Tapestry (NYSE:TPR) Upgraded at StockNews.com

Tapestry (NYSE:TPR) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Friday.

A number of other brokerages have also recently weighed in on TPR. Evercore ISI lifted their price target on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. Bank of America boosted their target price on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Guggenheim raised their price target on Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday. Barclays boosted their price objective on Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a report on Friday. Finally, Raymond James restated an “outperform” rating and set a $88.00 target price (up from $79.00) on shares of Tapestry in a report on Friday. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $73.17.

Tapestry Stock Performance

Shares of NYSE TPR traded down $1.92 during trading on Friday, reaching $80.28. 7,820,487 shares of the company traded hands, compared to its average volume of 5,063,234. Tapestry has a 12-month low of $35.23 and a 12-month high of $87.87. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. The stock has a market cap of $18.71 billion, a P/E ratio of 23.20, a PEG ratio of 2.07 and a beta of 1.58. The firm’s fifty day simple moving average is $68.08 and its 200 day simple moving average is $53.27.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. During the same period in the previous year, the company posted $1.63 EPS. As a group, research analysts anticipate that Tapestry will post 4.63 earnings per share for the current fiscal year.

Insider Transactions at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the transaction, the vice president now directly owns 35,003 shares in the company, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On Tapestry

Several institutional investors and hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. lifted its position in shares of Tapestry by 7.5% in the third quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock valued at $20,381,000 after acquiring an additional 30,121 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Tapestry in the 3rd quarter valued at about $5,446,000. Valley Wealth Managers Inc. lifted its holdings in Tapestry by 2.1% in the 3rd quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock valued at $19,971,000 after purchasing an additional 8,833 shares in the last quarter. Decker Retirement Planning Inc. acquired a new stake in shares of Tapestry during the 4th quarter worth about $3,437,000. Finally, Westfield Capital Management Co. LP grew its holdings in shares of Tapestry by 14.8% during the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after buying an additional 219,544 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Company Profile

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.