Morgan Stanley Reaffirms Equal Weight Rating for Tapestry (NYSE:TPR)

Tapestry (NYSE:TPR)‘s stock had its “equal weight” rating restated by research analysts at Morgan Stanley in a research report issued on Tuesday,Benzinga reports. They currently have a $65.00 price objective on the luxury accessories retailer’s stock. Morgan Stanley’s target price points to a potential downside of 9.06% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Evercore ISI lifted their price target on shares of Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Jefferies Financial Group upgraded Tapestry from a “hold” rating to a “buy” rating and raised their price objective for the stock from $50.00 to $80.00 in a report on Thursday, December 19th. TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price for the company. in a research note on Tuesday, October 29th. Citigroup raised their price target on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, BMO Capital Markets upped their price objective on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, November 18th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $64.78.

Tapestry Stock Up 2.7 %

Shares of NYSE TPR opened at $71.48 on Tuesday. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The firm’s 50-day moving average is $63.25 and its two-hundred day moving average is $50.21. The company has a market capitalization of $16.66 billion, a PE ratio of 20.66, a price-to-earnings-growth ratio of 2.03 and a beta of 1.58. Tapestry has a 12-month low of $35.23 and a 12-month high of $72.09.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the transaction, the vice president now owns 35,003 shares of the company’s stock, valued at $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.18% of the company’s stock.

Hedge Funds Weigh In On Tapestry

Several institutional investors have recently made changes to their positions in TPR. Victory Capital Management Inc. grew its stake in Tapestry by 7.5% during the 3rd quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock worth $20,381,000 after buying an additional 30,121 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Tapestry in the third quarter valued at approximately $5,446,000. Valley Wealth Managers Inc. raised its holdings in shares of Tapestry by 2.1% during the third quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock valued at $19,971,000 after buying an additional 8,833 shares during the last quarter. Westfield Capital Management Co. LP boosted its position in shares of Tapestry by 14.8% during the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after buying an additional 219,544 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new position in Tapestry in the 3rd quarter worth approximately $2,064,000. 90.77% of the stock is owned by institutional investors.

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.