Tapestry (NYSE:TPR) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of Tapestry (NYSE:TPR) from a buy rating to a hold rating in a research report report published on Tuesday morning.

TPR has been the topic of a number of other reports. TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price on the stock. in a research report on Tuesday, October 29th. BMO Capital Markets upped their target price on Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, November 18th. Evercore ISI raised their price target on shares of Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a research report on Monday, January 27th. Barclays lifted their price target on shares of Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Finally, Robert W. Baird increased their price objective on shares of Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Tapestry Stock Performance

Tapestry stock opened at $84.30 on Tuesday. The firm has a market capitalization of $17.45 billion, a PE ratio of 24.43, a price-to-earnings-growth ratio of 2.01 and a beta of 1.58. Tapestry has a one year low of $35.23 and a one year high of $90.85. The stock’s 50 day moving average price is $74.36 and its 200 day moving average price is $57.79. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period in the prior year, the firm earned $1.63 earnings per share. As a group, sell-side analysts expect that Tapestry will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.66%. The ex-dividend date is Thursday, March 6th. Tapestry’s dividend payout ratio is presently 40.58%.

Insiders Place Their Bets

In related news, CFO Scott A. Roe sold 25,727 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total value of $2,226,929.12. Following the completion of the sale, the chief financial officer now owns 146,587 shares in the company, valued at approximately $12,688,570.72. This represents a 14.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Kahn sold 21,107 shares of Tapestry stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the transaction, the chief executive officer now owns 176,985 shares in the company, valued at approximately $14,866,740. The trade was a 10.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is owned by insiders.

Institutional Trading of Tapestry

A number of hedge funds have recently modified their holdings of the business. Greenline Partners LLC acquired a new stake in shares of Tapestry during the fourth quarter worth approximately $29,000. Coppell Advisory Solutions LLC lifted its position in Tapestry by 40.7% in the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock worth $34,000 after buying an additional 150 shares in the last quarter. Venturi Wealth Management LLC boosted its stake in shares of Tapestry by 78.0% during the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after buying an additional 252 shares during the period. Brooklyn Investment Group purchased a new position in shares of Tapestry during the 3rd quarter valued at $47,000. Finally, Canada Post Corp Registered Pension Plan acquired a new position in shares of Tapestry in the fourth quarter worth $48,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

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.