Tapestry (NYSE:TPR) Reaches New 52-Week High on Strong Earnings

Tapestry, Inc. (NYSE:TPR) reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $87.87 and last traded at $84.49, with a volume of 2606776 shares trading hands. The stock had previously closed at $73.38.

The luxury accessories retailer reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. During the same period in the previous year, the company posted $1.63 EPS.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on TPR shares. TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price on the stock. in a research note on Tuesday, October 29th. BMO Capital Markets boosted their price objective on Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, November 18th. UBS Group upped their price objective on Tapestry from $57.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Jefferies Financial Group lifted their target price on Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Finally, StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $67.28.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the transaction, the vice president now directly owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 1.18% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tapestry

A number of hedge funds have recently made changes to their positions in TPR. SBI Securities Co. Ltd. purchased a new position in Tapestry in the 4th quarter worth $359,000. Jones Financial Companies Lllp increased its holdings in shares of Tapestry by 37.1% in the fourth quarter. Jones Financial Companies Lllp now owns 131,844 shares of the luxury accessories retailer’s stock valued at $8,613,000 after purchasing an additional 35,651 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of Tapestry by 30.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,113 shares of the luxury accessories retailer’s stock worth $205,000 after purchasing an additional 722 shares during the last quarter. Metis Global Partners LLC lifted its holdings in shares of Tapestry by 91.3% during the fourth quarter. Metis Global Partners LLC now owns 8,380 shares of the luxury accessories retailer’s stock worth $547,000 after purchasing an additional 3,999 shares during the period. Finally, US Bancorp DE boosted its position in Tapestry by 18.1% in the fourth quarter. US Bancorp DE now owns 17,440 shares of the luxury accessories retailer’s stock valued at $1,139,000 after buying an additional 2,676 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Trading Up 14.7 %

The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. The company has a market cap of $19.62 billion, a price-to-earnings ratio of 24.36, a P/E/G ratio of 2.07 and a beta of 1.58. The company’s fifty day moving average is $67.29 and its two-hundred day moving average is $52.80.

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.