Tapestry (NYSE:TPR) Cut to Market Perform at Telsey Advisory Group

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Telsey Advisory Group cut shares of Tapestry (NYSE:TPR) from an outperform rating to a market perform rating in a research note issued to investors on Thursday, The Fly reports.

A number of other analysts have also recently issued reports on TPR. Canaccord Genuity restated a buy rating and set a $41.00 target price on shares of Tapestry in a research note on Friday, May 10th. UBS Group raised their target price on shares of Tapestry from $50.00 to $51.00 and gave the stock a buy rating in a research note on Friday, May 10th. Goldman Sachs Group cut shares of Tapestry to a buy rating in a research note on Thursday, June 27th. Bank of America set a $48.00 price objective on shares of Tapestry and gave the stock a buy rating in a research note on Friday, May 10th. Finally, Standpoint Research upgraded shares of Tapestry from a hold rating to a buy rating in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and seventeen have given a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $38.00.

NYSE TPR opened at $19.96 on Thursday. The firm has a 50-day moving average of $29.33 and a 200-day moving average of $31.72. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.86 and a current ratio of 2.79. The stock has a market cap of $5.64 billion, a PE ratio of 7.77, a P/E/G ratio of 0.64 and a beta of 0.88. Tapestry has a 52-week low of $18.54 and a 52-week high of $52.49.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.61. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Tapestry had a net margin of 10.68% and a return on equity of 21.64%. Tapestry’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.60 EPS. As a group, analysts predict that Tapestry will post 2.67 EPS for the current fiscal year.

In other Tapestry news, Director Annabelle Yu Long sold 3,229 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $28.93, for a total transaction of $93,414.97. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Darrell Cavens bought 7,000 shares of Tapestry stock in a transaction on Tuesday, May 28th. The shares were acquired at an average cost of $30.01 per share, for a total transaction of $210,070.00. The disclosure for this purchase can be found here. Insiders own 0.70% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC lifted its position in shares of Tapestry by 20.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 95,224 shares of the luxury accessories retailer’s stock worth $3,094,000 after purchasing an additional 16,255 shares during the period. Marshall Wace North America L.P. lifted its position in shares of Tapestry by 88.7% in the 1st quarter. Marshall Wace North America L.P. now owns 213,963 shares of the luxury accessories retailer’s stock worth $6,951,000 after purchasing an additional 100,571 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Tapestry by 178.8% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 324,534 shares of the luxury accessories retailer’s stock worth $10,544,000 after purchasing an additional 208,123 shares during the period. Systematic Financial Management LP lifted its position in shares of Tapestry by 65.9% during the 1st quarter. Systematic Financial Management LP now owns 13,600 shares of the luxury accessories retailer’s stock valued at $442,000 after acquiring an additional 5,400 shares during the period. Finally, ZWJ Investment Counsel Inc. acquired a new position in shares of Tapestry during the 1st quarter valued at $4,007,000. Hedge funds and other institutional investors own 87.42% of the company’s stock.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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