Tapestry (NYSE:TPR) Lowered to “Hold” Rating by StockNews.com

StockNews.com lowered shares of Tapestry (NYSE:TPR) from a buy rating to a hold rating in a research report report published on Tuesday morning.

TPR has been the topic of a number of other research reports. Raymond James reaffirmed an “outperform” rating and issued a $88.00 target price (up previously from $79.00) on shares of Tapestry in a report on Friday, February 7th. Jefferies Financial Group raised their price objective on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Morgan Stanley reiterated an “equal weight” rating and set a $65.00 target price on shares of Tapestry in a research note on Tuesday, January 21st. BMO Capital Markets increased their price target on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, November 18th. Finally, Daiwa America upgraded shares of Tapestry to a “hold” rating in a report on Monday, November 18th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $78.53.

Tapestry Trading Down 2.6 %

NYSE:TPR opened at $84.30 on Tuesday. The company’s 50 day moving average is $74.36 and its 200-day moving average is $57.79. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. Tapestry has a 12 month low of $35.23 and a 12 month high of $90.85. The firm has a market cap of $17.45 billion, a price-to-earnings ratio of 24.43, a P/E/G ratio of 2.01 and a beta of 1.58.

Tapestry (NYSE:TPR) last released 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 posted $1.63 earnings per share. Equities analysts anticipate that Tapestry will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be paid a dividend of $0.35 per share. The ex-dividend date is Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 1.66%. Tapestry’s dividend payout ratio is currently 40.58%.

Insider Activity

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

Institutional Investors Weigh In On Tapestry

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