Tapestry’s (TPR) Mixed Rating Reaffirmed at OTR Global

OTR Global reaffirmed their mixed rating on shares of Tapestry (NYSE:TPR) in a research report sent to investors on Wednesday morning, Benzinga reports.

A number of other brokerages have also weighed in on TPR. Telsey Advisory Group reaffirmed an outperform rating and issued a $54.00 price target on shares of Tapestry in a research note on Wednesday, March 27th. Jefferies Financial Group lowered shares of Tapestry from a buy rating to a hold rating and set a $50.00 price target on the stock. in a research note on Thursday, February 29th. Evercore ISI raised shares of Tapestry from an in-line rating to an outperform rating and raised their price target for the company from $30.00 to $50.00 in a research note on Monday, February 5th. StockNews.com lowered shares of Tapestry from a buy rating to a hold rating in a research note on Wednesday, April 10th. Finally, Wells Fargo & Company raised their price target on shares of Tapestry from $50.00 to $60.00 and gave the company an overweight rating in a research note on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $47.81.

Tapestry Trading Down 0.9 %

TPR stock opened at $40.49 on Wednesday. The company’s 50-day simple moving average is $45.57 and its 200-day simple moving average is $37.41. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90. Tapestry has a 52-week low of $25.99 and a 52-week high of $48.80. The firm has a market cap of $9.29 billion, a P/E ratio of 10.22, a PEG ratio of 0.84 and a beta of 1.57.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.17. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same period in the prior year, the company posted $1.36 EPS. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, equities analysts forecast that Tapestry will post 4.25 EPS for the current fiscal year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.46%. Tapestry’s dividend payout ratio is currently 35.35%.

Hedge Funds Weigh In On Tapestry

Hedge funds have recently made changes to their positions in the stock. MetLife Investment Management LLC raised its stake 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 worth $2,712,000 after acquiring an additional 12,222 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Tapestry by 2.3% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 35,323 shares of the luxury accessories retailer’s stock worth $1,312,000 after acquiring an additional 788 shares in the last quarter. Great West Life Assurance Co. Can raised its stake in Tapestry by 1.9% during the 1st quarter. Great West Life Assurance Co. Can now owns 56,357 shares of the luxury accessories retailer’s stock worth $2,176,000 after acquiring an additional 1,045 shares in the last quarter. Sei Investments Co. raised its stake in Tapestry by 34.5% during the 1st quarter. Sei Investments Co. now owns 435,569 shares of the luxury accessories retailer’s stock worth $16,189,000 after acquiring an additional 111,610 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its stake 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 worth $41,000 after acquiring an additional 994 shares in 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.