Tapestry (NYSE:TPR) Lifted to “Buy” at StockNews.com

StockNews.com upgraded shares of Tapestry (NYSE:TPR) from a hold rating to a buy rating in a research report sent to investors on Wednesday.

Other research analysts also recently issued reports about the stock. Robert W. Baird lowered their price objective on shares of Tapestry from $52.00 to $50.00 and set an outperform rating on the stock in a research report on Friday, May 10th. Argus reaffirmed a buy rating and set a $52.00 price target on shares of Tapestry in a research note on Tuesday, June 18th. Wells Fargo & Company reduced their price target on Tapestry from $55.00 to $52.00 and set an overweight rating for the company in a report on Wednesday, July 24th. JPMorgan Chase & Co. dropped their price objective on Tapestry from $56.00 to $54.00 and set an overweight rating on the stock in a report on Friday, May 10th. Finally, Telsey Advisory Group reiterated an outperform rating and issued a $54.00 target price on shares of Tapestry in a research note on Thursday, May 9th. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $47.56.

Tapestry Stock Up 0.8 %

TPR stock opened at $38.23 on Wednesday. The company has a debt-to-equity ratio of 2.77, a current ratio of 6.59 and a quick ratio of 5.98. The firm has a market capitalization of $8.78 billion, a P/E ratio of 10.11, a P/E/G ratio of 0.79 and a beta of 1.59. Tapestry has a 52-week low of $25.99 and a 52-week high of $48.80. The company’s 50 day simple moving average is $41.28 and its 200-day simple moving average is $42.55.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.14. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The company’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.78 EPS. As a group, equities research analysts anticipate that Tapestry will post 4.24 EPS for the current year.

Insider Buying and Selling at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $42.23, for a total value of $105,575.00. Following the completion of the sale, the vice president now owns 37,173 shares in the company, valued at approximately $1,569,815.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. CWM LLC increased its holdings in Tapestry by 0.9% in the 1st quarter. CWM LLC now owns 26,859 shares of the luxury accessories retailer’s stock valued at $1,275,000 after buying an additional 237 shares during the period. Mather Group LLC. boosted its position in shares of Tapestry by 12.9% during the 2nd quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock valued at $104,000 after acquiring an additional 249 shares in the last quarter. Legend Financial Advisors Inc. increased its stake in Tapestry by 1.9% in the second quarter. Legend Financial Advisors Inc. now owns 13,570 shares of the luxury accessories retailer’s stock valued at $581,000 after acquiring an additional 257 shares during the period. Empirical Finance LLC increased its stake in Tapestry by 3.3% in the first quarter. Empirical Finance LLC now owns 8,742 shares of the luxury accessories retailer’s stock valued at $415,000 after acquiring an additional 276 shares during the period. Finally, MUFG Securities EMEA plc raised its position in Tapestry by 34.9% in the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after purchasing an additional 317 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.