Tapestry (NYSE:TPR) Given Neutral Rating at MKM Partners

MKM Partners reissued their neutral rating on shares of Tapestry (NYSE:TPR) in a research report released on Friday morning, BenzingaRatingsTable reports.

Several other research firms have also issued reports on TPR. OTR Global lowered Tapestry to a positive rating in a research report on Tuesday, April 23rd. Goldman Sachs Group lowered Tapestry from a buy rating to a neutral rating and reduced their price target for the stock from $43.00 to $24.00 in a research report on Friday. Piper Jaffray Companies lowered Tapestry from an overweight rating to a neutral rating and reduced their price target for the stock from $40.00 to $23.00 in a research report on Friday. Standpoint Research upgraded Tapestry from a hold rating to a buy rating in a research report on Thursday, May 9th. Finally, Zacks Investment Research upgraded Tapestry from a sell rating to a hold rating and set a $29.00 price target on the stock in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seventeen have assigned a buy rating to the stock. Tapestry presently has an average rating of Buy and an average target price of $39.30.

Shares of Tapestry stock traded up $0.51 during trading on Friday, hitting $19.96. 13,891,500 shares of the stock traded hands, compared to its average volume of 3,629,128. The company has a quick ratio of 1.86, a current ratio of 2.67 and a debt-to-equity ratio of 0.45. The stock has a market cap of $7.25 billion, a price-to-earnings ratio of 7.77, a PEG ratio of 0.82 and a beta of 0.88. The firm’s fifty day moving average is $29.33 and its 200-day moving average is $31.72. Tapestry has a 52 week low of $18.54 and a 52 week high of $52.49.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.61 EPS for the quarter, meeting the consensus estimate of $0.61. Tapestry had a return on equity of 22.08% and a net margin of 11.78%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the prior year, the company earned $0.60 EPS. The company’s revenue was up 2.0% on a year-over-year basis. On average, analysts forecast that Tapestry will post 2.83 earnings per share for the current fiscal year.

In other Tapestry news, Director Darrell Cavens acquired 7,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was acquired at an average price of $30.01 per share, for a total transaction of $210,070.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Annabelle Yu Long sold 3,229 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $28.93, for a total value of $93,414.97. The disclosure for this sale can be found here. Company insiders own 0.70% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its holdings in shares of Tapestry by 20.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,985,890 shares of the luxury accessories retailer’s stock valued at $67,026,000 after buying an additional 336,879 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Tapestry by 19.7% during the 4th quarter. Geode Capital Management LLC now owns 4,398,352 shares of the luxury accessories retailer’s stock valued at $148,221,000 after purchasing an additional 725,349 shares during the last quarter. Quantitative Systematic Strategies LLC acquired a new stake in Tapestry during the 1st quarter valued at $275,000. Meeder Asset Management Inc. lifted its holdings in Tapestry by 19.3% during the 1st quarter. Meeder Asset Management Inc. now owns 3,702 shares of the luxury accessories retailer’s stock valued at $120,000 after purchasing an additional 599 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in Tapestry by 20.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 95,224 shares of the luxury accessories retailer’s stock valued at $3,094,000 after purchasing an additional 16,255 shares during the last quarter. Institutional investors own 87.42% of the company’s stock.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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Analyst Recommendations for Tapestry (NYSE:TPR)

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