Tapestry, Inc. (NYSE:TPR) Short Interest Down 17.2% in May

Tapestry, Inc. (NYSE:TPRGet Free Report) saw a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 6,560,000 shares, a drop of 17.2% from the April 30th total of 7,920,000 shares. Approximately 2.9% of the shares of the stock are sold short. Based on an average trading volume of 3,740,000 shares, the short-interest ratio is currently 1.8 days.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. OTR Global reissued a “mixed” rating on shares of Tapestry in a research note on Wednesday, April 17th. Jefferies Financial Group cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research note on Thursday, February 29th. Wells Fargo & Company raised their price objective on shares of Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. Bernstein Bank lifted their target price on shares of Tapestry from $46.00 to $48.00 in a research note on Thursday, May 9th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Tapestry from $56.00 to $54.00 and set an “overweight” rating for the company in a research note on Friday, May 10th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.31.

Read Our Latest Stock Report on TPR

Tapestry Stock Up 2.7 %

Shares of NYSE TPR opened at $43.49 on Friday. Tapestry has a 52-week low of $25.99 and a 52-week high of $48.80. The firm has a fifty day moving average of $41.98 and a 200-day moving average of $40.22. The stock has a market capitalization of $9.99 billion, a PE ratio of 11.51, a P/E/G ratio of 0.90 and a beta of 1.61. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77.

Tapestry (NYSE:TPRGet Free Report) last announced its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.14. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.78 EPS. On average, analysts anticipate that Tapestry will post 4.22 EPS for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 24th. Investors of record on Friday, June 7th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $1.40 annualized dividend and a dividend yield of 3.22%. Tapestry’s payout ratio is 37.04%.

Insider Activity

In other news, VP Manesh Dadlani sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $42.23, for a total transaction of $105,575.00. Following the completion of the transaction, the vice president now directly owns 37,173 shares of the company’s stock, valued at approximately $1,569,815.79. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tapestry

Several hedge funds and other institutional investors have recently made changes to their positions in TPR. Principal Financial Group Inc. lifted its holdings in shares of Tapestry by 3.4% during the 3rd quarter. Principal Financial Group Inc. now owns 290,405 shares of the luxury accessories retailer’s stock valued at $8,349,000 after acquiring an additional 9,426 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in Tapestry by 2.1% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 123,654 shares of the luxury accessories retailer’s stock worth $3,555,000 after buying an additional 2,586 shares in the last quarter. Barclays PLC lifted its holdings in Tapestry by 18.8% in the 3rd quarter. Barclays PLC now owns 488,094 shares of the luxury accessories retailer’s stock worth $14,030,000 after buying an additional 77,358 shares in the last quarter. Quantbot Technologies LP acquired a new position in Tapestry in the 3rd quarter worth $3,017,000. Finally, Chartwell Investment Partners LLC acquired a new position in Tapestry in the 3rd quarter worth $2,300,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

About Tapestry

(Get Free Report)

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.

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