Tapestry (NYSE:TPR – Get Free Report) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Tuesday.
TPR has been the topic of several other reports. Argus reiterated a “buy” rating and set a $52.00 price objective on shares of Tapestry in a report on Tuesday, June 18th. Wells Fargo & Company cut their price objective on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. UBS Group cut their price target on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Evercore ISI cut their price target on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a research report on Friday, August 16th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.07.
Check Out Our Latest Analysis on Tapestry
Tapestry Trading Up 0.0 %
Tapestry (NYSE:TPR – Get Free Report) last announced its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.04. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The company’s revenue was down 1.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.95 EPS. Analysts expect that Tapestry will post 4.47 earnings per share for the current year.
Hedge Funds Weigh In On Tapestry
Large investors have recently added to or reduced their stakes in the company. Fidelis Capital Partners LLC bought a new position in Tapestry during the first quarter worth $35,000. BNP Paribas bought a new stake in Tapestry in the first quarter valued at $38,000. Massmutual Trust Co. FSB ADV lifted its stake in Tapestry by 54.0% in the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after buying an additional 328 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Tapestry by 3,778.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock valued at $46,000 after buying an additional 1,209 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after buying an additional 556 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.
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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