Tapestry (NYSE:TPR) Rating Lowered to Hold at StockNews.com

Tapestry (NYSE:TPR) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

Other analysts also recently issued reports about the stock. UBS Group raised their price objective on shares of Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Raymond James restated an “outperform” rating and set a $88.00 price objective (up from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Telsey Advisory Group raised their price objective on shares of Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. Evercore ISI lifted their price target on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a report on Monday, January 27th. Finally, The Goldman Sachs Group lifted their price target on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a report on Friday, February 7th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $78.53.

Tapestry Trading Up 2.9 %

Shares of Tapestry stock opened at $86.43 on Tuesday. The company’s fifty day simple moving average is $73.93 and its 200-day simple moving average is $57.61. The stock has a market capitalization of $17.89 billion, a PE ratio of 25.05, a P/E/G ratio of 2.01 and a beta of 1.58. Tapestry has a 1-year low of $35.23 and a 1-year high of $90.85. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS 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 quarter in the prior year, the business posted $1.63 EPS. As a group, equities analysts anticipate that Tapestry will post 4.91 earnings per share for the current year.

Insider Transactions at Tapestry

In other Tapestry news, CEO Todd Kahn sold 21,107 shares of the business’s 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 completion of the transaction, the chief executive officer now owns 176,985 shares in the company, valued at $14,866,740. The trade was a 10.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Scott A. Roe sold 25,727 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was 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. The trade was a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,537 shares of company stock worth $5,730,589 in the last three months. Insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

Institutional investors and hedge funds have recently made changes to their positions in the business. Blue Trust Inc. lifted its holdings in Tapestry by 107.0% during the 3rd quarter. Blue Trust Inc. now owns 2,180 shares of the luxury accessories retailer’s stock valued at $93,000 after buying an additional 1,127 shares in the last quarter. Private Advisor Group LLC grew its stake in Tapestry by 18.7% in the 3rd quarter. Private Advisor Group LLC now owns 11,593 shares of the luxury accessories retailer’s stock worth $545,000 after acquiring an additional 1,828 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Tapestry in the 3rd quarter worth about $5,446,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Tapestry by 15.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 159,703 shares of the luxury accessories retailer’s stock worth $7,656,000 after acquiring an additional 21,868 shares in the last quarter. Finally, PFG Investments LLC bought a new position in Tapestry in the third quarter worth approximately $217,000. 90.77% of the stock is currently owned by institutional investors.

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.