Tapestry, Inc. (NYSE:TPR) Given Average Recommendation of “Moderate Buy” by Brokerages

Tapestry, Inc. (NYSE:TPR) has been assigned an average recommendation of “Moderate Buy” from the fifteen research firms that are presently covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $47.44.

A number of research firms recently weighed in on TPR. Robert W. Baird reduced their price objective on Tapestry from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. Argus reaffirmed a “buy” rating and issued a $52.00 price target on shares of Tapestry in a research report on Tuesday, June 18th. Bernstein Bank increased their price objective on shares of Tapestry from $46.00 to $48.00 in a research report on Thursday, May 9th. Citigroup reduced their price objective 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, StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Wednesday, August 7th.

Tapestry Price Performance

Shares of TPR opened at $39.20 on Friday. Tapestry has a fifty-two week low of $25.99 and a fifty-two week high of $48.80. The firm’s 50-day simple moving average is $40.85 and its two-hundred day simple moving average is $42.52. The stock has a market cap of $9.01 billion, a PE ratio of 10.37, a price-to-earnings-growth ratio of 0.79 and a beta of 1.59. The company has a debt-to-equity ratio of 2.77, a quick ratio of 5.98 and a current ratio of 6.59.

Insider Buying and Selling at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 2,500 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $42.23, for a total transaction of $105,575.00. Following the completion of the sale, the vice president now directly owns 37,173 shares in the company, valued at approximately $1,569,815.79. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tapestry

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Research Global Investors grew its holdings in Tapestry by 8.5% during the first quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock valued at $296,212,000 after purchasing an additional 489,933 shares during the period. Pacer Advisors Inc. grew its stake in shares of Tapestry by 53.1% during the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock valued at $257,623,000 after acquiring an additional 2,087,586 shares during the period. Franklin Resources Inc. increased its holdings in Tapestry by 0.9% in the 4th quarter. Franklin Resources Inc. now owns 5,954,829 shares of the luxury accessories retailer’s stock worth $219,197,000 after acquiring an additional 54,647 shares in the last quarter. Ninety One UK Ltd raised its stake in Tapestry by 12.7% during the 4th quarter. Ninety One UK Ltd now owns 5,321,308 shares of the luxury accessories retailer’s stock worth $195,877,000 after acquiring an additional 597,715 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Tapestry by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock valued at $151,965,000 after purchasing an additional 165,406 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other 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.