Tapestry (NYSE:TPR) Cut to "Buy" at Wall Street Zen

Tapestry (NYSE:TPR - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Friday.

A number of other equities research analysts have also commented on the stock. Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating in a research note on Thursday, June 12th. UBS Group boosted their price objective on Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. TD Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price for the company in a report on Thursday, June 12th. Argus increased their price target on Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Finally, Citigroup lifted their price objective on shares of Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $89.17.

Tapestry Price Performance

NYSE:TPR traded up $1.25 during trading hours on Friday, hitting $103.41. The company's stock had a trading volume of 3,404,135 shares, compared to its average volume of 4,415,831. The stock has a fifty day simple moving average of $85.74 and a 200-day simple moving average of $77.38. Tapestry has a twelve month low of $35.23 and a twelve month high of $104.23. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. The company has a market capitalization of $21.48 billion, a P/E ratio of 27.21, a PEG ratio of 2.11 and a beta of 1.47.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter last year, the business posted $0.81 EPS. Tapestry's revenue for the quarter was up 6.9% on a year-over-year basis. On average, analysts anticipate that Tapestry will post 4.91 EPS for the current fiscal year.

Insider Buying and Selling at Tapestry

In related news, VP Manesh Dadlani sold 1,399 shares of Tapestry 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 transaction, the vice president owned 40,922 shares in the company, valued at $3,350,693.36. This trade represents a 3.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the transaction, the chief executive officer owned 116,062 shares in the company, valued at approximately $9,447,446.80. This represents a 25.63% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by insiders.

Institutional Trading of Tapestry

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Harbour Investments Inc. raised its position in Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock valued at $25,000 after purchasing an additional 197 shares during the last quarter. Flaharty Asset Management LLC bought a new stake in shares of Tapestry in the 1st quarter worth approximately $25,000. First PREMIER Bank bought a new stake in Tapestry in the second quarter worth $25,000. Greenline Partners LLC purchased a new stake in Tapestry during the 4th quarter valued at about $29,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Tapestry during the first quarter valued at approximately $29,000. Institutional investors own 90.77% of the company's stock.

Tapestry Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.