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

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

Hedge Funds Weigh In On Tapestry

Institutional investors and hedge funds have recently made changes to their positions in the business. MetLife Investment Management LLC boosted its holdings in Tapestry by 20.1% during the 1st quarter. MetLife Investment Management LLC now owns 73,011 shares of the luxury accessories retailer’s stock valued at $2,712,000 after acquiring an additional 12,222 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Tapestry by 2.3% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 35,323 shares of the luxury accessories retailer’s stock valued at $1,312,000 after purchasing an additional 788 shares during the period. Great West Life Assurance Co. Can grew its holdings in shares of Tapestry by 1.9% in the first quarter. Great West Life Assurance Co. Can now owns 56,357 shares of the luxury accessories retailer’s stock worth $2,176,000 after purchasing an additional 1,045 shares during the last quarter. Sei Investments Co. increased its stake in shares of Tapestry by 34.5% in the first quarter. Sei Investments Co. now owns 435,569 shares of the luxury accessories retailer’s stock worth $16,189,000 after buying an additional 111,610 shares during the period. Finally, Canada Pension Plan Investment Board raised its holdings in Tapestry by 955.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock valued at $41,000 after buying an additional 994 shares during the last quarter. Institutional investors own 92.12% of the company’s stock.

Tapestry Stock Up 7.0 %

TPR opened at $30.51 on Wednesday. The business’s fifty day simple moving average is $28.77 and its 200 day simple moving average is $36.33. Tapestry has a 52 week low of $25.99 and a 52 week high of $47.48. The company has a quick ratio of 1.23, a current ratio of 2.02 and a debt-to-equity ratio of 0.67. The stock has a market cap of $6.94 billion, a PE ratio of 7.76, a P/E/G ratio of 0.59 and a beta of 1.48.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, November 9th. The luxury accessories retailer reported $0.93 earnings per share (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 company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.79 EPS. As a group, research analysts expect that Tapestry will post 4.12 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 26th. Stockholders of record on Friday, December 8th will be paid a $0.35 dividend. The ex-dividend date is Thursday, December 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.59%. Tapestry’s dividend payout ratio (DPR) is 35.62%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. StockNews.com started coverage on Tapestry in a research report on Thursday, October 5th. They set a “buy” rating on the stock. Barclays raised Tapestry from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $47.00 to $59.00 in a report on Tuesday, August 1st. Guggenheim reaffirmed a “buy” rating and set a $60.00 target price on shares of Tapestry in a report on Wednesday, August 23rd. BMO Capital Markets lowered their price target on shares of Tapestry from $43.00 to $39.00 and set a “market perform” rating on the stock in a report on Friday, November 10th. Finally, Redburn Atlantic cut shares of Tapestry from an “overweight” rating to a “neutral” rating and set a $33.00 price objective for the company. in a research note on Wednesday, September 13th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and an average price target 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.