Tapestry, Inc. (NYSE:TPR) Sees Large Decrease in Short Interest

Tapestry, Inc. (NYSE:TPR) was the recipient of a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 16,410,000 shares, a decrease of 23.5% from the March 15th total of 21,450,000 shares. Currently, 8.0% of the shares of the company are sold short. Based on an average daily trading volume, of 6,070,000 shares, the days-to-cover ratio is currently 2.7 days.

Insiders Place Their Bets

In related news, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the transaction, the general counsel now directly owns 38,609 shares of the company’s stock, valued at $3,397,592. This represents a 23.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Todd Kahn sold 7,786 shares of Tapestry stock in a transaction on Friday, February 21st. The shares were sold at an average price of $87.59, for a total value of $681,975.74. Following the sale, the chief executive officer now directly owns 201,531 shares in the company, valued at $17,652,100.29. The trade was a 3.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,537 shares of company stock valued at $5,730,589 over the last three months. Company insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

A number of hedge funds have recently bought and sold shares of TPR. Southpoint Capital Advisors LP acquired a new position in Tapestry in the 4th quarter valued at approximately $130,660,000. Price T Rowe Associates Inc. MD boosted its stake in Tapestry by 593.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer’s stock worth $143,198,000 after buying an additional 1,875,753 shares in the last quarter. Norges Bank acquired a new position in shares of Tapestry in the 4th quarter valued at $114,199,000. Point72 Asset Management L.P. bought a new position in shares of Tapestry during the 4th quarter worth about $101,433,000. Finally, Candlestick Capital Management LP bought a new stake in Tapestry in the fourth quarter valued at about $66,902,000. 90.77% of the stock is owned by institutional investors.

Tapestry Stock Down 2.9 %

Shares of Tapestry stock traded down $1.87 during midday trading on Monday, reaching $61.77. 1,219,944 shares of the company’s stock traded hands, compared to its average volume of 4,165,646. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. Tapestry has a 52 week low of $35.23 and a 52 week high of $90.85. The company’s 50 day simple moving average is $74.24 and its 200 day simple moving average is $65.41. The company has a market cap of $12.79 billion, a price-to-earnings ratio of 17.90, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37.

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, topping the consensus estimate of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same quarter in the prior year, the firm posted $1.63 earnings per share. Equities analysts expect that Tapestry will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date was Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is currently 40.58%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on TPR shares. Jefferies Financial Group lifted their target price on Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Raymond James reissued an “outperform” rating and set a $88.00 target price (up from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Barclays dropped their price target on Tapestry from $100.00 to $83.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Wells Fargo & Company boosted their target price on Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Finally, Guggenheim lifted their price target on Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and an average target price of $79.00.

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.