Tapestry (NYSE:TPR) Given Neutral Rating at MKM Partners

MKM Partners reissued their neutral rating on shares of Tapestry (NYSE:TPR) in a research note published on Friday morning, BenzingaRatingsTable reports.

Other equities research analysts also recently issued research reports about the company. OTR Global downgraded Tapestry to a positive rating in a report on Tuesday, April 23rd. Oppenheimer downgraded Tapestry from an outperform rating to a market perform rating in a report on Friday. Robert W. Baird set a $43.00 price target on Tapestry and gave the stock a buy rating in a report on Monday, August 12th. Credit Suisse Group downgraded Tapestry from an outperform rating to a neutral rating and decreased their price target for the stock from $38.00 to $22.00 in a report on Thursday. Finally, Zacks Investment Research upgraded Tapestry from a sell rating to a hold rating and set a $29.00 price target for the company in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and seventeen have assigned a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $39.30.

Shares of NYSE TPR traded up $0.51 during midday trading on Friday, hitting $19.96. 13,891,500 shares of the stock traded hands, compared to its average volume of 3,629,128. The company has a market cap of $7.25 billion, a PE ratio of 7.77, a P/E/G ratio of 0.82 and a beta of 0.88. Tapestry has a one year low of $18.54 and a one year high of $52.49. The business has a 50 day moving average price of $29.33 and a two-hundred day moving average price of $31.72. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.86 and a current ratio of 2.67.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.61 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a return on equity of 22.08% and a net margin of 11.78%. The company’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.60 earnings per share. As a group, equities research analysts forecast that Tapestry will post 2.83 EPS for the current fiscal year.

In other news, Director Annabelle Yu Long sold 3,229 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $28.93, for a total transaction of $93,414.97. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Darrell Cavens purchased 7,000 shares of the company’s stock in a transaction dated 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. 0.70% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Nelson Roberts Investment Advisors LLC purchased a new position in shares of Tapestry during the 1st quarter valued at $26,000. Avestar Capital LLC lifted its holdings in Tapestry by 2,225.0% during the 1st quarter. Avestar Capital LLC now owns 1,209 shares of the luxury accessories retailer’s stock worth $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 1st quarter. Quadrant Capital Group LLC now owns 1,403 shares of the luxury accessories retailer’s stock worth $44,000 after purchasing an additional 1,284 shares in the last quarter. NumerixS Investment Technologies Inc purchased a new stake in Tapestry during the 2nd quarter worth about $50,000. Finally, CSat Investment Advisory L.P. lifted its holdings in Tapestry by 106.7% during the 2nd quarter. CSat Investment Advisory L.P. now owns 1,827 shares of the luxury accessories retailer’s stock worth $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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