Tapestry (NYSE:TPR) Rating Lowered to Hold at StockNews.com

Tapestry (NYSE:TPR) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

TPR has been the topic of several other reports. Wells Fargo & Company dropped their price objective on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. UBS Group dropped their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Evercore ISI dropped their price objective on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. JPMorgan Chase & Co. dropped their price objective on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a research note on Thursday, August 15th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.07.

Tapestry Stock Performance

TPR stock traded up $0.02 on Tuesday, hitting $43.28. The company’s stock had a trading volume of 1,655,367 shares, compared to its average volume of 3,269,418. The firm has a 50 day moving average of $40.55 and a two-hundred day moving average of $42.08. Tapestry has a 1 year low of $25.99 and a 1 year high of $48.80. The stock has a market cap of $9.94 billion, a price-to-earnings ratio of 11.45, a price-to-earnings-growth ratio of 1.55 and a beta of 1.54. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating the consensus estimate of $0.88 by $0.04. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. Tapestry’s revenue for the quarter was down 1.8% on a year-over-year basis. Equities analysts predict that Tapestry will post 4.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Tapestry

A number of large investors have recently added to or reduced their stakes in the business. CWM LLC grew its stake in Tapestry by 0.9% in the 1st quarter. CWM LLC now owns 26,859 shares of the luxury accessories retailer’s stock valued at $1,275,000 after acquiring an additional 237 shares during the last quarter. Mather Group LLC. lifted its holdings in Tapestry by 12.9% in the 2nd quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock valued at $104,000 after purchasing an additional 249 shares in the last quarter. Legend Financial Advisors Inc. lifted its holdings in Tapestry by 1.9% in the 2nd quarter. Legend Financial Advisors Inc. now owns 13,570 shares of the luxury accessories retailer’s stock valued at $581,000 after purchasing an additional 257 shares in the last quarter. Empirical Finance LLC lifted its holdings in Tapestry by 3.3% in the 1st quarter. Empirical Finance LLC now owns 8,742 shares of the luxury accessories retailer’s stock valued at $415,000 after purchasing an additional 276 shares in the last quarter. Finally, MUFG Securities EMEA plc lifted its holdings in Tapestry by 34.9% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after purchasing an additional 317 shares in the last quarter. 90.77% of the stock is 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.