Tapestry Sees Unusually High Options Volume (NYSE:TPR)

Tapestry, Inc. (NYSE:TPR) saw some unusual options trading activity on Wednesday. Stock investors acquired 12,322 put options on the stock. This is an increase of 49% compared to the typical daily volume of 8,261 put options.

Insider Activity

In other news, General Counsel David E. Howard sold 11,917 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the transaction, the general counsel now directly owns 38,609 shares of the company’s stock, valued at approximately $3,397,592. This trade represents a 23.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Kahn sold 7,786 shares of Tapestry stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $87.59, for a total transaction of $681,975.74. Following the completion of the sale, the chief executive officer now owns 201,531 shares of the company’s stock, valued at approximately $17,652,100.29. The trade was a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,537 shares of company stock valued at $5,730,589 over the last ninety days. 1.18% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tapestry

A number of hedge funds have recently bought and sold shares of the company. Greenline Partners LLC bought a new position in shares of Tapestry in the 4th quarter worth about $29,000. Coppell Advisory Solutions LLC increased its holdings in Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock worth $34,000 after purchasing an additional 150 shares in the last quarter. Venturi Wealth Management LLC lifted its stake in Tapestry by 78.0% in the fourth 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 bought a new position in shares of Tapestry during the 3rd quarter worth approximately $47,000. Finally, Canada Post Corp Registered Pension Plan acquired a new stake in shares of Tapestry during the 4th quarter worth approximately $48,000. Institutional investors own 90.77% of the company’s stock.

Tapestry Trading Down 1.6 %

Shares of NYSE:TPR traded down $1.18 during mid-day trading on Wednesday, reaching $73.54. 923,343 shares of the company’s stock were exchanged, compared to its average volume of 5,590,001. 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 has a twelve month low of $35.23 and a twelve month high of $90.85. The firm has a market capitalization of $15.22 billion, a price-to-earnings ratio of 21.31, a PEG ratio of 2.01 and a beta of 1.57. The business’s fifty day moving average price is $77.49 and its 200-day moving average price is $62.44.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same period last year, the firm posted $1.63 EPS. On average, research analysts predict that Tapestry will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Thursday, March 6th. Tapestry’s dividend payout ratio is currently 40.58%.

Analyst Ratings Changes

A number of research firms have recently weighed in on TPR. Barclays upped their target price on Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Jefferies Financial Group raised their target price on shares of Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. The Goldman Sachs Group boosted their target price on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, Guggenheim increased their price target on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and an average price target of $78.53.

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.