StockNews.com Downgrades Tapestry (NYSE:TPR) to Hold

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

A number of other equities analysts also recently commented on the stock. Morgan Stanley reissued an “equal weight” rating and issued a $65.00 target price on shares of Tapestry in a research note on Tuesday, January 21st. The Goldman Sachs Group upped their target price on Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Redburn Atlantic upgraded Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price target for the company in a report on Tuesday, February 18th. Wells Fargo & Company increased their price objective on shares of Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Finally, Jefferies Financial Group boosted their target price on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Six investment 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, the stock has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Tapestry Stock Performance

Shares of TPR opened at $67.30 on Tuesday. The stock has a market capitalization of $13.93 billion, a P/E ratio of 19.51, a P/E/G ratio of 2.01 and a beta of 1.37. The company’s fifty day moving average is $76.20 and its two-hundred day moving average is $64.44. 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 1 year low of $35.23 and a 1 year high of $90.85.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates 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 company posted $1.63 EPS. On average, sell-side analysts predict that Tapestry will post 4.91 earnings per share for the current year.

Insider Buying and Selling at Tapestry

In other Tapestry news, CFO Scott A. Roe sold 25,727 shares of the company’s 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 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel David E. Howard sold 11,917 shares of the company’s stock in a transaction that occurred on 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 sale, the general counsel now owns 38,609 shares in the company, valued at $3,397,592. The trade was a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tapestry

A number of hedge funds have recently added to or reduced their stakes in TPR. Merit Financial Group LLC grew its stake in Tapestry by 89.2% in the first quarter. Merit Financial Group LLC now owns 23,082 shares of the luxury accessories retailer’s stock valued at $1,625,000 after acquiring an additional 10,879 shares during the period. NBC Securities Inc. grew its position in Tapestry by 172,300.0% in the 1st quarter. NBC Securities Inc. now owns 1,724 shares of the luxury accessories retailer’s stock valued at $121,000 after purchasing an additional 1,723 shares during the period. Legacy Wealth Asset Management LLC increased its stake in Tapestry by 26.5% during the 1st quarter. Legacy Wealth Asset Management LLC now owns 6,621 shares of the luxury accessories retailer’s stock valued at $466,000 after purchasing an additional 1,387 shares in the last quarter. Rhumbline Advisers increased its stake in Tapestry by 2.7% during the 1st quarter. Rhumbline Advisers now owns 408,115 shares of the luxury accessories retailer’s stock valued at $28,735,000 after purchasing an additional 10,580 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Tapestry by 8,158.1% during the first quarter. GAMMA Investing LLC now owns 622,988 shares of the luxury accessories retailer’s stock worth $43,865,000 after buying an additional 615,444 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Tapestry Company Profile

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.