Tapestry (NYSE:TPR) Stock Rating Lowered by StockNews.com

StockNews.com downgraded shares of Tapestry (NYSE:TPR) from a buy rating to a hold rating in a research note released on Monday.

A number of other equities analysts have also commented on the stock. The Goldman Sachs Group raised their price objective on shares of Tapestry from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. JPMorgan Chase & Co. lifted their price target on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Bank of America upped their price target on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 25th. UBS Group decreased their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Finally, Citigroup lifted their target price on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Tapestry Stock Performance

TPR opened at $47.47 on Monday. The business has a fifty day simple moving average of $44.06 and a 200-day simple moving average of $42.05. The firm has a market cap of $11.05 billion, a PE ratio of 13.52, a P/E/G ratio of 1.67 and a beta of 1.53. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. Tapestry has a fifty-two week low of $25.99 and a fifty-two week high of $51.96.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the company posted $0.95 EPS. Tapestry’s revenue for the quarter was down 1.8% on a year-over-year basis. As a group, equities analysts predict that Tapestry will post 4.47 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.95%. The ex-dividend date of this dividend was Friday, September 6th. Tapestry’s payout ratio is presently 39.89%.

Hedge Funds Weigh In On Tapestry

Several hedge funds have recently bought and sold shares of TPR. Bessemer Group Inc. boosted its stake in shares of Tapestry by 1,328.8% during the 1st quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock worth $1,432,000 after acquiring an additional 28,038 shares in the last quarter. Manning & Napier Advisors LLC acquired a new position in Tapestry during the second quarter valued at approximately $3,718,000. Lazard Asset Management LLC grew its holdings in Tapestry by 611.8% during the first quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock valued at $3,019,000 after purchasing an additional 54,679 shares during the last quarter. Clearbridge Investments LLC acquired a new position in Tapestry during the first quarter valued at approximately $54,055,000. Finally, SG Americas Securities LLC raised its position in shares of Tapestry by 174.8% in the first quarter. SG Americas Securities LLC now owns 95,076 shares of the luxury accessories retailer’s stock valued at $4,514,000 after purchasing an additional 60,480 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

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.