Levin Capital Strategies L.P. trimmed its position in shares of Tiffany & Co. (NYSE:TIF) by 5.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,372 shares of the specialty retailer’s stock after selling 562 shares during the period. Levin Capital Strategies L.P.’s holdings in Tiffany & Co. were worth $1,338,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in TIF. Millennium Management LLC increased its holdings in Tiffany & Co. by 81.2% in the 2nd quarter. Millennium Management LLC now owns 1,955,023 shares of the specialty retailer’s stock valued at $257,281,000 after acquiring an additional 876,176 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Tiffany & Co. by 242.7% in the 2nd quarter. Renaissance Technologies LLC now owns 1,034,900 shares of the specialty retailer’s stock valued at $136,193,000 after acquiring an additional 732,900 shares during the last quarter. Artisan Partners Limited Partnership bought a new stake in Tiffany & Co. in the 2nd quarter valued at $58,797,000. Bank of Montreal Can bought a new stake in Tiffany & Co. in the 2nd quarter valued at $56,287,000. Finally, Morgan Stanley increased its holdings in Tiffany & Co. by 49.4% in the 2nd quarter. Morgan Stanley now owns 1,076,833 shares of the specialty retailer’s stock valued at $141,711,000 after acquiring an additional 355,896 shares during the last quarter. Hedge funds and other institutional investors own 79.18% of the company’s stock.
In related news, Director Lawrence K. Fish sold 7,000 shares of Tiffany & Co. stock in a transaction dated Thursday, September 27th. The shares were sold at an average price of $129.40, for a total transaction of $905,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Francesco Trapani purchased 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 31st. The shares were purchased at an average cost of $124.13 per share, with a total value of $620,650.00. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 60,000 shares of company stock valued at $7,435,050 and sold 22,148 shares valued at $2,839,461. Company insiders own 1.30% of the company’s stock.
Tiffany & Co. (NYSE:TIF) last issued its quarterly earnings data on Tuesday, August 28th. The specialty retailer reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.16. Tiffany & Co. had a net margin of 10.16% and a return on equity of 18.67%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period last year, the company posted $0.92 EPS. The business’s revenue was up 12.1% on a year-over-year basis. As a group, research analysts expect that Tiffany & Co. will post 4.81 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 10th. Shareholders of record on Thursday, September 20th were paid a $0.55 dividend. The ex-dividend date of this dividend was Wednesday, September 19th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.01%. Tiffany & Co.’s payout ratio is currently 53.27%.
A number of analysts have issued reports on the stock. KeyCorp lifted their price target on shares of Tiffany & Co. from $140.00 to $150.00 and gave the company an “overweight” rating in a report on Wednesday, August 29th. Jefferies Financial Group reiterated a “buy” rating and issued a $160.00 price target on shares of Tiffany & Co. in a report on Tuesday, August 28th. UBS Group upgraded shares of Tiffany & Co. from a “market perform” rating to an “outperform” rating in a report on Wednesday, September 12th. CIBC upgraded shares of Tiffany & Co. from a “market perform” rating to an “outperform” rating in a report on Wednesday, September 12th. Finally, Oppenheimer upgraded shares of Tiffany & Co. from a “market perform” rating to an “outperform” rating and reduced their price target for the company from $152.00 to $145.00 in a report on Wednesday, September 12th. Eleven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Tiffany & Co. has an average rating of “Buy” and an average price target of $131.75.
About Tiffany & Co.
Tiffany & Co, through its subsidiaries, designs, manufactures, and retails jewelry and other items in the Americas, the Asia-Pacific, Japan, Europe, and internationally. The company offers jewelry collections, engagement rings, and wedding bands. It also sells timepieces, leather goods, sterling silver goods, china, crystal, stationery, eyewear, fragrances, and other accessories; and wholesales diamonds and earnings.
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