Tapestry (NYSE:TPR) Upgraded at StockNews.com

StockNews.com upgraded shares of Tapestry (NYSE:TPR) from a hold rating to a buy rating in a research note issued to investors on Friday morning.

Several other brokerages also recently commented on TPR. TD Cowen downgraded Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective on the stock. in a research note on Tuesday, October 29th. Citigroup raised their price target on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Wells Fargo & Company boosted their price objective on Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Morgan Stanley reissued an “equal weight” rating and set a $65.00 target price on shares of Tapestry in a research note on Tuesday, January 21st. Finally, BMO Capital Markets lifted their price target on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, November 18th. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and an average target price of $73.17.

Tapestry Price Performance

Tapestry stock opened at $80.28 on Friday. The company has a current ratio of 1.58, a quick ratio of 4.38 and a debt-to-equity ratio of 1.78. The firm has a market capitalization of $18.71 billion, a P/E ratio of 23.27, a PEG ratio of 2.30 and a beta of 1.58. The business has a 50-day moving average of $68.08 and a 200-day moving average of $53.45. Tapestry has a 1 year low of $35.23 and a 1 year high of $87.87.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same quarter in the previous year, the company earned $1.63 earnings per share. On average, equities analysts anticipate that Tapestry will post 4.7 EPS for the current year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s payout ratio is 40.58%.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were 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 approximately $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.18% of the stock is currently owned by corporate insiders.

Institutional Trading of Tapestry

Large investors have recently added to or reduced their stakes in the company. Checchi Capital Advisers LLC increased its stake in shares of Tapestry by 1.9% during the 4th quarter. Checchi Capital Advisers LLC now owns 8,878 shares of the luxury accessories retailer’s stock worth $580,000 after purchasing an additional 163 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in Tapestry by 0.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 19,303 shares of the luxury accessories retailer’s stock worth $1,261,000 after purchasing an additional 170 shares during the period. Parkside Financial Bank & Trust increased its position in Tapestry by 13.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer’s stock worth $104,000 after buying an additional 182 shares during the last quarter. E Fund Management Co. Ltd. raised its stake in Tapestry by 1.6% in the fourth quarter. E Fund Management Co. Ltd. now owns 12,744 shares of the luxury accessories retailer’s stock valued at $833,000 after buying an additional 200 shares during the period. Finally, Valley National Advisers Inc. lifted its position in shares of Tapestry by 0.5% in the fourth quarter. Valley National Advisers Inc. now owns 43,355 shares of the luxury accessories retailer’s stock valued at $2,831,000 after buying an additional 202 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.