Tapestry (NYSE:TPR) Earns Neutral Rating from MKM Partners

MKM Partners reiterated their neutral rating on shares of Tapestry (NYSE:TPR) in a report issued on Friday, BenzingaRatingsTable reports. The firm currently has a $21.00 price objective on the luxury accessories retailer’s stock, down from their previous price objective of $52.00.

A number of other analysts have also weighed in on the stock. Bank of America set a $48.00 price objective on shares of Tapestry and gave the stock a buy rating in a research note on Friday, May 10th. Standpoint Research upgraded shares of Tapestry from a hold rating to a buy rating in a research note on Thursday, May 9th. Goldman Sachs Group lowered shares of Tapestry from a buy rating to a neutral rating and cut their price objective for the stock from $43.00 to $24.00 in a research note on Friday. KeyCorp cut their price objective on shares of Tapestry from $42.00 to $30.00 and set an overweight rating on the stock in a research note on Friday. Finally, UBS Group increased their price objective on shares of Tapestry from $50.00 to $51.00 and gave the stock a buy rating in a research note on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seventeen have assigned a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $38.00.

Shares of Tapestry stock opened at $19.96 on Friday. The company has a current ratio of 2.79, a quick ratio of 1.86 and a debt-to-equity ratio of 0.46. Tapestry has a 12-month low of $18.54 and a 12-month high of $52.49. The firm has a market capitalization of $5.64 billion, a price-to-earnings ratio of 7.77, a PEG ratio of 0.64 and a beta of 0.88. The firm’s 50 day simple moving average is $29.33 and its two-hundred day simple moving average is $31.72.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.61. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 10.68% and a return on equity of 21.64%. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.60 earnings per share. On average, sell-side analysts predict that Tapestry will post 2.67 EPS for the current fiscal year.

In related news, Director Annabelle Yu Long sold 3,229 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $28.93, for a total transaction of $93,414.97. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Darrell Cavens purchased 7,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were purchased at an average cost of $30.01 per share, for a total transaction of $210,070.00. The disclosure for this purchase can be found here. Corporate insiders own 0.70% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nelson Roberts Investment Advisors LLC purchased a new stake in Tapestry during the first quarter worth $26,000. Avestar Capital LLC lifted its holdings in Tapestry by 2,225.0% during the first quarter. Avestar Capital LLC now owns 1,209 shares of the luxury accessories retailer’s stock valued at $39,000 after purchasing an additional 1,157 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in Tapestry by 1,079.0% during the first quarter. Quadrant Capital Group LLC now owns 1,403 shares of the luxury accessories retailer’s stock valued at $44,000 after purchasing an additional 1,284 shares in the last quarter. NumerixS Investment Technologies Inc purchased a new position in Tapestry during the second quarter valued at $50,000. Finally, CSat Investment Advisory L.P. lifted its holdings in Tapestry by 106.7% during the second quarter. CSat Investment Advisory L.P. now owns 1,827 shares of the luxury accessories retailer’s stock valued at $58,000 after purchasing an additional 943 shares in the last quarter. 87.42% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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Analyst Recommendations for Tapestry (NYSE:TPR)

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