Piper Jaffray Companies set a $52.00 price target on Tapestry (NYSE:TPR) in a report published on Wednesday morning. The brokerage currently has a buy rating on the luxury accessories retailer’s stock. Piper Jaffray Companies also issued estimates for Tapestry’s Q2 2019 earnings at $1.08 EPS, Q3 2019 earnings at $0.55 EPS, Q4 2019 earnings at $0.66 EPS, Q1 2020 earnings at $0.55 EPS, Q2 2020 earnings at $1.19 EPS, Q3 2020 earnings at $0.61 EPS and Q4 2020 earnings at $0.72 EPS.
A number of other research firms have also weighed in on TPR. Guggenheim reaffirmed a buy rating and set a $60.00 target price on shares of Tapestry in a report on Tuesday, July 3rd. Bank of America upped their target price on shares of Tapestry from $53.00 to $60.00 and gave the stock a buy rating in a report on Wednesday, August 15th. Loop Capital set a $59.00 target price on shares of Tapestry and gave the stock a buy rating in a report on Tuesday, August 14th. UBS Group decreased their target price on shares of Tapestry from $62.00 to $59.00 and set a buy rating on the stock in a report on Tuesday, July 31st. Finally, Canaccord Genuity reaffirmed a buy rating and set a $63.00 target price on shares of Tapestry in a report on Monday, October 29th. Ten research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $54.50.
Shares of NYSE TPR traded down $0.13 during midday trading on Wednesday, hitting $42.81. The company’s stock had a trading volume of 5,162,330 shares, compared to its average volume of 4,016,850. Tapestry has a one year low of $39.28 and a one year high of $55.50. The company has a quick ratio of 1.87, a current ratio of 2.74 and a debt-to-equity ratio of 0.48. The firm has a market cap of $12.25 billion, a P/E ratio of 16.28, a price-to-earnings-growth ratio of 1.30 and a beta of 0.70.
Tapestry (NYSE:TPR) last posted its earnings results on Tuesday, October 30th. The luxury accessories retailer reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.03. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.35 billion. Tapestry had a net margin of 9.00% and a return on equity of 24.73%. Tapestry’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.42 EPS. Equities analysts expect that Tapestry will post 2.78 EPS for the current year.
In other Tapestry news, insider Ian Bickley sold 48,071 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $52.13, for a total value of $2,505,941.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ivan Menezes sold 2,068 shares of the business’s stock in a transaction that occurred on Friday, August 31st. The stock was sold at an average price of $50.70, for a total transaction 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.
A number of hedge funds have recently added to or reduced their stakes in the business. CIBC World Markets Inc. boosted its stake in shares of Tapestry by 24.5% in the 1st quarter. CIBC World Markets Inc. now owns 7,042 shares of the luxury accessories retailer’s stock valued at $370,000 after purchasing an additional 1,387 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Tapestry by 0.5% in the 1st quarter. Principal Financial Group Inc. now owns 429,776 shares of the luxury accessories retailer’s stock valued at $22,610,000 after purchasing an additional 2,003 shares in the last quarter. DnB Asset Management AS purchased a new stake in shares of Tapestry in the 2nd quarter valued at $1,898,000. IFM Investors Pty Ltd boosted its stake in shares of Tapestry by 43.0% in the 2nd quarter. IFM Investors Pty Ltd now owns 13,994 shares of the luxury accessories retailer’s stock valued at $654,000 after purchasing an additional 4,206 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its stake in shares of Tapestry by 37.3% in the 2nd quarter. State of Alaska Department of Revenue now owns 181,774 shares of the luxury accessories retailer’s stock valued at $8,488,000 after purchasing an additional 49,350 shares in the last quarter. 90.19% of the stock is owned by institutional investors and hedge funds.
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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