Tapestry (NYSE:TPR) Given Equal Weight Rating at Morgan Stanley

Tapestry (NYSE:TPR)‘s stock had its “equal weight” rating reaffirmed by equities researchers at Morgan Stanley in a report issued on Tuesday,Benzinga reports. They currently have a $65.00 price target on the luxury accessories retailer’s stock. Morgan Stanley’s price objective indicates a potential downside of 9.06% from the stock’s previous close.

Several other equities analysts have also recently issued reports on TPR. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Raymond James reaffirmed an “outperform” rating and set a $57.00 target price (up from $55.00) on shares of Tapestry in a research report on Friday, November 8th. TD Cowen cut Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a research note on Tuesday, October 29th. BMO Capital Markets upped their price objective on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, November 18th. Finally, Bank of America increased their target price on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 25th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and an average price target of $64.78.

Tapestry Stock Up 2.7 %

TPR opened at $71.48 on Tuesday. The stock’s fifty day moving average is $63.25 and its 200-day moving average is $50.21. Tapestry has a one year low of $35.23 and a one year high of $72.09. The company has a market capitalization of $16.66 billion, a PE ratio of 20.66, a P/E/G ratio of 2.03 and a beta of 1.58. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the sale, the vice president now owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.18% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tapestry

Several hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its stake in shares of Tapestry by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after purchasing an additional 272,007 shares during the period. Pacer Advisors Inc. boosted its holdings in Tapestry by 1.0% in the 3rd quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock valued at $285,580,000 after purchasing an additional 58,135 shares during the period. Geode Capital Management LLC grew its position in shares of Tapestry by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock worth $262,156,000 after purchasing an additional 80,681 shares in the last quarter. Westfield Capital Management Co. LP increased its holdings in shares of Tapestry by 14.8% during the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after purchasing an additional 219,544 shares during the period. Finally, AQR Capital Management LLC raised its position in shares of Tapestry by 235.9% in the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after buying an additional 1,051,743 shares in the last quarter. 90.77% of the stock is currently 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.