Tapestry, Inc. (NYSE:TPR) Sees Significant Decrease in Short Interest

Tapestry, Inc. (NYSE:TPRGet Rating) was the recipient of a large decline in short interest in the month of May. As of May 31st, there was short interest totalling 7,210,000 shares, a decline of 19.5% from the May 15th total of 8,960,000 shares. Based on an average trading volume of 4,400,000 shares, the short-interest ratio is currently 1.6 days. Approximately 2.9% of the company’s shares are short sold.

Shares of NYSE TPR traded up $1.58 during trading on Friday, reaching $32.10. The stock had a trading volume of 8,644,699 shares, compared to its average volume of 4,184,208. Tapestry has a one year low of $26.39 and a one year high of $47.05. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.95 and a current ratio of 1.48. The stock has a market cap of $8.08 billion, a PE ratio of 10.40, a P/E/G ratio of 0.76 and a beta of 1.38. The firm’s 50 day moving average price is $32.73 and its two-hundred day moving average price is $36.77.

Tapestry (NYSE:TPRGet Rating) last issued its earnings results on Thursday, May 12th. The luxury accessories retailer reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.11. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Tapestry had a net margin of 12.99% and a return on equity of 32.07%. Tapestry’s revenue was up 13.1% on a year-over-year basis. During the same quarter last year, the company posted $0.51 earnings per share. On average, research analysts expect that Tapestry will post 3.46 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 27th. Shareholders of record on Friday, June 3rd will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.12%. The ex-dividend date is Thursday, June 2nd. Tapestry’s payout ratio is currently 32.26%.

Tapestry announced that its Board of Directors has authorized a stock repurchase plan on Thursday, May 12th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the luxury accessories retailer to buy up to 18% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

A number of institutional investors have recently made changes to their positions in TPR. Brown Brothers Harriman & Co. raised its stake in Tapestry by 340.7% during the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock valued at $25,000 after acquiring an additional 511 shares in the last quarter. Capital Analysts LLC bought a new position in shares of Tapestry in the first quarter valued at approximately $28,000. Confluence Wealth Services Inc. bought a new position in shares of Tapestry in the fourth quarter valued at approximately $33,000. AllSquare Wealth Management LLC bought a new position in shares of Tapestry in the first quarter valued at approximately $39,000. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Tapestry by 955.8% in the first quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock valued at $41,000 after acquiring an additional 994 shares in the last quarter. 89.75% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms have commented on TPR. Credit Suisse Group lowered their target price on shares of Tapestry from $67.00 to $53.00 in a research note on Friday, May 13th. Citigroup cut their price objective on shares of Tapestry from $50.00 to $46.00 in a report on Friday, May 13th. Barclays cut their price objective on shares of Tapestry from $53.00 to $39.00 and set a “na” rating on the stock in a report on Monday, May 16th. Robert W. Baird cut their target price on shares of Tapestry from $55.00 to $45.00 in a research note on Friday, May 13th. Finally, StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Tapestry has a consensus rating of “Buy” and a consensus price target of $48.12.

About Tapestry (Get Rating)

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers women's accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.

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