Loop Capital cut shares of Tapestry (NYSE:TPR) from a buy rating to a hold rating in a research report released on Monday, October 15th, Marketbeat Ratings reports. Loop Capital currently has $45.00 price target on the luxury accessories retailer’s stock, down from their previous price target of $59.00.
A number of other brokerages have also recently weighed in on TPR. KeyCorp lifted their price objective on shares of Tapestry from $59.00 to $62.00 and gave the company an overweight rating in a research note on Wednesday, August 15th. Zacks Investment Research upgraded shares of Tapestry from a sell rating to a hold rating in a research report on Friday, August 17th. Jefferies Financial Group reiterated a hold rating and issued a $52.00 price target on shares of Tapestry in a research report on Wednesday, August 15th. Canaccord Genuity boosted their price target on shares of Tapestry from $55.00 to $63.00 and gave the stock an outperform rating in a research report on Wednesday, August 15th. Finally, Piper Jaffray Companies reiterated a buy rating and issued a $59.00 price target on shares of Tapestry in a research report on Thursday, August 16th. Ten investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $54.50.
Shares of TPR traded down $1.03 during mid-day trading on Monday, reaching $42.00. 3,247,204 shares of the stock traded hands, compared to its average volume of 4,129,275. Tapestry has a 12-month low of $39.28 and a 12-month high of $55.50. The company has a quick ratio of 1.83, a current ratio of 2.74 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $12.29 billion, a P/E ratio of 15.97, a P/E/G ratio of 1.30 and a beta of 0.70.
Tapestry (NYSE:TPR) last released its quarterly earnings data on Tuesday, October 30th. The luxury accessories retailer reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.03. The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.35 billion. Tapestry had a net margin of 9.00% and a return on equity of 24.73%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.42 earnings per share. Equities analysts expect that Tapestry will post 2.78 earnings per share for the current fiscal year.
In other news, Director Ivan Menezes sold 2,068 shares of the company’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ian Bickley sold 48,071 shares of the company’s stock in a transaction that occurred 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 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. 0.70% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of TPR. LifePlan Financial Group Inc acquired a new position in shares of Tapestry in the second quarter valued at $142,000. Stratos Wealth Partners LTD. acquired a new position in shares of Tapestry in the third quarter valued at $145,000. Twin Tree Management LP raised its stake 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 valued at $159,000 after purchasing an additional 15,144 shares in the last quarter. NEXT Financial Group Inc acquired a new position in shares of Tapestry in the third quarter valued at $179,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Tapestry in the third quarter valued at $201,000. Institutional investors and hedge funds own 90.13% 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.
Featured Article: Why investors pay attention to retained earnings
Receive News & Ratings for Tapestry Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tapestry and related companies with MarketBeat.com's FREE daily email newsletter.