Traders Buy High Volume of Tapestry Call Options (NYSE:TPR)

Tapestry, Inc. (NYSE:TPR) saw some unusual options trading on Thursday. Stock traders acquired 22,166 call options on the stock. This represents an increase of 189% compared to the typical daily volume of 7,663 call options.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the transaction, the vice president now owns 35,003 shares in the company, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.18% of the stock is currently owned by corporate insiders.

Institutional Trading of Tapestry

Several hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. boosted its stake in shares of Tapestry by 7.5% in the third quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock worth $20,381,000 after acquiring an additional 30,121 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Tapestry in the third quarter worth about $5,446,000. Valley Wealth Managers Inc. boosted its stake in shares of Tapestry by 2.1% in the third quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock worth $19,971,000 after acquiring an additional 8,833 shares during the period. Decker Retirement Planning Inc. bought a new position in shares of Tapestry in the fourth quarter worth about $3,437,000. Finally, Westfield Capital Management Co. LP boosted its stake in shares of Tapestry by 14.8% in the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after acquiring an additional 219,544 shares during the period. Institutional investors own 90.77% of the company’s stock.

Tapestry Stock Performance

NYSE:TPR opened at $82.07 on Friday. The stock has a 50-day simple moving average of $67.72 and a two-hundred day simple moving average of $53.01. Tapestry has a 52-week low of $35.23 and a 52-week high of $87.87. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. The firm has a market capitalization of $19.13 billion, a PE ratio of 23.72, a P/E/G ratio of 2.07 and a beta of 1.58.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.30. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. During the same quarter last year, the firm earned $1.63 earnings per share. Analysts forecast that Tapestry will post 4.63 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on TPR shares. BMO Capital Markets lifted their price objective on Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, November 18th. Jefferies Financial Group boosted their price target on Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Citigroup boosted their price target on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Daiwa America upgraded Tapestry to a “hold” rating in a research note on Monday, November 18th. Finally, The Goldman Sachs Group boosted their price target on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $67.28.

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.