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

StockNews.com downgraded shares of Tapestry (NYSE:TPR) from a buy rating to a hold rating in a research note published on Tuesday morning.

Several other equities research analysts also recently issued reports on the company. Citigroup dropped their price objective on Tapestry from $50.00 to $49.00 and set a buy rating on the stock in a report on Tuesday, August 6th. Evercore ISI decreased their target price on Tapestry from $53.00 to $47.00 and set an outperform rating for the company in a research report on Friday, August 9th. UBS Group decreased their target price on Tapestry from $42.00 to $40.00 and set a neutral rating for the company in a research report on Friday, August 16th. Telsey Advisory Group reiterated an outperform rating and issued a $54.00 target price on shares of Tapestry in a research report on Thursday, August 15th. Finally, Argus reiterated a buy rating and issued a $52.00 target price on shares of Tapestry in a research report on Tuesday, June 18th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $47.07.

Tapestry Stock Performance

NYSE TPR opened at $43.28 on Tuesday. The firm has a market capitalization of $9.94 billion, a P/E ratio of 11.45, a P/E/G ratio of 1.55 and a beta of 1.54. Tapestry has a 1-year low of $25.99 and a 1-year high of $48.80. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. The business’s 50-day simple moving average is $40.55 and its 200-day simple moving average is $42.08.

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

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, September 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a yield of 3.23%. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Fidelis Capital Partners LLC acquired a new position in Tapestry during the 1st quarter worth $35,000. BNP Paribas acquired a new position in Tapestry during the 1st quarter worth $38,000. Massmutual Trust Co. FSB ADV boosted its position in Tapestry by 54.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after acquiring an additional 328 shares during the period. Blue Trust Inc. boosted its position in Tapestry by 111.9% during the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after acquiring an additional 556 shares during the period. Finally, MUFG Securities EMEA plc boosted 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 worth $52,000 after acquiring an additional 317 shares during the period. Institutional investors and hedge funds 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.