Tapestry (NYSE:TPR) Lowered to “Buy” at Goldman Sachs Group

Tapestry (NYSE:TPR) was downgraded by equities research analysts at Goldman Sachs Group to a “buy” rating in a report issued on Thursday, June 27th, TipRanks reports.

A number of other brokerages have also recently commented on TPR. Bank of America restated a “hold” rating on shares of TELUS in a research note on Friday, May 10th. ValuEngine cut Zagg from a “sell” rating to a “strong sell” rating in a research note on Thursday, March 14th. Standpoint Research upgraded Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, May 9th. Piper Jaffray Companies set a $40.00 price target on Tapestry and gave the stock a “buy” rating in a research note on Monday, June 10th. Finally, TheStreet upgraded Washington Prime Group from a “d+” rating to a “c” rating in a research note on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $46.84.

Shares of NYSE:TPR traded down $0.10 during midday trading on Thursday, reaching $30.30. The company’s stock had a trading volume of 2,258,500 shares, compared to its average volume of 3,682,459. The company’s 50 day moving average is $30.23. Tapestry has a 1 year low of $27.93 and a 1 year high of $54.35. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.86 and a current ratio of 2.67. The firm has a market cap of $8.79 billion, a price-to-earnings ratio of 11.52, a price-to-earnings-growth ratio of 0.99 and a beta of 0.88.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.01. Tapestry had a return on equity of 22.08% and a net margin of 11.78%. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the previous year, the business earned $0.54 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. Analysts expect that Tapestry will post 2.58 EPS for the current year.

In other Tapestry news, Director Annabelle Yu Long sold 3,229 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $28.93, for a total value of $93,414.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Darrell Cavens bought 7,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was purchased at an average price of $30.01 per share, with a total value of $210,070.00. The disclosure for this purchase can be found here. Corporate insiders own 0.70% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bessemer Group Inc. lifted its position in Tapestry by 2.6% in the fourth quarter. Bessemer Group Inc. now owns 14,369 shares of the luxury accessories retailer’s stock worth $485,000 after purchasing an additional 364 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of Tapestry by 20.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 95,224 shares of the luxury accessories retailer’s stock valued at $3,094,000 after acquiring an additional 16,255 shares during the last quarter. First Allied Advisory Services Inc. lifted its position in shares of Tapestry by 18.5% during the 4th quarter. First Allied Advisory Services Inc. now owns 7,906 shares of the luxury accessories retailer’s stock valued at $268,000 after acquiring an additional 1,237 shares during the last quarter. Pennsylvania Trust Co acquired a new stake in shares of Tapestry during the 1st quarter valued at $14,426,000. Finally, Marshall Wace North America L.P. lifted its position in shares of Tapestry by 88.7% during the 1st quarter. Marshall Wace North America L.P. now owns 213,963 shares of the luxury accessories retailer’s stock valued at $6,951,000 after acquiring an additional 100,571 shares during the last quarter. Hedge funds and other institutional investors own 88.09% of the company’s stock.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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Analyst Recommendations for Tapestry (NYSE:TPR)

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