Tapestry (NYSE:TPR) Receives New Coverage from Analysts at StockNews.com

Equities researchers at StockNews.com started coverage on shares of Tapestry (NYSE:TPR – Get Rating) in a research note issued on Thursday. The brokerage set a “buy” rating on the luxury accessories retailer’s stock.

Several other brokerages have also recently issued reports on TPR. The Goldman Sachs Group lifted their price target on Tapestry from $44.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, February 10th. Morgan Stanley reissued an “equal weight” rating and issued a $41.00 price target (up from $36.00) on shares of Tapestry in a report on Friday, February 10th. Raymond James lifted their price objective on shares of Tapestry from $44.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 1st. Credit Suisse Group increased their target price on shares of Tapestry from $45.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, February 10th. Finally, Telsey Advisory Group restated an “outperform” rating and issued a $52.00 price target on shares of Tapestry in a research report on Thursday, February 9th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.31.

Tapestry Trading Down 2.3 %

Shares of NYSE TPR opened at $40.55 on Thursday. The company has a market cap of $9.57 billion, a price-to-earnings ratio of 12.07, a price-to-earnings-growth ratio of 0.89 and a beta of 1.43. Tapestry has a 12-month low of $26.39 and a 12-month high of $47.48. The company has a current ratio of 1.87, a quick ratio of 1.14 and a debt-to-equity ratio of 0.71. The stock’s 50 day simple moving average is $43.47 and its 200 day simple moving average is $37.35.

Tapestry (NYSE:TPR – Get Rating) last posted its earnings results on Thursday, February 9th. The luxury accessories retailer reported $1.36 EPS for the quarter, beating the consensus estimate of $1.27 by $0.09. Tapestry had a return on equity of 36.58% and a net margin of 12.69%. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.04 billion. During the same period last year, the firm earned $1.33 EPS. The firm’s revenue was down 5.1% compared to the same quarter last year. Equities research analysts expect that Tapestry will post 3.72 EPS for the current year.

Institutional Trading of Tapestry

Institutional investors and hedge funds have recently made changes to their positions in the stock. Absher Wealth Management LLC lifted its position in shares of Tapestry by 1.6% in the third quarter. Absher Wealth Management LLC now owns 54,936 shares of the luxury accessories retailer’s stock worth $1,562,000 after buying an additional 852 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Tapestry by 35.8% in the third quarter. Janney Montgomery Scott LLC now owns 34,345 shares of the luxury accessories retailer’s stock worth $976,000 after purchasing an additional 9,063 shares during the period. Putnam Investments LLC increased its stake in shares of Tapestry by 77.3% in the third quarter. Putnam Investments LLC now owns 182,374 shares of the luxury accessories retailer’s stock worth $5,185,000 after purchasing an additional 79,498 shares during the period. BNP Paribas Arbitrage SA increased its stake in shares of Tapestry by 399.2% in the second quarter. BNP Paribas Arbitrage SA now owns 652,949 shares of the luxury accessories retailer’s stock worth $19,928,000 after purchasing an additional 522,138 shares during the period. Finally, California Public Employees Retirement System increased its stake in shares of Tapestry by 23.7% in the third quarter. California Public Employees Retirement System now owns 608,626 shares of the luxury accessories retailer’s stock worth $17,303,000 after purchasing an additional 116,768 shares during the period. Institutional investors and hedge funds own 92.84% of the company’s stock.

Tapestry Company Profile

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Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade and Stuart Weitzman. The Coach segment consists of global sales of coach brand products to customers through coach operated stores, including the internet and concession shop-in-shops, and sales to wholesale customers, and through independent third party distributors.