Tapestry (NYSE:TPR) Shares Gap Down – Here’s What Happened

Shares of Tapestry, Inc. (NYSE:TPR) gapped down before the market opened on Thursday . The stock had previously closed at $109.31, but opened at $94.60. Tapestry shares last traded at $98.4450, with a volume of 2,528,418 shares traded.

Analyst Ratings Changes

TPR has been the topic of several research analyst reports. Telsey Advisory Group reissued an “outperform” rating and set a $125.00 target price on shares of Tapestry in a research note on Friday, October 31st. Sanford C. Bernstein reissued an “outperform” rating and set a $112.00 target price on shares of Tapestry in a research note on Friday, August 15th. Bank of America cut shares of Tapestry from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $95.00 to $115.00 in a research note on Tuesday, July 29th. UBS Group lowered their price objective on shares of Tapestry from $112.00 to $105.00 and set a “neutral” rating on the stock in a research note on Friday, August 15th. Finally, BTIG Research assumed coverage on shares of Tapestry in a research note on Tuesday, October 14th. They issued a “buy” rating and a $140.00 price objective on the stock. Eighteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $115.80.

Tapestry Price Performance

The company has a debt-to-equity ratio of 2.77, a current ratio of 1.87 and a quick ratio of 1.31. The stock has a market capitalization of $20.59 billion, a price-to-earnings ratio of 157.63, a PEG ratio of 2.72 and a beta of 1.71. The stock’s 50 day simple moving average is $110.98 and its 200-day simple moving average is $96.88.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, November 6th. The luxury accessories retailer reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.13. Tapestry had a net margin of 2.61% and a return on equity of 68.02%. The firm had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the company earned $0.84 earnings per share. The company’s revenue was up 13.1% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 5.450-5.600 EPS. On average, analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 22nd. Stockholders of record on Friday, September 5th were given a $0.40 dividend. This is a positive change from Tapestry’s previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, September 5th. Tapestry’s payout ratio is 253.97%.

Insiders Place Their Bets

In related news, Director Alan Ka Ming Lau sold 11,320 shares of the business’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $106.19, for a total transaction of $1,202,070.80. Following the transaction, the director owned 8,153 shares of the company’s stock, valued at approximately $865,767.07. The trade was a 58.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Manesh Dadlani sold 7,882 shares of the business’s stock in a transaction on Monday, August 25th. The stock was sold at an average price of $99.05, for a total transaction of $780,712.10. Following the transaction, the vice president directly owned 21,098 shares in the company, valued at $2,089,756.90. This trade represents a 27.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.32% of the company’s stock.

Institutional Investors Weigh In On Tapestry

Several institutional investors and hedge funds have recently bought and sold shares of the business. Nisa Investment Advisors LLC grew its holdings in shares of Tapestry by 16.7% during the first quarter. Nisa Investment Advisors LLC now owns 63,342 shares of the luxury accessories retailer’s stock worth $4,460,000 after purchasing an additional 9,049 shares during the last quarter. Jump Financial LLC grew its holdings in Tapestry by 1,025.9% during the 1st quarter. Jump Financial LLC now owns 79,702 shares of the luxury accessories retailer’s stock worth $5,612,000 after acquiring an additional 72,623 shares during the last quarter. Allworth Financial LP raised its stake in shares of Tapestry by 689.0% in the first quarter. Allworth Financial LP now owns 13,374 shares of the luxury accessories retailer’s stock worth $913,000 after acquiring an additional 11,679 shares during the last quarter. Nuveen LLC bought a new position in shares of Tapestry in the first quarter worth about $59,133,000. Finally, Neo Ivy Capital Management bought a new stake in shares of Tapestry during the first quarter valued at approximately $1,476,000. Institutional investors own 90.77% of the company’s stock.

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.