24 and a beta of 0.43. Tapestry has a 12-month low of $39.28 and a 12-month high of $55.50. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.74 and a quick ratio of 1.87.
Institutional investors and hedge funds have recently modified their holdings of the stock. Stratos Wealth Partners LTD. bought a new stake in shares of Tapestry in the third quarter worth $145,000. LifePlan Financial Group Inc bought a new stake in shares of Tapestry in the second quarter worth $142,000. Twin Tree Management LP grew its holdings in shares of Tapestry by 128.9% in the second quarter. Twin Tree Management LP now owns 3,394 shares of the luxury accessories retailer’s stock worth $159,000 after acquiring an additional 15,144 shares during the period. NEXT Financial Group Inc bought a new stake in shares of Tapestry in the third quarter worth $179,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Tapestry in the third quarter worth $201,000. 90.19% of the stock is owned by institutional investors.
In other Tapestry news, insider Ian Bickley sold 48,071 shares of Tapestry stock in a transaction on Monday, August 20th. The stock was sold at an average price of $52.13, for a total value of $2,505,941.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ivan Menezes sold 2,068 shares of Tapestry stock in a transaction on Friday, August 31st. The stock was sold at an average price of $50.70, for a total value of $104,847.60. The disclosure for this sale can be found here. In the last three months, insiders sold 50,602 shares of company stock valued at $2,633,939. Corporate insiders own 0.70% of the company’s stock.
Tapestry Company Profile
Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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