Tapestry (NYSE:TPR) Cut to “Hold” at StockNews.com

Tapestry (NYSE:TPR) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

Several other equities analysts also recently commented on TPR. Bernstein Bank upped their price objective on shares of Tapestry from $46.00 to $48.00 in a research note on Thursday, May 9th. Robert W. Baird lowered their price objective on shares of Tapestry from $52.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, May 10th. Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a research note on Thursday, May 9th. JPMorgan Chase & Co. lowered their price objective on shares of Tapestry from $56.00 to $54.00 and set an “overweight” rating for the company in a report on Friday, May 10th. Finally, Argus restated a “buy” rating and issued a $52.00 price objective on shares of Tapestry in a report on Tuesday, June 18th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and an average target price of $48.53.

Tapestry Stock Performance

NYSE TPR opened at $43.50 on Wednesday. The firm has a market cap of $9.99 billion, a price-to-earnings ratio of 11.51, a PEG ratio of 0.85 and a beta of 1.59. The company has a 50-day simple moving average of $41.82 and a two-hundred day simple moving average of $42.07. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77. Tapestry has a 12-month low of $25.99 and a 12-month high of $48.80.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 EPS for the quarter, beating the consensus estimate of $0.67 by $0.14. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.50 billion. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The company’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.78 earnings per share. On average, equities analysts forecast that Tapestry will post 4.24 EPS for the current year.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $42.23, for a total transaction of $105,575.00. Following the completion of the sale, the vice president now owns 37,173 shares of the company’s stock, valued at $1,569,815.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.93% of the stock is owned by insiders.

Institutional Investors Weigh In On Tapestry

Institutional investors and hedge funds have recently made changes to their positions in the company. Fidelis Capital Partners LLC bought a new stake in shares of Tapestry during the first quarter valued at approximately $35,000. BNP Paribas bought a new stake in Tapestry in the 1st quarter worth approximately $38,000. Massmutual Trust Co. FSB ADV grew its position in Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after purchasing an additional 328 shares during the period. EverSource Wealth Advisors LLC grew its position in Tapestry by 3,778.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock worth $46,000 after purchasing an additional 1,209 shares during the period. Finally, First Horizon Advisors Inc. grew its position in Tapestry by 334.7% in the 4th quarter. First Horizon Advisors Inc. now owns 1,504 shares of the luxury accessories retailer’s stock worth $55,000 after purchasing an additional 1,158 shares during the period. Institutional investors own 90.77% of the company’s stock.

Tapestry Company Profile

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.