Stock Traders Buy High Volume of Put Options on Tapestry (NYSE:TPR)


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Tapestry, Inc. (NYSE:TPR) saw some unusual options trading on Monday. Stock traders bought 5,744 put options on the company. This represents an increase of approximately 875% compared to the typical volume of 589 put options.

NYSE TPR opened at $48.54 on Tuesday. Tapestry has a 52 week low of $11.51 and a 52 week high of $49.42. The firm has a 50 day moving average of $44.35 and a two-hundred day moving average of $34.92. The company has a quick ratio of 1.12, a current ratio of 1.56 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $13.49 billion, a PE ratio of -30.34, a price-to-earnings-growth ratio of 1.28 and a beta of 1.33.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 4th. The luxury accessories retailer reported $1.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.00 by $0.15. The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Tapestry had a negative net margin of 9.22% and a positive return on equity of 11.91%. The company’s revenue for the quarter was down 6.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.10 EPS. On average, equities research analysts expect that Tapestry will post 2.27 earnings per share for the current fiscal year.

TPR has been the topic of a number of research analyst reports. Morgan Stanley upped their price target on Tapestry from $23.00 to $34.00 and gave the company an “equal weight” rating in a report on Monday, February 8th. JPMorgan Chase & Co. raised their price target on shares of Tapestry from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Thursday, January 7th. Barclays boosted their price objective on shares of Tapestry from $39.00 to $44.00 and gave the company an “overweight” rating in a research report on Friday, February 5th. They noted that the move was a valuation call. Citigroup raised their target price on Tapestry from $36.00 to $40.00 in a report on Monday, February 8th. Finally, Zacks Investment Research lowered Tapestry from a “buy” rating to a “hold” rating and set a $48.00 price target for the company. in a report on Monday, April 12th. Seven analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $36.43.

In related news, CEO Todd Kahn sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, February 11th. The stock was sold at an average price of $40.06, for a total value of $801,200.00. Following the sale, the chief executive officer now owns 206,460 shares in the company, valued at approximately $8,270,787.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ivan Menezes sold 5,438 shares of the firm’s stock in a transaction on Tuesday, March 9th. The shares were sold at an average price of $43.04, for a total value of $234,051.52. Following the transaction, the director now owns 37,079 shares of the company’s stock, valued at $1,595,880.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,602 shares of company stock valued at $1,042,053. 1.40% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Pinnacle Bancorp Inc. increased its holdings in shares of Tapestry by 62.4% in the 1st quarter. Pinnacle Bancorp Inc. now owns 731 shares of the luxury accessories retailer’s stock valued at $30,000 after acquiring an additional 281 shares during the last quarter. Optimum Investment Advisors acquired a new position in shares of Tapestry in the 1st quarter valued at $35,000. Parkside Financial Bank & Trust grew its position in shares of Tapestry by 86.8% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,291 shares of the luxury accessories retailer’s stock valued at $40,000 after buying an additional 600 shares during the last quarter. Royal London Asset Management Ltd. acquired a new stake in Tapestry during the 4th quarter worth $47,000. Finally, DB Wealth Management Group LLC purchased a new stake in Tapestry in the fourth quarter valued at $47,000. 85.85% of the stock is owned by institutional investors.

Tapestry Company Profile

Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade, Stuart Weitzman, and Corporate. The Coach segment consists global sales of coach brand products to customers through coach operated stores, including the internet and concession shop-in-shops, and sales to wholesale customers, and through independent third party distributors.

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