Tapestry (NYSE:TPR) Stock Rated Overweight in New Coverage at Cantor Fitzgerald

Analysts at Cantor Fitzgerald initiated coverage on shares of Tapestry (NYSE:TPR) in a research note issued to investors on Tuesday, Marketbeat.com reports. The firm set an “overweight” rating and a $159.00 price target on the luxury accessories retailer’s stock. Cantor Fitzgerald‘s target price indicates a potential upside of 16.72% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Argus decreased their target price on shares of Tapestry from $165.00 to $148.00 and set a “buy” rating on the stock in a research note on Tuesday, August 18th. Evercore decreased their price objective on shares of Tapestry from $175.00 to $160.00 and set an “outperform” rating on the stock in a research report on Friday, August 14th. Barclays lifted their target price on shares of Tapestry from $185.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday. Daiwa Securities Group raised shares of Tapestry from a “hold” rating to a “strong-buy” rating in a report on Monday, August 17th. Finally, Robert W. Baird cut their price target on Tapestry from $165.00 to $150.00 and set an “outperform” rating for the company in a research note on Tuesday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $167.26.

Tapestry Stock Up 2.6%

NYSE TPR opened at $136.22 on Tuesday. The stock’s 50-day moving average price is $117.62 and its 200-day moving average price is $136.97. The company has a quick ratio of 1.25, a current ratio of 1.75 and a debt-to-equity ratio of 3.44. Tapestry has a 52 week low of $99.00 and a 52 week high of $164.80. The company has a market capitalization of $27.16 billion, a P/E ratio of 17.53, a price-to-earnings-growth ratio of 1.58 and a beta of 1.44.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, November 5th. The luxury accessories retailer reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.26. The firm had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.85 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.38 EPS. On average, equities research analysts predict that Tapestry will post 8.29 earnings per share for the current year.

Insider Activity at Tapestry

In related news, insider Denise Kulikowsky sold 5,810 shares of the company’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $115.38, for a total transaction of $670,357.80. Following the completion of the transaction, the insider owned 21,136 shares in the company, valued at approximately $2,438,671.68. This represents a 21.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joanne C. Crevoiserat sold 27,761 shares of the firm’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the transaction, the chief executive officer directly owned 666,149 shares of the company’s stock, valued at $88,244,758.03. The trade was a 4.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.28% of the company’s stock.

Institutional Trading of Tapestry

Several hedge funds have recently bought and sold shares of TPR. BlackRock Inc. purchased a new position in shares of Tapestry during the second quarter valued at about $2,610,995,000. Bank of America Corp DE purchased a new position in Tapestry during the 2nd quarter valued at approximately $771,309,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Tapestry by 53.8% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,169,602 shares of the luxury accessories retailer’s stock valued at $317,586,000 after buying an additional 758,915 shares in the last quarter. Amundi grew its holdings in Tapestry by 96.0% during the 1st quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer’s stock valued at $249,751,000 after buying an additional 866,969 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Tapestry in the 2nd quarter worth approximately $175,291,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

About Tapestry