Tapestry (NYSE:TPR) Stock Rating Lowered by StockNews.com

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

Other equities research analysts have also issued reports about the company. Argus restated a “buy” rating and set a $52.00 price target on shares of Tapestry in a research note on Tuesday, June 18th. UBS Group cut their price target on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. JPMorgan Chase & Co. decreased their price objective on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a research note on Friday, August 16th. Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a research report on Thursday, August 15th. Finally, Citigroup reduced their target price on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.07.

Tapestry Trading Down 0.3 %

Shares of TPR stock opened at $43.13 on Tuesday. Tapestry has a 1-year low of $25.99 and a 1-year high of $48.80. The firm’s 50-day simple moving average is $40.58 and its 200-day simple moving average is $42.06. The firm has a market cap of $9.91 billion, a P/E ratio of 11.46, a PEG ratio of 1.55 and a beta of 1.54. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. Tapestry’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter last year, the business earned $0.95 EPS. As a group, equities analysts forecast that Tapestry will post 4.47 EPS for the current year.

Hedge Funds Weigh In On Tapestry

Institutional investors and hedge funds have recently made changes to their positions in the business. Balyasny Asset Management L.P. acquired a new stake in Tapestry in the fourth quarter valued at $102,531,000. Capital Research Global Investors raised its stake in shares of Tapestry by 77.2% in the 4th quarter. Capital Research Global Investors now owns 5,748,737 shares of the luxury accessories retailer’s stock valued at $211,611,000 after purchasing an additional 2,504,135 shares in the last quarter. Norges Bank bought a new position in shares of Tapestry during the fourth quarter worth about $79,352,000. Pacer Advisors Inc. grew its stake in Tapestry by 53.1% in the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after purchasing an additional 2,087,586 shares in the last quarter. Finally, Clearbridge Investments LLC bought a new stake in Tapestry in the first quarter valued at about $54,055,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

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.