StockNews.com Lowers Tapestry (NYSE:TPR) to Hold

Tapestry (NYSE:TPR - Get Free Report) was downgraded by equities research analysts at StockNews.com from a "buy" rating to a "hold" rating in a research note issued to investors on Tuesday.

A number of other research firms have also recently issued reports on TPR. Evercore ISI raised Tapestry from an "in-line" rating to an "outperform" rating and lifted their price target for the company from $30.00 to $50.00 in a report on Monday, February 5th. Jefferies Financial Group cut Tapestry from a "buy" rating to a "hold" rating and set a $50.00 price target for the company. in a report on Thursday, February 29th. Bernstein Bank boosted their price objective on Tapestry from $46.00 to $48.00 in a report on Thursday, May 9th. OTR Global reissued a "mixed" rating on shares of Tapestry in a report on Wednesday, April 17th. Finally, The Goldman Sachs Group boosted their price objective on Tapestry from $41.00 to $47.00 and gave the stock a "buy" rating in a report on Friday, February 9th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.71.

Tapestry Price Performance

Shares of NYSE:TPR traded up $0.76 on Tuesday, hitting $42.11. The stock had a trading volume of 2,871,154 shares, compared to its average volume of 3,846,156. Tapestry has a twelve month low of $25.99 and a twelve month high of $48.80. The company has a debt-to-equity ratio of 2.77, a quick ratio of 5.98 and a current ratio of 6.59. The firm's 50 day moving average price is $43.26 and its 200-day moving average price is $39.07. The company has a market capitalization of $9.68 billion, a price-to-earnings ratio of 11.14, a price-to-earnings-growth ratio of 0.83 and a beta of 1.61.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.67 by $0.14. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The business had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.50 billion. During the same period in the previous year, the business posted $0.78 earnings per share. The firm's revenue for the quarter was down 2.0% compared to the same quarter last year. On average, equities research analysts predict that Tapestry will post 4.22 earnings per share for the current year.

Hedge Funds Weigh In On Tapestry

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Tapestry by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 31,554,418 shares of the luxury accessories retailer's stock worth $907,190,000 after acquiring an additional 173,111 shares during the last quarter. FMR LLC boosted its position in Tapestry by 2.0% during the 3rd quarter. FMR LLC now owns 14,018,492 shares of the luxury accessories retailer's stock worth $403,032,000 after acquiring an additional 280,959 shares during the last quarter. Victory Capital Management Inc. boosted its position in Tapestry by 4.7% during the 3rd quarter. Victory Capital Management Inc. now owns 6,823,763 shares of the luxury accessories retailer's stock worth $196,183,000 after acquiring an additional 305,658 shares during the last quarter. Capital Research Global Investors boosted its position in Tapestry by 8.5% during the 1st quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer's stock worth $296,212,000 after acquiring an additional 489,933 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in Tapestry by 0.9% during the 4th quarter. Franklin Resources Inc. now owns 5,954,829 shares of the luxury accessories retailer's stock worth $219,197,000 after acquiring an additional 54,647 shares during the last quarter. 90.77% of the stock is currently 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.

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