KeyCorp Cuts Tapestry (NYSE:TPR) Price Target to $30.00

Tapestry (NYSE:TPR) had its price objective reduced by KeyCorp from $42.00 to $30.00 in a research note issued to investors on Friday morning, AnalystRatings.com reports. They currently have an overweight rating on the luxury accessories retailer’s stock. KeyCorp also issued estimates for Tapestry’s Q2 2020 earnings at $1.08 EPS, Q4 2020 earnings at $0.67 EPS, FY2020 earnings at $2.57 EPS and FY2021 earnings at $2.78 EPS.

Other analysts have also recently issued research reports about the company. Credit Suisse Group cut Tapestry from an outperform rating to a neutral rating and cut their target price for the stock from $38.00 to $22.00 in a research report on Thursday. Goldman Sachs Group cut Tapestry from a buy rating to a neutral rating and dropped their price target for the company from $43.00 to $24.00 in a research report on Friday. Zacks Investment Research upgraded Tapestry from a sell rating to a hold rating and set a $29.00 price target on the stock in a research report on Tuesday, August 6th. Piper Jaffray Companies cut Tapestry from an overweight rating to a neutral rating and dropped their price target for the company from $40.00 to $23.00 in a research report on Friday. Finally, UBS Group boosted their price target on Tapestry from $50.00 to $51.00 and gave the company a buy rating in a research report on Friday, May 10th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seventeen have given a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $38.00.

TPR opened at $19.96 on Friday. The business’s 50-day simple moving average is $29.33 and its 200-day simple moving average is $31.72. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.86 and a current ratio of 2.79. Tapestry has a one year low of $18.54 and a one year high of $52.49. The stock has a market capitalization of $5.64 billion, a P/E ratio of 7.77, a price-to-earnings-growth ratio of 0.64 and a beta of 0.88.

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

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Stephens Inc. AR increased its position in Tapestry by 3.0% during the 2nd quarter. Stephens Inc. AR now owns 11,983 shares of the luxury accessories retailer’s stock worth $380,000 after purchasing an additional 347 shares during the period. US Bancorp DE increased its position in Tapestry by 1.7% during the 1st quarter. US Bancorp DE now owns 22,883 shares of the luxury accessories retailer’s stock worth $744,000 after purchasing an additional 383 shares during the period. Avestar Capital LLC increased its position in Tapestry by 34.5% during the 2nd quarter. Avestar Capital LLC now owns 1,626 shares of the luxury accessories retailer’s stock worth $51,000 after purchasing an additional 417 shares during the period. Northwestern Mutual Investment Management Company LLC increased its position in Tapestry by 1.1% during the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 44,064 shares of the luxury accessories retailer’s stock worth $1,432,000 after purchasing an additional 458 shares during the period. Finally, Piedmont Investment Advisors Inc. increased its position in Tapestry by 5.6% during the 1st quarter. Piedmont Investment Advisors Inc. now owns 8,885 shares of the luxury accessories retailer’s stock worth $289,000 after purchasing an additional 469 shares during the period. Institutional investors own 87.42% of the company’s stock.

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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