Investors Buy Large Volume of Call Options on Tapestry (NYSE:TPR)

Tapestry, Inc. (NYSE:TPR) was the recipient of unusually large options trading on Monday. Stock investors acquired 16,433 call options on the company. This is an increase of approximately 87% compared to the typical daily volume of 8,772 call options.

Tapestry Trading Down 6.0 %

Tapestry stock traded down $4.48 during trading hours on Monday, reaching $70.44. 2,680,623 shares of the company’s stock traded hands, compared to its average volume of 3,660,538. The firm has a market capitalization of $14.58 billion, a price-to-earnings ratio of 20.42, a PEG ratio of 2.01 and a beta of 1.57. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. Tapestry has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The firm’s 50 day moving average is $76.22 and its 200-day moving average is $59.80.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period last year, the company earned $1.63 EPS. On average, analysts predict that Tapestry will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.99%. Tapestry’s dividend payout ratio is presently 40.58%.

Analyst Ratings Changes

Several research firms recently commented on TPR. JPMorgan Chase & Co. raised their price target on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. UBS Group increased their price target on shares of Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Raymond James reissued an “outperform” rating and issued a $88.00 price objective (up from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Wells Fargo & Company upped their price target on shares of Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Finally, Barclays increased their target price on Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.53.

Insider Buying and Selling

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the transaction, the general counsel now directly owns 38,609 shares in the company, valued at approximately $3,397,592. The trade was a 23.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the sale, the chief financial officer now directly owns 146,587 shares in the company, valued at approximately $12,688,570.72. This trade represents a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tapestry

Hedge funds have recently added to or reduced their stakes in the stock. Southpoint Capital Advisors LP acquired a new stake in shares of Tapestry in the 4th quarter valued at approximately $130,660,000. Price T Rowe Associates Inc. MD raised its holdings in Tapestry by 593.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer’s stock worth $143,198,000 after purchasing an additional 1,875,753 shares during the period. Norges Bank acquired a new stake in Tapestry in the fourth quarter worth $114,199,000. Point72 Asset Management L.P. bought a new position in shares of Tapestry during the fourth quarter worth $101,433,000. Finally, Erste Asset Management GmbH acquired a new position in shares of Tapestry in the 3rd quarter valued at $64,016,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.