Tapestry (NYSE:TPR) was downgraded by equities researchers at Evercore ISI to a “hold” rating in a report released on Monday, October 15th.
TPR has been the subject of several other research reports. Loop Capital downgraded Tapestry from a “buy” rating to a “hold” rating and cut their price objective for the company from $59.00 to $45.00 in a report on Monday, October 15th. Goldman Sachs Group set a $61.00 price objective on Tapestry and gave the company a “buy” rating in a report on Wednesday, August 15th. Canaccord Genuity cut their price objective on Tapestry to $55.00 and set a “buy” rating for the company in a report on Monday, August 13th. KeyCorp increased their price objective on Tapestry from $59.00 to $62.00 and gave the company an “overweight” rating in a report on Wednesday, August 15th. Finally, Zacks Investment Research raised Tapestry from a “sell” rating to a “hold” rating in a report on Friday, August 17th. Ten analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Tapestry currently has an average rating of “Buy” and an average target price of $54.50.
NYSE TPR traded down $1.03 during trading hours on Monday, reaching $42.00. 3,247,204 shares of the company’s stock were exchanged, compared to its average volume of 4,129,275. The stock has a market cap of $12.29 billion, a price-to-earnings ratio of 15.97, a PEG ratio of 1.30 and a beta of 0.70. Tapestry has a one year low of $39.28 and a one year high of $55.50. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.83 and a current ratio of 2.74.
Tapestry (NYSE:TPR) last issued its quarterly earnings results on Tuesday, October 30th. The luxury accessories retailer reported $0.48 earnings per share for the quarter, topping the 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 net margin of 9.00% and a return on equity of 24.73%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the business earned $0.42 EPS. On average, analysts predict that Tapestry will post 2.78 EPS for the current year.
In other news, Director Ivan Menezes sold 2,068 shares of Tapestry stock in a transaction dated 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 SEC, which is available through this hyperlink. Also, insider Ian Bickley sold 48,071 shares of Tapestry stock in a transaction dated Monday, August 20th. The shares were 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 quarter, insiders sold 50,602 shares of company stock worth $2,633,939. Company insiders own 0.70% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. LifePlan Financial Group Inc acquired a new position in shares of Tapestry in the second quarter worth approximately $142,000. Stratos Wealth Partners LTD. acquired a new position in shares of Tapestry in the third quarter worth approximately $145,000. Twin Tree Management LP lifted 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 worth $159,000 after acquiring an additional 15,144 shares during the period. NEXT Financial Group Inc acquired a new position in shares of Tapestry in the third quarter worth approximately $179,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Tapestry in the third quarter worth approximately $201,000. 90.13% of the stock is currently owned by hedge funds and other institutional investors.
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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