Tapestry (NYSE:TPR) was downgraded by equities researchers at Telsey Advisory Group from an “outperform” rating to a “market perform” rating in a note issued to investors on Thursday, The Fly reports.
Several other research firms also recently weighed in on TPR. Standpoint Research raised Tapestry from a “hold” rating to a “buy” rating in a research report on Thursday, May 9th. Canaccord Genuity reaffirmed a “buy” rating and issued a $41.00 target price on shares of Tapestry in a research report on Friday, May 10th. Piper Jaffray Companies set a $40.00 target price on Tapestry and gave the company a “buy” rating in a research report on Monday, June 10th. OTR Global downgraded Tapestry to a “positive” rating in a research report on Tuesday, April 23rd. Finally, Robert W. Baird set a $43.00 target price on Tapestry and gave the company a “buy” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $46.35.
TPR traded down $5.65 on Thursday, hitting $19.35. The company had a trading volume of 25,702,539 shares, compared to its average volume of 3,364,422. The stock has a market cap of $6.31 billion, a price-to-earnings ratio of 7.36, a P/E/G ratio of 0.86 and a beta of 0.88. Tapestry has a 1 year low of $24.75 and a 1 year high of $52.83. The stock’s fifty day simple moving average is $29.77. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.86 and a current ratio of 2.67.
Tapestry (NYSE:TPR) last released its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share for the quarter, meeting the consensus estimate of $0.61. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a return on equity of 22.08% and a net margin of 11.78%. Tapestry’s revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.60 EPS. On average, equities research analysts predict that Tapestry will post 2.57 EPS for the current year.
In related news, Director Annabelle Yu Long sold 3,229 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $28.93, for a total value of $93,414.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Darrell Cavens purchased 7,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was acquired at an average cost of $30.01 per share, with a total value of $210,070.00. The disclosure for this purchase can be found here. Corporate insiders own 0.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of TPR. Nisa Investment Advisors LLC raised its stake in shares of Tapestry by 20.6% during the first quarter. Nisa Investment Advisors LLC now owns 95,224 shares of the luxury accessories retailer’s stock worth $3,094,000 after purchasing an additional 16,255 shares during the last quarter. Marshall Wace North America L.P. raised its stake in shares of Tapestry by 88.7% during the first quarter. Marshall Wace North America L.P. now owns 213,963 shares of the luxury accessories retailer’s stock worth $6,951,000 after purchasing an additional 100,571 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Tapestry by 178.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 324,534 shares of the luxury accessories retailer’s stock worth $10,544,000 after purchasing an additional 208,123 shares during the last quarter. Systematic Financial Management LP raised its stake in shares of Tapestry by 65.9% during the first quarter. Systematic Financial Management LP now owns 13,600 shares of the luxury accessories retailer’s stock worth $442,000 after purchasing an additional 5,400 shares during the last quarter. Finally, ZWJ Investment Counsel Inc. purchased a new stake in shares of Tapestry during the first quarter worth approximately $4,007,000. Institutional investors own 87.42% of the company’s stock.
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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