Tapestry (NYSE:TPR) Cut to Hold at StockNews.com

Tapestry (NYSE:TPR) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Monday.

TPR has been the topic of several other reports. JPMorgan Chase & Co. increased their price target on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday. Telsey Advisory Group reiterated an “outperform” rating and set a $54.00 target price on shares of Tapestry in a research report on Thursday, August 15th. UBS Group cut their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Evercore ISI raised their target price on shares of Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, The Goldman Sachs Group increased their target price on Tapestry from $47.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.73.

Tapestry Stock Performance

Shares of TPR traded down $0.02 during trading hours on Monday, hitting $50.47. The stock had a trading volume of 5,441,610 shares, compared to its average volume of 3,252,473. The firm has a market capitalization of $11.60 billion, a PE ratio of 13.35, a PEG ratio of 1.67 and a beta of 1.53. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. Tapestry has a 12 month low of $25.99 and a 12 month high of $51.96. The stock has a fifty day moving average price of $43.74 and a 200 day moving average price of $41.95.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the company posted $0.95 EPS. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. Analysts anticipate that Tapestry will post 4.47 EPS for the current year.

Hedge Funds Weigh In On Tapestry

Several hedge funds have recently bought and sold shares of the business. Mather Group LLC. grew its holdings in shares of Tapestry by 12.9% in the second quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock worth $104,000 after purchasing an additional 249 shares during the last quarter. Legend Financial Advisors Inc. raised its holdings in shares of Tapestry by 1.9% in the second quarter. Legend Financial Advisors Inc. now owns 13,570 shares of the luxury accessories retailer’s stock valued at $581,000 after acquiring an additional 257 shares in the last quarter. Empirical Finance LLC lifted its stake in Tapestry by 3.3% in the first quarter. Empirical Finance LLC now owns 8,742 shares of the luxury accessories retailer’s stock worth $415,000 after acquiring an additional 276 shares during the period. GAMMA Investing LLC grew its holdings in Tapestry by 4.8% during the 3rd quarter. GAMMA Investing LLC now owns 6,095 shares of the luxury accessories retailer’s stock worth $286,000 after acquiring an additional 280 shares in the last quarter. Finally, MUFG Securities EMEA plc increased its position in Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after purchasing an additional 317 shares during the period. Institutional investors own 90.77% of the company’s stock.

About Tapestry

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.