Zacks Investment Research lowered shares of Tiffany & Co. (NYSE:TIF) from a buy rating to a hold rating in a research report released on Tuesday morning.
According to Zacks, “Tiffany's omni-channel platform, store expansion plans, tapping of new markets and venture into new revenue generating areas have aided it to outpace the industry in the past six months. Additionally, the company delivered eighth and fourth straight quarter of positive earnings and sales surprises, respectively, when it posted first-quarter fiscal 2018 results. Moreover, top and bottom lines grew year over year. Sturdy performance called for an upbeat outlook. Management forecasts fiscal 2018 earnings in the band of $4.50-$4.70 per share and projects net sales to increase in high-single-digit percentage. Comps are expected to rise by mid-to-high-single-digit. We note that Tiffany intends to increase investments in various areas, which is likely to push SG&A costs up in fiscal 2018. Management expects SG&A expenses to increase at a rate higher than sales. As a result, operating margin is expected to decline from the year-ago level.”
Several other research analysts also recently weighed in on the stock. Oppenheimer downgraded shares of Tiffany & Co. from an outperform rating to a market perform rating and set a $145.00 target price for the company. in a report on Friday, August 10th. Loop Capital upped their target price on shares of Tiffany & Co. to $150.00 and gave the stock a buy rating in a report on Monday, July 16th. Telsey Advisory Group upped their target price on shares of Tiffany & Co. from $140.00 to $150.00 and gave the stock an outperform rating in a report on Wednesday, June 27th. Goldman Sachs Group assumed coverage on shares of Tiffany & Co. in a report on Monday, June 25th. They issued a buy rating and a $165.00 target price for the company. Finally, Edward Jones downgraded shares of Tiffany & Co. from a buy rating to a hold rating in a report on Thursday, June 21st. Thirteen equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Tiffany & Co. presently has a consensus rating of Hold and a consensus price target of $127.68.
Shares of Tiffany & Co. stock opened at $131.90 on Tuesday. The firm has a market capitalization of $15.97 billion, a P/E ratio of 31.93, a PEG ratio of 2.32 and a beta of 1.79. The company has a quick ratio of 2.43, a current ratio of 5.82 and a debt-to-equity ratio of 0.27. Tiffany & Co. has a fifty-two week low of $86.15 and a fifty-two week high of $141.64.
Tiffany & Co. (NYSE:TIF) last issued its earnings results on Wednesday, May 23rd. The specialty retailer reported $1.14 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.31. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $959.20 million. Tiffany & Co. had a net margin of 9.75% and a return on equity of 17.61%. Tiffany & Co.’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.74 EPS. sell-side analysts forecast that Tiffany & Co. will post 4.69 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 10th. Shareholders of record on Thursday, September 20th will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Wednesday, September 19th. Tiffany & Co.’s dividend payout ratio (DPR) is presently 53.27%.
In other Tiffany & Co. news, SVP Andrea Davey sold 1,129 shares of the stock in a transaction dated Tuesday, May 29th. The shares were sold at an average price of $129.56, for a total transaction of $146,273.24. Following the completion of the transaction, the senior vice president now owns 2,900 shares of the company’s stock, valued at approximately $375,724. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Leigh M. Harlan sold 4,046 shares of the stock in a transaction dated Friday, May 25th. The shares were sold at an average price of $129.01, for a total transaction of $521,974.46. Following the transaction, the insider now directly owns 9,916 shares of the company’s stock, valued at approximately $1,279,263.16. The disclosure for this sale can be found here. Insiders have sold a total of 71,407 shares of company stock valued at $9,389,318 in the last three months. Insiders own 1.30% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. CIBC Asset Management Inc raised its position in shares of Tiffany & Co. by 3.4% during the 2nd quarter. CIBC Asset Management Inc now owns 11,784 shares of the specialty retailer’s stock valued at $1,551,000 after buying an additional 387 shares in the last quarter. Townsend & Associates Inc raised its position in shares of Tiffany & Co. by 6.0% during the 2nd quarter. Townsend & Associates Inc now owns 7,056 shares of the specialty retailer’s stock valued at $929,000 after buying an additional 400 shares in the last quarter. Public Employees Retirement Association of Colorado raised its position in shares of Tiffany & Co. by 2.3% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 22,389 shares of the specialty retailer’s stock valued at $2,946,000 after buying an additional 498 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Tiffany & Co. by 1.4% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 38,290 shares of the specialty retailer’s stock valued at $3,739,000 after buying an additional 515 shares in the last quarter. Finally, Comerica Bank raised its position in shares of Tiffany & Co. by 2.3% during the 2nd quarter. Comerica Bank now owns 25,354 shares of the specialty retailer’s stock valued at $3,405,000 after buying an additional 563 shares in the last quarter. 80.47% of the stock is owned by institutional investors and hedge funds.
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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