Zacks Investment Research cut shares of Tiffany & Co. (NYSE:TIF) from a buy rating to a hold rating in a research note published on Monday morning.
According to Zacks, “Tiffany's omni-channel platform, store expansion plans, tapping of new markets and venturing into new revenue generating areas has aided it to outpace the industry in a year. Additionally, the company delivered fifth straight quarter of positive earnings surprise, when it posted second-quarter fiscal 2017 results. Net sales also grew and beat the Zacks consensus mark. The company registered sturdy wholesale sales of diamonds, higher wholesale sales in the Asia-Pacific region and robust e-Commerce sales growth. Management continues to project mid-single-digit-percentage increase in earnings per share and low-single-digit percentage growth in net sales in fiscal 2017. However, Tiffany pointed that despite its sustained cost containment efforts it expects full year SG&A expense to increase at a marginally higher rate than sales. Moreover, we observed that the comparable-store sales have been struggling for quite some time now.”
TIF has been the topic of several other research reports. BidaskClub raised Tiffany & Co. from a buy rating to a strong-buy rating in a research report on Tuesday, July 25th. Oppenheimer Holdings, Inc. reissued a buy rating on shares of Tiffany & Co. in a research report on Friday, October 13th. Susquehanna Bancshares Inc began coverage on Tiffany & Co. in a research report on Thursday, November 2nd. They set a neutral rating and a $100.00 target price on the stock. Needham & Company LLC began coverage on Tiffany & Co. in a research report on Tuesday, July 18th. They set a hold rating on the stock. Finally, KeyCorp reaffirmed a hold rating on shares of Tiffany & Co. in a research report on Wednesday, October 11th. Twelve equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $94.91.
Shares of Tiffany & Co. (TIF) traded up $0.43 during midday trading on Monday, hitting $92.94. The stock had a trading volume of 1,331,300 shares, compared to its average volume of 1,659,063. The company has a quick ratio of 2.29, a current ratio of 5.75 and a debt-to-equity ratio of 0.28. Tiffany & Co. has a 1-year low of $75.72 and a 1-year high of $97.29. The firm has a market cap of $11,830.00, a price-to-earnings ratio of 23.90, a PEG ratio of 2.17 and a beta of 1.96.
Tiffany & Co. (NYSE:TIF) last issued its earnings results on Thursday, August 24th. The specialty retailer reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.06. Tiffany & Co. had a return on equity of 15.91% and a net margin of 11.41%. The business had revenue of $960.00 million for the quarter, compared to analyst estimates of $930.19 million. During the same quarter last year, the company earned $0.84 EPS. The business’s quarterly revenue was up 3.0% on a year-over-year basis. sell-side analysts forecast that Tiffany & Co. will post 3.95 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Wednesday, December 20th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.15%. Tiffany & Co.’s dividend payout ratio (DPR) is presently 54.20%.
In related news, major shareholder Qatar Investment Authority sold 4,400,000 shares of Tiffany & Co. stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $94.16, for a total value of $414,304,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert S. Singer purchased 1,000 shares of the firm’s stock in a transaction that occurred on Monday, September 25th. The stock was acquired at an average price of $88.13 per share, for a total transaction of $88,130.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 267,064 shares of company stock worth $23,789,094. Company insiders own 1.40% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Tiffany & Co. by 2.6% in the second quarter. Vanguard Group Inc. now owns 12,229,111 shares of the specialty retailer’s stock valued at $1,147,947,000 after buying an additional 310,235 shares in the last quarter. First Eagle Investment Management LLC boosted its position in Tiffany & Co. by 2.7% during the second quarter. First Eagle Investment Management LLC now owns 4,140,990 shares of the specialty retailer’s stock worth $388,715,000 after purchasing an additional 109,926 shares in the last quarter. Investec Asset Management LTD boosted its position in Tiffany & Co. by 9.1% during the third quarter. Investec Asset Management LTD now owns 2,290,293 shares of the specialty retailer’s stock worth $210,203,000 after purchasing an additional 191,783 shares in the last quarter. Victory Capital Management Inc. boosted its position in Tiffany & Co. by 22.4% during the third quarter. Victory Capital Management Inc. now owns 2,247,321 shares of the specialty retailer’s stock worth $206,259,000 after purchasing an additional 411,487 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in Tiffany & Co. by 22.9% during the third quarter. Janus Henderson Group PLC now owns 1,490,254 shares of the specialty retailer’s stock worth $136,776,000 after purchasing an additional 277,753 shares in the last quarter. Hedge funds and other institutional investors own 79.42% of the company’s stock.
About Tiffany & Co.
Tiffany & Co is a holding company that operates through its subsidiary companies. The Company’s principal subsidiary, Tiffany and Company (Tiffany), is a jeweler and specialty retailer. The Company’s segments include Americas, Asia-Pacific, Japan, Europe and Other. Through its subsidiaries, the Company designs and manufactures products and operates TIFFANY & CO.
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