Tapestry Target of Unusually High Options Trading (NYSE:TPR)

Tapestry, Inc. (NYSE:TPR) saw some unusual options trading on Wednesday. Stock investors bought 12,322 put options on the stock. This represents an increase of 49% compared to the typical volume of 8,261 put options.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Redburn Atlantic raised Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective for the company in a research note on Tuesday, February 18th. Barclays increased their price objective on shares of Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. JPMorgan Chase & Co. lifted their price target on Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Finally, Guggenheim upped their price objective on Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $78.53.

Insider Activity

In related news, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the transaction, the general counsel now directly owns 38,609 shares in the company, valued at $3,397,592. This trade represents a 23.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 owns 146,587 shares of the company’s stock, 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 sold a total of 66,537 shares of company stock worth $5,730,589 in the last three months. Company insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Apollon Wealth Management LLC purchased a new stake in shares of Tapestry in the fourth quarter worth $328,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Tapestry by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock valued at $522,471,000 after acquiring an additional 382,856 shares in the last quarter. Decker Retirement Planning Inc. bought a new stake in shares of Tapestry during the 4th quarter valued at about $3,437,000. Principal Financial Group Inc. grew its holdings in shares of Tapestry by 14.6% during the fourth quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer’s stock worth $20,195,000 after purchasing an additional 39,298 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Tapestry in the third quarter worth approximately $2,064,000. 90.77% of the stock is owned by institutional investors.

Tapestry Stock Performance

TPR stock traded down $1.18 during midday trading on Wednesday, reaching $73.54. 923,343 shares of the company’s stock traded hands, compared to its average volume of 5,590,001. Tapestry has a 52 week low of $35.23 and a 52 week high of $90.85. The company has a 50-day moving average price of $77.49 and a two-hundred day moving average price of $62.44. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The firm has a market capitalization of $15.22 billion, a PE ratio of 21.31, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same period in the prior year, the company posted $1.63 earnings per share. As a group, equities analysts anticipate that Tapestry will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend was Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

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.