OTR Global Reaffirms “Mixed” Rating for Tapestry (NYSE:TPR)

Tapestry (NYSE:TPR)‘s stock had its “mixed” rating reiterated by OTR Global in a note issued to investors on Wednesday, Benzinga reports.

Several other equities research analysts have also recently commented on the company. TheStreet raised Tapestry from a “c+” rating to a “b-” rating in a research report on Tuesday, December 26th. Raymond James increased their price objective on Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a research report on Tuesday, January 30th. The Goldman Sachs Group increased their price objective on Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Wells Fargo & Company increased their price objective on Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. Finally, Jefferies Financial Group downgraded Tapestry from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a report on Thursday, February 29th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.81.

Tapestry Stock Down 1.1 %

Shares of NYSE TPR traded down $0.44 during trading on Wednesday, reaching $40.42. The company had a trading volume of 3,058,833 shares, compared to its average volume of 3,741,038. Tapestry has a 12-month low of $25.99 and a 12-month high of $48.80. The stock has a market cap of $9.27 billion, a PE ratio of 10.17, a P/E/G ratio of 0.84 and a beta of 1.57. The business’s 50-day moving average is $45.56 and its 200 day moving average is $37.38. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.17. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The firm had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same period in the prior year, the firm posted $1.36 earnings per share. The company’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, equities analysts forecast that Tapestry will post 4.25 earnings per share for the current fiscal year.

Institutional Trading of Tapestry

Several institutional investors have recently made changes to their positions in TPR. Balyasny Asset Management L.P. purchased a new stake in shares of Tapestry during the fourth quarter worth about $102,531,000. Capital Research Global Investors grew its position in shares of Tapestry by 77.2% during the fourth quarter. Capital Research Global Investors now owns 5,748,737 shares of the luxury accessories retailer’s stock worth $211,611,000 after purchasing an additional 2,504,135 shares in the last quarter. Norges Bank purchased a new stake in shares of Tapestry during the fourth quarter worth about $79,352,000. Fiera Capital Corp purchased a new stake in shares of Tapestry during the fourth quarter worth about $52,121,000. Finally, Invesco Ltd. grew its position in shares of Tapestry by 37.8% during the third quarter. Invesco Ltd. now owns 4,394,913 shares of the luxury accessories retailer’s stock worth $126,354,000 after purchasing an additional 1,205,207 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's handbags; and women's accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.