Tapestry, Inc. (NYSE:TPR) Short Interest Down 19.3% in August

Tapestry, Inc. (NYSE:TPR) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 3,590,000 shares, a drop of 19.3% from the August 15th total of 4,450,000 shares. Based on an average daily volume of 2,700,000 shares, the short-interest ratio is presently 1.3 days. Currently, 1.6% of the company’s stock are short sold.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Telsey Advisory Group reissued an “outperform” rating and set a $54.00 price target on shares of Tapestry in a research report on Thursday, August 15th. Evercore ISI reduced their price objective on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Wells Fargo & Company dropped their price objective on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. Citigroup cut their target price on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Finally, UBS Group decreased their price target on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.07.

Tapestry Stock Up 1.7 %

NYSE TPR opened at $42.76 on Monday. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. The company has a market cap of $9.84 billion, a price-to-earnings ratio of 11.31, a PEG ratio of 1.55 and a beta of 1.54. The company has a 50 day moving average of $40.52 and a 200-day moving average of $42.11. Tapestry has a 1-year low of $25.99 and a 1-year high of $48.80.

Tapestry (NYSE:TPR) last issued 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. The company had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. Tapestry’s revenue was down 1.8% on a year-over-year basis. During the same quarter last year, the business earned $0.95 earnings per share. On average, equities research analysts expect that Tapestry will post 4.47 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Friday, September 6th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, September 6th. This represents a $1.40 annualized dividend and a dividend yield of 3.27%. Tapestry’s dividend payout ratio is 37.04%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TPR. Sanctuary Advisors LLC bought a new position in shares of Tapestry in the 2nd quarter valued at $1,025,000. Coronation Fund Managers Ltd. grew its position in Tapestry by 68.3% in the second quarter. Coronation Fund Managers Ltd. now owns 481,427 shares of the luxury accessories retailer’s stock valued at $20,600,000 after acquiring an additional 195,325 shares during the last quarter. Kestra Investment Management LLC acquired a new position in Tapestry during the second quarter worth about $444,000. Dana Investment Advisors Inc. raised its stake in Tapestry by 1.1% during the second quarter. Dana Investment Advisors Inc. now owns 334,229 shares of the luxury accessories retailer’s stock worth $14,302,000 after acquiring an additional 3,534 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Tapestry by 10.5% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 482,578 shares of the luxury accessories retailer’s stock worth $20,650,000 after acquiring an additional 46,000 shares during the last quarter. 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.