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

Tapestry, Inc. (NYSE:TPR) was the target of unusually large options trading activity on Monday. Investors acquired 10,607 put options on the stock. This represents an increase of 84% compared to the typical daily volume of 5,772 put options.

Analyst Ratings Changes

Several equities analysts recently commented on the company. TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a research report on Tuesday, October 29th. Robert W. Baird upped their target price on shares of Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday. The Goldman Sachs Group lifted their price target on shares of Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research note on Friday. Guggenheim upped their price objective on shares of Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday. Finally, JPMorgan Chase & Co. lifted their target price on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Tapestry has an average rating of “Moderate Buy” and a consensus price target of $57.82.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction dated 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 sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On Tapestry

Several institutional investors and hedge funds have recently bought and sold shares of TPR. Pacer Advisors Inc. lifted 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 valued at $257,623,000 after buying an additional 2,087,586 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Tapestry in the 3rd quarter worth about $64,016,000. Clearbridge Investments LLC bought a new stake in Tapestry in the 1st quarter valued at about $54,055,000. AQR Capital Management LLC boosted its stake in Tapestry by 235.9% during the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after purchasing an additional 1,051,743 shares during the period. Finally, Coronation Fund Managers Ltd. grew its position in Tapestry by 265.1% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock worth $44,700,000 after purchasing an additional 758,539 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Stock Performance

Tapestry stock opened at $56.55 on Tuesday. The company has a market cap of $13.18 billion, a PE ratio of 16.34, a P/E/G ratio of 1.99 and a beta of 1.53. Tapestry has a 12 month low of $30.19 and a 12 month high of $58.49. The company has a fifty day moving average price of $46.85 and a two-hundred day moving average price of $43.12. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio is presently 40.46%.

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.