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 report issued on Tuesday.

Other analysts have also recently issued reports about the company. Citigroup decreased their price objective on Tapestry from $50.00 to $49.00 and set a buy rating on the stock in a report on Tuesday, August 6th. UBS Group decreased their price target on shares of Tapestry from $42.00 to $40.00 and set a neutral rating on the stock in a research note on Friday, August 16th. Wells Fargo & Company dropped their price objective on shares of Tapestry from $52.00 to $50.00 and set an overweight rating for the company in a research note on Friday, August 16th. Evercore ISI decreased their target price on shares of Tapestry from $53.00 to $47.00 and set an outperform rating on the stock in a research report on Friday, August 9th. Finally, JPMorgan Chase & Co. dropped their price target on Tapestry from $54.00 to $51.00 and set an overweight rating for the company in a research report on Friday, August 16th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Tapestry has an average rating of Moderate Buy and an average price target of $47.07.

Tapestry Trading Down 0.6 %

Tapestry stock opened at $42.57 on Tuesday. Tapestry has a 1 year low of $25.99 and a 1 year high of $48.80. The firm’s 50 day moving average price is $40.59 and its 200-day moving average price is $42.07. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. The stock has a market cap of $9.78 billion, a P/E ratio of 11.26, a PEG ratio of 1.55 and a beta of 1.54.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, topping the consensus estimate of $0.88 by $0.04. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 EPS. On average, equities analysts predict that Tapestry will post 4.47 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Friday, September 6th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Friday, September 6th. Tapestry’s payout ratio is currently 37.04%.

Institutional Trading of Tapestry

A number of hedge funds and other institutional investors have recently bought and sold shares of TPR. Fidelis Capital Partners LLC purchased a new stake in shares of Tapestry during the first quarter valued at $35,000. BNP Paribas purchased a new stake in Tapestry in the 1st quarter valued at about $38,000. Massmutual Trust Co. FSB ADV grew its stake in Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after acquiring an additional 328 shares in the last quarter. Blue Trust Inc. increased its position in shares of Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after acquiring an additional 556 shares during the period. Finally, MUFG Securities EMEA plc raised its stake in shares of Tapestry by 34.9% during the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after acquiring an additional 317 shares in the last quarter. 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.