Tapestry, Inc. (NYSE:TPR) Short Interest Update

Tapestry, Inc. (NYSE:TPR) was the target of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 8,630,000 shares, an increase of 18.7% from the October 15th total of 7,270,000 shares. Approximately 3.8% of the shares of the company are sold short. Based on an average trading volume of 4,250,000 shares, the short-interest ratio is presently 2.0 days.

Tapestry Trading Up 7.0 %

NYSE:TPR opened at $30.51 on Wednesday. The company has a market capitalization of $6.99 billion, a PE ratio of 7.76, a price-to-earnings-growth ratio of 0.60 and a beta of 1.48. The company has a quick ratio of 1.23, a current ratio of 2.02 and a debt-to-equity ratio of 0.67. Tapestry has a 52-week low of $25.99 and a 52-week high of $47.48. The stock has a fifty day simple moving average of $28.77 and a 200-day simple moving average of $36.33.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, November 9th. The luxury accessories retailer reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.03. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Tapestry had a return on equity of 41.29% and a net margin of 14.03%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter last year, the business posted $0.79 EPS. On average, equities research analysts expect that Tapestry will post 4.13 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 26th. Investors of record on Friday, December 8th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 4.59%. The ex-dividend date of this dividend is Thursday, December 7th. Tapestry’s dividend payout ratio is presently 35.62%.

Institutional Trading of Tapestry

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. increased its position in Tapestry by 340.7% during the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock worth $25,000 after purchasing an additional 511 shares in the last quarter. Alpha Paradigm Partners LLC purchased a new stake in Tapestry during the 3rd quarter worth about $26,000. Glass Jacobson Investment Advisors llc purchased a new stake in Tapestry in the 2nd quarter valued at about $27,000. Bell Investment Advisors Inc grew its holdings in Tapestry by 718.1% in the 3rd quarter. Bell Investment Advisors Inc now owns 949 shares of the luxury accessories retailer’s stock valued at $27,000 after buying an additional 833 shares during the period. Finally, ING Groep NV purchased a new stake in Tapestry in the 1st quarter valued at about $29,000. Hedge funds and other institutional investors own 92.12% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on TPR shares. Edward Jones downgraded Tapestry from a “buy” rating to a “hold” rating in a report on Friday, August 11th. Barclays raised Tapestry from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $47.00 to $59.00 in a report on Tuesday, August 1st. Jefferies Financial Group decreased their price target on Tapestry from $53.00 to $50.00 in a report on Friday, August 4th. Redburn Atlantic downgraded Tapestry from an “overweight” rating to a “neutral” rating and set a $33.00 price target for the company. in a report on Wednesday, September 13th. Finally, BMO Capital Markets reduced their target price on Tapestry from $43.00 to $39.00 and set a “market perform” rating for the company in a report on Friday, November 10th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $45.18.

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.