StockNews.com Downgrades Tapestry (NYSE:TPR) to Hold

StockNews.com downgraded shares of Tapestry (NYSE:TPR) from a buy rating to a hold rating in a report issued on Tuesday.

A number of other equities analysts have also weighed in on TPR. Guggenheim upped their target price on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Barclays upped their target price on shares of Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Telsey Advisory Group upped their target price on shares of Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. JPMorgan Chase & Co. increased their price objective on shares of Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Finally, Robert W. Baird increased their price objective on shares of Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $77.63.

Tapestry Trading Down 4.8 %

Shares of TPR opened at $64.03 on Tuesday. The firm has a market cap of $13.26 billion, a P/E ratio of 18.56, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. Tapestry has a 1 year low of $35.23 and a 1 year high of $90.85. The company has a 50 day simple moving average of $76.01 and a two-hundred day simple moving average of $64.57.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter last year, the business earned $1.63 earnings per share. On average, equities analysts expect that Tapestry will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.19%. The ex-dividend date was Thursday, March 6th. Tapestry’s dividend payout ratio is presently 40.58%.

Insider Buying and Selling

In related news, CEO Todd Kahn sold 21,107 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $84.00, for a total value of $1,772,988.00. Following the transaction, the chief executive officer now owns 176,985 shares of the company’s stock, valued at $14,866,740. This trade represents a 10.66 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 146,587 shares in the company, valued at $12,688,570.72. This trade represents a 14.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,537 shares of company stock valued at $5,730,589 in the last 90 days. Company insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

A number of institutional investors have recently modified their holdings of the company. Contravisory Investment Management Inc. bought a new stake in shares of Tapestry in the 1st quarter valued at about $502,000. Juncture Wealth Strategies LLC boosted its holdings in shares of Tapestry by 9.6% in the 1st quarter. Juncture Wealth Strategies LLC now owns 7,991 shares of the luxury accessories retailer’s stock valued at $563,000 after buying an additional 701 shares in the last quarter. Merit Financial Group LLC boosted its holdings in shares of Tapestry by 89.2% in the 1st quarter. Merit Financial Group LLC now owns 23,082 shares of the luxury accessories retailer’s stock valued at $1,625,000 after buying an additional 10,879 shares in the last quarter. NBC Securities Inc. boosted its holdings in shares of Tapestry by 172,300.0% in the 1st quarter. NBC Securities Inc. now owns 1,724 shares of the luxury accessories retailer’s stock valued at $121,000 after buying an additional 1,723 shares in the last quarter. Finally, Legacy Wealth Asset Management LLC boosted its holdings in shares of Tapestry by 26.5% in the 1st quarter. Legacy Wealth Asset Management LLC now owns 6,621 shares of the luxury accessories retailer’s stock valued at $466,000 after buying an additional 1,387 shares in the last quarter. 90.77% of the stock is currently 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.