Tapestry (NYSE:TPR) Trading Up 11%

Tapestry Inc (NYSE:TPR)’s share price was up 11% during mid-day trading on Wednesday . The company traded as high as $13.83 and last traded at $15.23, approximately 525,733 shares changed hands during trading. A decline of 92% from the average daily volume of 6,802,914 shares. The stock had previously closed at $13.72.

A number of research analysts have issued reports on TPR shares. Edward Jones raised shares of Tapestry from a “hold” rating to a “buy” rating in a research report on Wednesday, December 18th. Robert W. Baird reissued an “outperform” rating and set a $33.00 price objective (up from $30.00) on shares of Tapestry in a research report on Friday, February 7th. They noted that the move was a valuation call. Needham & Company LLC reduced their price objective on shares of Tapestry from $35.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday. Deutsche Bank downgraded shares of Tapestry from a “buy” rating to a “hold” rating and reduced their price objective for the company from $33.00 to $20.00 in a research report on Friday, March 13th. Finally, Morgan Stanley boosted their price objective on shares of Tapestry from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Monday, February 10th. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $26.81.

The stock’s 50-day moving average price is $22.26 and its two-hundred day moving average price is $25.27. The stock has a market capitalization of $3.79 billion, a PE ratio of 7.36, a P/E/G ratio of 0.73 and a beta of 0.95. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.41 and a current ratio of 2.01.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $1.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.11. The company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.81 billion. Tapestry had a net margin of 9.72% and a return on equity of 21.24%. Tapestry’s revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.07 EPS. On average, analysts predict that Tapestry Inc will post 2.02 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Friday, March 6th will be paid a $0.3375 dividend. This represents a $1.35 dividend on an annualized basis and a yield of 8.91%. The ex-dividend date of this dividend is Thursday, March 5th. Tapestry’s payout ratio is 52.53%.

A number of institutional investors have recently made changes to their positions in TPR. Quantbot Technologies LP bought a new position in Tapestry in the 4th quarter worth about $52,000. FNY Investment Advisers LLC bought a new position in Tapestry during the 4th quarter valued at about $59,000. Pinnacle Financial Partners Inc. bought a new position in Tapestry during the 4th quarter valued at about $63,000. Cullen Frost Bankers Inc. lifted its stake in Tapestry by 21.8% during the 4th quarter. Cullen Frost Bankers Inc. now owns 2,485 shares of the luxury accessories retailer’s stock valued at $67,000 after acquiring an additional 445 shares during the period. Finally, Weaver Consulting Group lifted its stake in Tapestry by 17,531.3% during the 4th quarter. Weaver Consulting Group now owns 2,821 shares of the luxury accessories retailer’s stock valued at $74,000 after acquiring an additional 2,805 shares during the period. Institutional investors own 88.09% of the company’s stock.

About Tapestry (NYSE:TPR)

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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