Tapestry (TPR) Rating Lowered to Positive at OTR Global

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OTR Global downgraded shares of Tapestry (NYSE:TPR) to a positive rating in a research report sent to investors on Tuesday, The Fly reports.

Other equities research analysts have also issued research reports about the company. MKM Partners reduced their target price on Tapestry to $52.00 in a research note on Monday, February 11th. Needham & Company LLC reduced their target price on Tapestry to $42.00 and set a buy rating on the stock in a research note on Friday, February 8th. Guggenheim reaffirmed a buy rating and issued a $52.00 target price on shares of Tapestry in a research note on Tuesday, January 29th. Canaccord Genuity reaffirmed a buy rating and issued a $58.00 target price on shares of Tapestry in a research note on Tuesday, February 5th. Finally, Barclays set a $41.00 target price on Tapestry and gave the company a buy rating in a research note on Saturday, February 9th. One analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-three have issued a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $49.75.

TPR stock opened at $30.84 on Tuesday. Tapestry has a 1 year low of $30.05 and a 1 year high of $55.50. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.94 and a current ratio of 2.62. The company has a market capitalization of $9.28 billion, a P/E ratio of 11.73, a P/E/G ratio of 1.17 and a beta of 0.71.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, February 7th. The luxury accessories retailer reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.04). Tapestry had a net margin of 12.18% and a return on equity of 23.84%. The company had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the previous year, the company posted $1.07 EPS. Tapestry’s quarterly revenue was up .9% compared to the same quarter last year. Analysts expect that Tapestry will post 2.6 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 8th were paid a dividend of $0.3375 per share. This represents a $1.35 dividend on an annualized basis and a dividend yield of 4.38%. The ex-dividend date of this dividend was Thursday, March 7th. Tapestry’s dividend payout ratio is presently 51.33%.

Several hedge funds have recently added to or reduced their stakes in the company. Ropes Wealth Advisors LLC increased its holdings in shares of Tapestry by 2.1% during the 1st quarter. Ropes Wealth Advisors LLC now owns 17,339 shares of the luxury accessories retailer’s stock worth $563,000 after buying an additional 360 shares during the last quarter. Bessemer Group Inc. increased its holdings in shares of Tapestry by 2.6% during the 4th quarter. Bessemer Group Inc. now owns 14,369 shares of the luxury accessories retailer’s stock worth $485,000 after buying an additional 364 shares during the last quarter. Moody National Bank Trust Division increased its holdings in shares of Tapestry by 21.2% during the 4th quarter. Moody National Bank Trust Division now owns 2,096 shares of the luxury accessories retailer’s stock worth $70,000 after buying an additional 366 shares during the last quarter. ETF Managers Group LLC increased its holdings in shares of Tapestry by 18.0% during the 4th quarter. ETF Managers Group LLC now owns 2,523 shares of the luxury accessories retailer’s stock worth $85,000 after buying an additional 384 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of Tapestry by 1.6% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 25,466 shares of the luxury accessories retailer’s stock worth $859,000 after buying an additional 410 shares during the last quarter. Institutional investors and hedge funds own 90.87% 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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Analyst Recommendations for Tapestry (NYSE:TPR)

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