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 research report report published on Tuesday morning.

Several other brokerages have also recently weighed in on TPR. Telsey Advisory Group upped their price target on Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a research note on Monday, February 3rd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $65.00 price target on shares of Tapestry in a research note on Tuesday, January 21st. Raymond James reaffirmed an “outperform” rating and issued a $88.00 price target (up from $79.00) on shares of Tapestry in a research note on Friday, February 7th. UBS Group upped their price target on Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Finally, Evercore ISI boosted their target price on Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $77.63.

Tapestry Price Performance

TPR opened at $64.03 on Tuesday. 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 52-week low of $35.23 and a 52-week high of $90.85. The stock has a market capitalization of $13.26 billion, a PE ratio of 18.56, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. The stock’s 50 day moving average price is $76.01 and its 200-day moving average price is $64.57.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, topping the consensus estimate 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 in the previous year, the business earned $1.63 EPS. On average, equities research analysts predict that Tapestry will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend was Thursday, March 6th. Tapestry’s dividend payout ratio is 40.58%.

Insider Buying and Selling at Tapestry

In other Tapestry news, CFO Scott A. Roe sold 25,727 shares of the stock in a transaction dated 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 transaction, the chief financial officer now owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. This represents a 14.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the transaction, the general counsel now directly owns 38,609 shares in the company, valued at approximately $3,397,592. This represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Greenline Partners LLC purchased a new stake in Tapestry in the 4th quarter worth approximately $29,000. Coppell Advisory Solutions LLC boosted its position in shares of 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 during the period. Venturi Wealth Management LLC increased its stake in shares of Tapestry by 78.0% in the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock worth $38,000 after purchasing an additional 252 shares in the last quarter. Canada Post Corp Registered Pension Plan bought a new stake in shares of Tapestry during the 4th quarter valued at $48,000. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in shares of Tapestry by 25.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer’s stock valued at $68,000 after buying an additional 194 shares in the last quarter. 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.