Tapestry, Inc. (NYSE:TPR) Short Interest Update

Tapestry, Inc. (NYSE:TPR) was the target of a significant increase in short interest in November. As of November 15th, there was short interest totalling 6,220,000 shares, an increase of 22.7% from the October 31st total of 5,070,000 shares. Currently, 2.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 3,550,000 shares, the days-to-cover ratio is currently 1.8 days.

Wall Street Analyst Weigh In

TPR has been the subject of a number of recent research reports. UBS Group dropped 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. BMO Capital Markets lifted their price target on Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, November 18th. The Goldman Sachs Group lifted their price target on Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a report on Friday, November 15th. JPMorgan Chase & Co. lifted their price objective on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Finally, Evercore ISI lifted their price objective on Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and a consensus price target of $57.78.

Insider Activity

In related news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the sale, the vice president now owns 35,003 shares in the company, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TPR. Waldron Private Wealth LLC acquired a new position in shares of Tapestry in the 3rd quarter valued at $25,000. Massmutual Trust Co. FSB ADV boosted its position in shares of Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after purchasing an additional 328 shares during the period. Brooklyn Investment Group acquired a new position in shares of Tapestry in the 3rd quarter valued at $47,000. Blue Trust Inc. boosted its position in shares of Tapestry by 111.9% in the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after purchasing an additional 556 shares during the period. Finally, MUFG Securities EMEA plc boosted its position in Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after acquiring an additional 317 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Stock Performance

Shares of TPR traded up $1.77 during trading hours on Monday, reaching $64.05. 2,870,598 shares of the company’s stock traded hands, compared to its average volume of 3,404,137. The firm has a market capitalization of $14.93 billion, a price-to-earnings ratio of 18.07, a P/E/G ratio of 2.16 and a beta of 1.53. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. Tapestry has a twelve month low of $32.20 and a twelve month high of $64.56. The business’s fifty day simple moving average is $49.84 and its two-hundred day simple moving average is $44.31.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date is Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is 40.46%.

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.