Tapestry (NYSE:TPR) Raised to “Hold” at Daiwa America

Tapestry (NYSE:TPR) was upgraded by equities research analysts at Daiwa America to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Other research analysts also recently issued reports about the company. The Goldman Sachs Group raised their price objective on Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, November 15th. BMO Capital Markets boosted their price objective on shares of Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday. JPMorgan Chase & Co. lifted their target price on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Finally, Barclays reissued an “equal weight” rating and set a $57.00 price objective on shares of Tapestry in a research report on Wednesday. Eight equities 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, Tapestry currently has an average rating of “Moderate Buy” and a consensus price target of $57.78.

Tapestry Stock Down 0.6 %

Shares of Tapestry stock opened at $55.30 on Monday. The stock has a 50-day simple moving average of $47.41 and a 200-day simple moving average of $43.32. Tapestry has a 52-week low of $30.20 and a 52-week high of $58.49. The firm has a market cap of $12.89 billion, a price-to-earnings ratio of 15.98, a P/E/G ratio of 1.98 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.

Insider Transactions at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the transaction, the vice president now owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This represents a 20.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.18% of the stock is owned by insiders.

Institutional Investors Weigh In On Tapestry

Several hedge funds have recently added to or reduced their stakes in TPR. Bessemer Group Inc. increased its position in Tapestry by 1,328.8% during the 1st quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock valued at $1,432,000 after purchasing an additional 28,038 shares during the period. Manning & Napier Advisors LLC acquired a new stake in shares of Tapestry during the second quarter worth $3,718,000. Lazard Asset Management LLC raised its stake in Tapestry by 611.8% during the first quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock worth $3,019,000 after buying an additional 54,679 shares during the last quarter. Fiera Capital Corp lifted its holdings in Tapestry by 1.2% in the second quarter. Fiera Capital Corp now owns 1,462,721 shares of the luxury accessories retailer’s stock valued at $62,590,000 after buying an additional 17,497 shares during the period. Finally, Victory Capital Management Inc. boosted its position in Tapestry by 7.5% during the third quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock valued at $20,381,000 after acquiring an additional 30,121 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.