Tapestry (NYSE:TPR) Upgraded by Barclays to “Overweight” Rating

Tapestry (NYSE:TPR) was upgraded by stock analysts at Barclays from an “equal weight” rating to an “overweight” rating in a report issued on Wednesday,Benzinga 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 price objective suggests a potential upside of 29.02% from the stock’s current price.

A number of other research analysts have also recently commented on TPR. Bank of America upped their target price on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 25th. StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. TD Cowen downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price for the company. in a report on Tuesday, October 29th. Daiwa America upgraded Tapestry to a “hold” rating in a research note on Monday, November 18th. Finally, Wells Fargo & Company lifted their price objective on Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and an average price target of $63.00.

Tapestry Price Performance

NYSE:TPR opened at $67.43 on Wednesday. The company has a market capitalization of $15.71 billion, a P/E ratio of 19.49, a P/E/G ratio of 1.80 and a beta of 1.58. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. Tapestry has a 52 week low of $35.23 and a 52 week high of $69.09. The stock’s fifty day moving average is $59.79 and its two-hundred day moving average is $48.48.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the firm’s 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 sale, the vice president now 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.18% of the company’s stock.

Hedge Funds Weigh In On Tapestry

Hedge funds have recently added to or reduced their stakes in the stock. Waldron Private Wealth LLC purchased a new position in shares of Tapestry in the 3rd quarter valued at $25,000. Brooklyn Investment Group purchased a new position in shares of Tapestry during the third quarter worth about $47,000. Deseret Mutual Benefit Administrators increased its position in shares of Tapestry by 68.2% during the third quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock worth $70,000 after purchasing an additional 605 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Tapestry in the 2nd quarter valued at about $68,000. Finally, Transamerica Financial Advisors Inc. boosted its position in shares of Tapestry by 159,100.0% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock valued at $75,000 after purchasing an additional 1,591 shares during the period. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

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.