Tapestry, Inc. (NYSE:TPR) Short Interest Down 18.0% in May

Tapestry, Inc. (NYSE:TPR - Get Free Report) was the recipient of a significant decline in short interest in May. As of May 15th, there was short interest totalling 12,550,000 shares, a decline of 18.0% from the April 30th total of 15,300,000 shares. Currently, 6.1% of the company's stock are short sold. Based on an average daily volume of 5,740,000 shares, the short-interest ratio is presently 2.2 days.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the transaction, the vice president now owns 40,922 shares in the company, valued at $3,350,693.36. This represents a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the transaction, the chief executive officer now owns 116,062 shares of the company's stock, valued at $9,447,446.80. This represents a 25.63% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

Institutional Trading of Tapestry

Several large investors have recently modified their holdings of the business. Invst LLC acquired a new stake in shares of Tapestry in the first quarter valued at approximately $574,000. Strs Ohio acquired a new stake in shares of Tapestry in the first quarter valued at approximately $1,090,000. Acadian Asset Management LLC acquired a new stake in shares of Tapestry in the first quarter valued at approximately $493,000. Intech Investment Management LLC acquired a new stake in shares of Tapestry in the first quarter valued at approximately $7,791,000. Finally, Focus Partners Wealth grew its position in shares of Tapestry by 10.7% in the first quarter. Focus Partners Wealth now owns 21,934 shares of the luxury accessories retailer's stock valued at $1,544,000 after purchasing an additional 2,118 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on TPR shares. Raymond James reaffirmed an "outperform" rating and issued a $85.00 target price (up from $74.00) on shares of Tapestry in a report on Friday, May 9th. JPMorgan Chase & Co. upped their target price on shares of Tapestry from $88.00 to $104.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Wall Street Zen raised shares of Tapestry from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. The Goldman Sachs Group upped their target price on shares of Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, Robert W. Baird upped their target price on shares of Tapestry from $93.00 to $100.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. Four analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and a consensus target price of $83.89.

Tapestry Price Performance

TPR traded down $0.22 on Friday, hitting $79.00. 2,406,856 shares of the company were exchanged, compared to its average volume of 4,257,655. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The business's fifty day moving average is $72.64 and its 200 day moving average is $71.86. Tapestry has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The firm has a market capitalization of $16.41 billion, a P/E ratio of 22.90, a price-to-earnings-growth ratio of 2.01 and a beta of 1.46.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.14. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the prior year, the business posted $0.81 earnings per share. The firm's revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Tapestry will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.77%. Tapestry's payout ratio is currently 36.84%.

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.