Tapestry (NYSE:TPR) Hits New 52-Week High Following Better-Than-Expected Earnings

Shares of Tapestry, Inc. (NYSE:TPR) reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $87.87 and last traded at $84.49, with a volume of 2606776 shares trading hands. The stock had previously closed at $73.38.

The luxury accessories retailer reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. During the same period in the prior year, the company posted $1.63 EPS.

Wall Street Analysts Forecast Growth

TPR has been the topic of a number of recent research reports. Guggenheim increased their price objective on shares of Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, November 15th. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Barclays upgraded shares of Tapestry from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $57.00 to $87.00 in a research note on Wednesday, January 8th. Jefferies Financial Group increased their price objective on shares of Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Finally, Wells Fargo & Company increased their price objective on shares of Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $67.28.

Insider Transactions at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the transaction, the vice president now directly owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.18% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. increased its position in 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 purchasing an additional 30,121 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of Tapestry in the 3rd quarter valued at approximately $5,446,000. Valley Wealth Managers Inc. grew its position in shares of Tapestry by 2.1% in the 3rd quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock valued at $19,971,000 after purchasing an additional 8,833 shares during the period. Decker Retirement Planning Inc. acquired a new position in shares of Tapestry in the 4th quarter valued at approximately $3,437,000. Finally, Westfield Capital Management Co. LP boosted its position in Tapestry by 14.8% during the 3rd 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 last quarter. 90.77% of the stock is owned by institutional investors.

Tapestry Trading Up 11.8 %

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 business has a 50-day simple moving average of $67.72 and a two-hundred day simple moving average of $53.01. The stock has a market cap of $19.13 billion, a price-to-earnings ratio of 23.72, a P/E/G ratio of 2.07 and a beta of 1.58.

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.