StockNews.com Upgrades Tapestry (NYSE:TPR) to Buy

Tapestry (NYSE:TPR) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Wednesday.

Other research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. reduced their price target on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a report on Friday, August 16th. Evercore ISI lowered their target price on Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Telsey Advisory Group restated an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a report on Thursday, August 15th. Citigroup decreased their price objective on Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Finally, Argus restated a “buy” rating and issued a $52.00 target price on shares of Tapestry in a research note on Tuesday, June 18th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Tapestry has an average rating of “Moderate Buy” and a consensus price target of $47.07.

Tapestry Price Performance

TPR opened at $47.00 on Wednesday. The company has a fifty day simple moving average of $40.81 and a 200 day simple moving average of $41.99. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. The stock has a market cap of $10.80 billion, a P/E ratio of 12.43, a P/E/G ratio of 1.64 and a beta of 1.54. Tapestry has a 12 month low of $25.99 and a 12 month high of $48.80.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the firm posted $0.95 earnings per share. Tapestry’s revenue was down 1.8% compared to the same quarter last year. On average, research analysts expect that Tapestry will post 4.47 EPS for the current year.

Institutional Investors Weigh In On Tapestry

Institutional investors and hedge funds have recently modified their holdings of the company. Capital Research Global Investors grew its holdings in Tapestry by 8.5% during the first quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock worth $296,212,000 after purchasing an additional 489,933 shares during the period. Pacer Advisors Inc. increased its holdings in shares of Tapestry by 53.1% during the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after acquiring an additional 2,087,586 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Tapestry by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock valued at $151,965,000 after acquiring an additional 165,406 shares during the period. Balyasny Asset Management L.P. acquired a new stake in Tapestry during the 4th quarter valued at $102,531,000. Finally, Bank of New York Mellon Corp boosted its position in Tapestry by 1.7% during the second quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock worth $116,928,000 after purchasing an additional 46,760 shares during the period. 90.77% of the stock is owned by institutional investors.

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.