Tapestry (NYSE:TPR) Cut to Hold at StockNews.com

StockNews.com lowered shares of Tapestry (NYSE:TPR) from a buy rating to a hold rating in a research report released on Monday.

Several other analysts have also issued reports on the stock. Evercore ISI raised their price target on shares of Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Telsey Advisory Group restated an “outperform” rating and set a $54.00 price target on shares of Tapestry in a research note on Thursday, August 15th. Citigroup raised their price objective on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. boosted their price objective on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Wells Fargo & Company raised their target price on Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $51.75.

Tapestry Price Performance

Shares of NYSE:TPR opened at $47.47 on Monday. The company has a market cap of $11.05 billion, a price-to-earnings ratio of 13.52, a PEG ratio of 1.67 and a beta of 1.53. The business has a 50 day moving average price of $44.06 and a 200 day moving average price of $42.05. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. Tapestry has a twelve month low of $25.99 and a twelve month high of $51.96.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. Tapestry’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.95 earnings per share. Research analysts predict that Tapestry will post 4.47 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.95%. The ex-dividend date of this dividend was Friday, September 6th. Tapestry’s dividend payout ratio is currently 39.89%.

Institutional Trading of Tapestry

Large investors have recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Tapestry in the 1st quarter worth approximately $260,000. Norden Group LLC bought a new stake in shares of Tapestry during the first quarter worth $297,000. Uncommon Cents Investing LLC increased its stake in shares of Tapestry by 1.8% in the first quarter. Uncommon Cents Investing LLC now owns 28,305 shares of the luxury accessories retailer’s stock valued at $1,344,000 after buying an additional 510 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Tapestry by 13.4% in the first quarter. Van ECK Associates Corp now owns 105,361 shares of the luxury accessories retailer’s stock valued at $5,003,000 after buying an additional 12,441 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Tapestry by 70.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 146,967 shares of the luxury accessories retailer’s stock worth $6,694,000 after buying an additional 60,901 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

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.