OTR Global Reaffirms “Mixed” Rating for Tapestry (NYSE:TPR)

OTR Global reaffirmed their mixed rating on shares of Tapestry (NYSE:TPR) in a research report released on Wednesday, Benzinga reports.

Other equities analysts have also recently issued research reports about the company. StockNews.com cut Tapestry from a buy rating to a hold rating in a report on Wednesday, April 10th. The Goldman Sachs Group upped their price target on shares of Tapestry from $41.00 to $47.00 and gave the stock a buy rating in a report on Friday, February 9th. Evercore ISI raised shares of Tapestry from an in-line rating to an outperform rating and raised their price target for the stock from $30.00 to $50.00 in a research note on Monday, February 5th. Raymond James boosted their price objective on shares of Tapestry from $40.00 to $44.00 and gave the company an outperform rating in a research report on Tuesday, January 30th. Finally, Wells Fargo & Company raised their target price on shares of Tapestry from $50.00 to $60.00 and gave the stock an overweight rating in a research report on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $47.81.

Tapestry Trading Up 0.3 %

Shares of TPR opened at $40.63 on Wednesday. Tapestry has a twelve month low of $25.99 and a twelve month high of $48.80. The company has a current ratio of 6.25, a quick ratio of 5.68 and a debt-to-equity ratio of 2.90. The company’s fifty day simple moving average is $45.49 and its 200-day simple moving average is $37.51. The company has a market cap of $9.32 billion, a P/E ratio of 10.26, a P/E/G ratio of 0.83 and a beta of 1.57.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.17. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same period in the prior year, the company posted $1.36 EPS. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, analysts expect that Tapestry will post 4.25 EPS for the current year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were issued a $0.35 dividend. The ex-dividend date was Thursday, March 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.45%. Tapestry’s dividend payout ratio is presently 35.35%.

Institutional Investors Weigh In On Tapestry

A number of hedge funds have recently made changes to their positions in TPR. Brown Brothers Harriman & Co. raised its holdings in Tapestry by 340.7% in the first quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock worth $25,000 after purchasing an additional 511 shares in the last quarter. Alpha Paradigm Partners LLC purchased a new stake in Tapestry during the third quarter valued at approximately $26,000. Bell Investment Advisors Inc lifted its position in Tapestry by 718.1% during the third quarter. Bell Investment Advisors Inc now owns 949 shares of the luxury accessories retailer’s stock valued at $27,000 after acquiring an additional 833 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in Tapestry by 955.8% in the first quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock worth $41,000 after purchasing an additional 994 shares during the last quarter. Finally, Quarry LP grew its holdings in Tapestry by 100.8% in the second quarter. Quarry LP now owns 968 shares of the luxury accessories retailer’s stock worth $41,000 after purchasing an additional 127,311 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other 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.