Tapestry, Inc. (NYSE:TPR) Short Interest Up 22.7% in November

Tapestry, Inc. (NYSE:TPR) was the target of a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 6,220,000 shares, a growth of 22.7% from the October 31st total of 5,070,000 shares. Approximately 2.7% of the company’s stock are short sold. Based on an average daily volume of 3,550,000 shares, the short-interest ratio is currently 1.8 days.

Insider Buying and Selling at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the transaction, the vice president now directly owns 35,003 shares in the company, 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. Company insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

Several institutional investors and hedge funds have recently modified their holdings of the business. Waldron Private Wealth LLC bought a new position in shares of Tapestry during the 3rd quarter valued at about $25,000. Massmutual Trust Co. FSB ADV raised its position 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 purchasing an additional 328 shares during the period. Brooklyn Investment Group bought a new stake in Tapestry in the third quarter worth $47,000. Blue Trust Inc. boosted its position in Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after buying an additional 556 shares during the period. Finally, MUFG Securities EMEA plc grew 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 buying an additional 317 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Price Performance

TPR stock traded up $2.30 during mid-day trading on Monday, reaching $64.58. 8,105,180 shares of the company traded hands, compared to its average volume of 3,427,100. The company has a fifty day moving average price of $49.84 and a 200-day moving average price of $44.31. The company has a market capitalization of $15.05 billion, a P/E ratio of 18.07, a P/E/G ratio of 2.16 and a beta of 1.53. Tapestry has a 52-week low of $32.20 and a 52-week high of $64.60. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s payout ratio is 40.46%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on TPR shares. Bank of America boosted their price target on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Evercore ISI boosted their target price on Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Wells Fargo & Company increased their price target on Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. boosted their price objective on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, Telsey Advisory Group lifted their target price on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.78.

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.