Tapestry, Inc. (NYSE:TPR) Sees Significant Growth in Short Interest

Tapestry, Inc. (NYSE:TPR) saw a significant increase in short interest in the month of November. As of November 15th, there was short interest totalling 6,220,000 shares, an increase of 22.7% from the October 31st total of 5,070,000 shares. Based on an average daily trading volume, of 3,550,000 shares, the days-to-cover ratio is currently 1.8 days. Currently, 2.7% of the company’s shares are short sold.

Tapestry Stock Performance

Shares of NYSE:TPR traded up $2.30 during trading on Monday, hitting $64.58. The company’s stock had a trading volume of 8,105,180 shares, compared to its average volume of 3,427,100. The company has a 50-day moving average of $49.84 and a 200-day moving average of $44.31. The firm has a market cap of $15.05 billion, a price-to-earnings ratio of 18.07, a P/E/G ratio of 2.16 and a beta of 1.53. Tapestry has a 12 month low of $32.20 and a 12 month high of $64.60. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.17%. Tapestry’s payout ratio is currently 40.46%.

Insider Buying and Selling

In other 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 directly owns 35,003 shares in the company, 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 the SEC website. 1.18% of the stock is owned by insiders.

Hedge Funds Weigh In On Tapestry

Several large investors have recently added to or reduced their stakes in TPR. Franklin Resources Inc. grew its position in shares of Tapestry by 10.6% during the third quarter. Franklin Resources Inc. now owns 163,234 shares of the luxury accessories retailer’s stock worth $7,442,000 after purchasing an additional 15,585 shares in the last quarter. Tidal Investments LLC grew its stake in Tapestry by 1.8% during the third quarter. Tidal Investments LLC now owns 27,401 shares of the luxury accessories retailer’s stock valued at $1,287,000 after acquiring an additional 481 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Tapestry in the 3rd quarter valued at $333,000. Sanctuary Advisors LLC lifted its stake in Tapestry by 59.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 40,839 shares of the luxury accessories retailer’s stock worth $1,919,000 after purchasing an additional 15,242 shares in the last quarter. Finally, TCW Group Inc. boosted its stake in Tapestry by 17.5% during the third quarter. TCW Group Inc. now owns 554,104 shares of the luxury accessories retailer’s stock valued at $26,032,000 after buying an additional 82,649 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on TPR shares. The Goldman Sachs Group upped their price objective on shares of Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Robert W. Baird increased their target price on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. Telsey Advisory Group boosted their price objective on shares of Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Finally, JPMorgan Chase & Co. boosted their target price on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.78.

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.