Barclays Upgrades Tapestry (NYSE:TPR) to Overweight

Tapestry (NYSE:TPR) was upgraded by analysts at Barclays from an “equal weight” rating to an “overweight” rating in a report issued on Wednesday, MarketBeat reports. The brokerage presently has a $87.00 target price on the luxury accessories retailer’s stock, up from their prior target price of $57.00. Barclays‘s target price suggests a potential upside of 26.79% from the company’s previous close.

Several other research firms also recently issued reports on TPR. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Wells Fargo & Company increased their price target on shares of Tapestry from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Robert W. Baird boosted their price objective on Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Bank of America increased their target price on Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, TD Cowen downgraded Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a report on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Tapestry has an average rating of “Moderate Buy” and an average target price of $63.00.

Tapestry Stock Up 1.9 %

Shares of NYSE:TPR opened at $68.62 on Wednesday. The company has a 50 day moving average of $60.62 and a two-hundred day moving average of $48.76. Tapestry has a 52-week low of $35.23 and a 52-week high of $69.09. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The company has a market capitalization of $15.99 billion, a price-to-earnings ratio of 19.83, a price-to-earnings-growth ratio of 1.80 and a beta of 1.58.

Insider Buying and Selling at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the company’s stock in a transaction dated 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 sale, the vice president now directly owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.18% of the stock is currently owned by corporate insiders.

Institutional Trading of Tapestry

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Commonwealth Equity Services LLC grew its position in Tapestry by 1.4% in the second quarter. Commonwealth Equity Services LLC now owns 33,272 shares of the luxury accessories retailer’s stock worth $1,424,000 after buying an additional 450 shares during the last quarter. TD Asset Management Inc lifted its holdings in shares of Tapestry by 5.6% during the second quarter. TD Asset Management Inc now owns 113,206 shares of the luxury accessories retailer’s stock valued at $4,844,000 after purchasing an additional 6,000 shares during the last quarter. Choreo LLC acquired a new position in shares of Tapestry in the 2nd quarter valued at $242,000. Daiwa Securities Group Inc. boosted its position in shares of Tapestry by 22.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 9,239 shares of the luxury accessories retailer’s stock valued at $395,000 after purchasing an additional 1,691 shares during the period. Finally, MGO One Seven LLC increased its stake in Tapestry by 1.8% in the 2nd quarter. MGO One Seven LLC now owns 67,529 shares of the luxury accessories retailer’s stock worth $2,890,000 after purchasing an additional 1,195 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

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.