Tapestry (NYSE:TPR) Downgraded by StockNews.com

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

Several other brokerages also recently weighed in on TPR. UBS Group cut their price target on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Citigroup upped their target price on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research report on Friday. Wells Fargo & Company increased their price target on Tapestry from $50.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. boosted their price target on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a research report on Thursday, August 15th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.73.

Tapestry Stock Down 0.0 %

Shares of NYSE TPR traded down $0.02 during mid-day trading on Monday, reaching $50.47. 5,441,610 shares of the company were exchanged, compared to its average volume of 3,252,473. Tapestry has a 1 year low of $25.99 and a 1 year high of $51.96. The firm has a 50-day moving average of $43.74 and a 200 day moving average of $41.95. The stock has a market cap of $11.60 billion, a price-to-earnings ratio of 13.35, a P/E/G ratio of 1.67 and a beta of 1.53. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the company posted $0.95 earnings per share. The firm’s revenue was down 1.8% on a year-over-year basis. On average, research analysts expect that Tapestry will post 4.47 earnings per share for the current year.

Institutional Trading of Tapestry

Institutional investors and hedge funds have recently modified their holdings of the stock. Capital Research Global Investors boosted its holdings in Tapestry by 8.5% in the 1st quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock worth $296,212,000 after buying an additional 489,933 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Tapestry by 53.1% during the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after purchasing an additional 2,087,586 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Tapestry by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock valued at $151,965,000 after purchasing an additional 165,406 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Tapestry by 1.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock valued at $116,928,000 after purchasing an additional 46,760 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Tapestry by 235.9% during the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after purchasing an additional 1,051,743 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

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.