Tapestry (NYSE:TPR) Upgraded at StockNews.com

Tapestry (NYSE:TPR) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report released on Thursday.

TPR has been the topic of a number of other research reports. TheStreet upgraded Tapestry from a “c+” rating to a “b-” rating in a research report on Tuesday, December 26th. Evercore ISI raised Tapestry from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $30.00 to $50.00 in a report on Monday, February 5th. Wells Fargo & Company upped their price objective on Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. OTR Global reiterated a “mixed” rating on shares of Tapestry in a research note on Wednesday. Finally, Telsey Advisory Group reiterated an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a research note on Wednesday, March 27th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.81.

Tapestry Stock Down 0.9 %

TPR opened at $40.49 on Thursday. The business’s 50-day simple moving average is $45.57 and its 200-day simple moving average is $37.41. The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25. Tapestry has a one year low of $25.99 and a one year high of $48.80. The stock has a market capitalization of $9.29 billion, a P/E ratio of 10.22, a price-to-earnings-growth ratio of 0.84 and a beta of 1.57.

Tapestry (NYSE:TPR) last posted 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 business had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same quarter in the previous year, the firm earned $1.36 earnings per share. The business’s revenue was up 2.5% compared to the same quarter last year. Analysts anticipate that Tapestry will post 4.25 EPS for the current year.

Institutional Trading of Tapestry

Hedge funds have recently modified their holdings of the business. Balyasny Asset Management L.P. acquired a new position in Tapestry during the fourth quarter worth $102,531,000. Capital Research Global Investors raised its holdings in 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 during the last quarter. Norges Bank acquired a new position in Tapestry during the fourth quarter worth $79,352,000. Fiera Capital Corp purchased a new position in Tapestry during the fourth quarter worth $52,121,000. Finally, Invesco Ltd. increased its position in 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 buying an additional 1,205,207 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

About Tapestry

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.