Raymond James Reaffirms “Outperform” Rating for Tapestry (NYSE:TPR)

Tapestry (NYSE:TPR)‘s stock had its “outperform” rating reaffirmed by stock analysts at Raymond James in a research note issued on Friday,Benzinga reports. They currently have a $57.00 price target on the luxury accessories retailer’s stock, up from their prior price target of $55.00. Raymond James’ target price suggests a potential upside of 10.25% from the stock’s previous close.

Several other research firms have also recently commented on TPR. Robert W. Baird boosted their price objective on shares of Tapestry from $53.00 to $58.00 and gave the company an “outperform” rating in a research report on Friday. Evercore ISI increased their price objective on Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. UBS Group cut their target price on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Wells Fargo & Company raised their price target on shares of Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Bank of America increased their target price on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $53.06.

Tapestry Trading Up 0.3 %

Tapestry stock traded up $0.15 during midday trading on Friday, hitting $51.70. 1,694,221 shares of the stock were exchanged, compared to its average volume of 3,290,618. The company has a fifty day simple moving average of $45.05 and a two-hundred day simple moving average of $42.38. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. The stock has a market capitalization of $12.03 billion, a PE ratio of 14.75, a P/E/G ratio of 1.81 and a beta of 1.53. Tapestry has a 52 week low of $27.55 and a 52 week high of $52.50.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the firm earned $0.95 earnings per share. The company’s revenue was down 1.8% on a year-over-year basis. Equities research analysts anticipate that Tapestry will post 4.46 EPS for the current fiscal year.

Institutional Trading of Tapestry

A number of hedge funds have recently made changes to their positions in the company. Waldron Private Wealth LLC bought a new position in shares of Tapestry during the third quarter worth about $25,000. Massmutual Trust Co. FSB ADV raised its stake in Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after buying an additional 328 shares during the last quarter. Blue Trust Inc. boosted its position in Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after acquiring an additional 556 shares during the last quarter. MUFG Securities EMEA plc raised its position in shares of Tapestry by 34.9% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after acquiring an additional 317 shares in the last quarter. Finally, Chilton Capital Management LLC bought a new stake in shares of Tapestry during the 2nd quarter valued at about $53,000. 90.77% of the stock is owned by institutional investors and hedge funds.

About Tapestry

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.