Stock Traders Buy Large Volume of Tapestry Put Options (NYSE:TPR)

Tapestry, Inc. (NYSE:TPR) was the recipient of unusually large options trading activity on Wednesday. Investors purchased 12,322 put options on the company. This represents an increase of 49% compared to the typical daily volume of 8,261 put options.

Wall Street Analysts Forecast Growth

TPR has been the subject of a number of research reports. Redburn Atlantic raised shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price for the company in a report on Tuesday, February 18th. Morgan Stanley reissued an “equal weight” rating and issued a $65.00 price objective on shares of Tapestry in a research note on Tuesday, January 21st. JPMorgan Chase & Co. raised their target price on shares of Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Telsey Advisory Group upped their price target on shares of Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a report on Monday, February 3rd. Finally, Barclays raised their price objective on Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $78.53.

Tapestry Price Performance

Tapestry stock opened at $73.70 on Thursday. The stock’s 50 day moving average is $77.61 and its 200 day moving average is $62.52. Tapestry has a one year low of $35.23 and a one year high of $90.85. The firm has a market cap of $15.26 billion, a P/E ratio of 21.36, a P/E/G ratio of 2.01 and a beta of 1.57. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period in the prior year, the company posted $1.63 EPS. As a group, research analysts expect that Tapestry will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.90%. Tapestry’s payout ratio is currently 40.58%.

Insiders Place Their Bets

In other news, CFO Scott A. Roe sold 25,727 shares of the business’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the completion of the transaction, the chief financial officer now owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. The trade was a 14.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd Kahn sold 7,786 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the sale, the chief executive officer now owns 201,531 shares of the company’s stock, valued at approximately $17,652,100.29. This represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,537 shares of company stock worth $5,730,589 over the last ninety days. Corporate insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Cerity Partners LLC increased its holdings in Tapestry by 179.1% in the third quarter. Cerity Partners LLC now owns 116,106 shares of the luxury accessories retailer’s stock worth $5,455,000 after purchasing an additional 74,509 shares in the last quarter. Kingsview Wealth Management LLC grew its position in shares of Tapestry by 25.3% during the 3rd quarter. Kingsview Wealth Management LLC now owns 6,661 shares of the luxury accessories retailer’s stock worth $313,000 after buying an additional 1,346 shares during the period. Algert Global LLC increased its stake in shares of Tapestry by 17.3% in the 3rd quarter. Algert Global LLC now owns 45,054 shares of the luxury accessories retailer’s stock valued at $2,117,000 after acquiring an additional 6,640 shares in the last quarter. Summit Trail Advisors LLC lifted its position in shares of Tapestry by 1.6% during the 3rd quarter. Summit Trail Advisors LLC now owns 16,273 shares of the luxury accessories retailer’s stock valued at $765,000 after acquiring an additional 251 shares during the period. Finally, Daiwa Securities Group Inc. boosted its stake in Tapestry by 14.9% during the third quarter. Daiwa Securities Group Inc. now owns 10,619 shares of the luxury accessories retailer’s stock worth $499,000 after acquiring an additional 1,380 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

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.