Investors Buy Large Volume of Put Options on Kate Spade & Co (KATE)

Kate Spade & Co (NYSE:KATE) was the recipient of some unusual options trading on Friday. Traders bought 34,603 put options on the stock. This represents an increase of 480% compared to the typical daily volume of 5,969 put options.

Shares of Kate Spade & Co (NYSE:KATE) traded down 1.90% during trading on Friday, hitting $17.54. The stock had a trading volume of 4,849,728 shares. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of 14.79 and a beta of 1.62. The stock’s 50 day moving average is $21.96 and its 200 day moving average is $18.71. Kate Spade & Co has a 52 week low of $14.02 and a 52 week high of $26.46.

Kate Spade & Co (NYSE:KATE) last released its quarterly earnings data on Tuesday, April 18th. The textile maker reported $0.01 EPS for the quarter, missing the Zacks’ consensus estimate of $0.07 by $0.06. Kate Spade & Co had a net margin of 9.67% and a return on equity of 27.34%. The firm earned $271 million during the quarter, compared to the consensus estimate of $299.08 million. During the same quarter in the prior year, the company earned $0.05 EPS. Kate Spade & Co’s quarterly revenue was down 1.1% on a year-over-year basis. On average, equities research analysts expect that Kate Spade & Co will post $0.82 earnings per share for the current fiscal year.

Several analysts recently commented on KATE shares. Mizuho restated a “buy” rating and issued a $21.00 target price on shares of Kate Spade & Co in a research report on Wednesday, December 28th. SunTrust Banks, Inc. raised their target price on Kate Spade & Co from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, December 30th. Oppenheimer Holdings Inc. restated a “hold” rating on shares of Kate Spade & Co in a research report on Thursday, January 12th. Cowen and Company restated a “market perform” rating and issued a $20.00 target price (up from $16.00) on shares of Kate Spade & Co in a research report on Friday, January 13th. Finally, Bank of America Corp cut Kate Spade & Co from a “buy” rating to a “neutral” rating and raised their target price for the company from $18.28 to $20.00 in a research report on Thursday, January 19th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $22.73.

Several hedge funds have recently added to or reduced their stakes in the stock. Riverhead Capital Management LLC boosted its stake in Kate Spade & Co by 3.2% in the third quarter. Riverhead Capital Management LLC now owns 6,300 shares of the textile maker’s stock worth $108,000 after buying an additional 195 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Kate Spade & Co by 126.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 6,579 shares of the textile maker’s stock worth $122,000 after buying an additional 3,671 shares in the last quarter. Asset Management One Co. Ltd. purchased a new stake in Kate Spade & Co during the fourth quarter worth approximately $127,000. Advisor Group Inc. boosted its stake in Kate Spade & Co by 5.0% in the third quarter. Advisor Group Inc. now owns 6,885 shares of the textile maker’s stock worth $118,000 after buying an additional 329 shares in the last quarter. Finally, LS Investment Advisors LLC boosted its stake in Kate Spade & Co by 5.6% in the third quarter. LS Investment Advisors LLC now owns 8,314 shares of the textile maker’s stock worth $142,000 after buying an additional 439 shares in the last quarter. Institutional investors and hedge funds own 98.36% of the company’s stock.

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Kate Spade & Co Company Profile

Kate Spade & Company is engaged in the design and marketing of a range of accessories and apparel. It operates through three segments. The KATE SPADE North America segment consists of the Company’s kate spade new york and JACK SPADE brands in North America. The KATE SPADE International segment consists of the Company’s kate spade new york and JACK SPADE brands in international markets, which operates principally in Japan, Asia (excluding Japan), Europe and Latin America).

5 Day Chart for NYSE:KATE

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