Tapestry, Inc. (NYSE:TPR) Sees Large Decline in Short Interest

Tapestry, Inc. (NYSE:TPR) was the recipient of a large decline in short interest in the month of June. As of June 15th, there was short interest totalling 4,380,000 shares, a decline of 23.4% from the May 31st total of 5,720,000 shares. Approximately 1.9% of the company’s shares are short sold. Based on an average daily trading volume, of 3,380,000 shares, the days-to-cover ratio is presently 1.3 days.

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 2,500 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $42.23, for a total transaction of $105,575.00. Following the completion of the transaction, the vice president now directly owns 37,173 shares in the company, valued at $1,569,815.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tapestry

Several institutional investors have recently bought and sold shares of TPR. Balyasny Asset Management L.P. purchased a new position in shares of Tapestry during the 4th quarter valued at $102,531,000. Capital Research Global Investors lifted its holdings in Tapestry by 77.2% during the fourth quarter. Capital Research Global Investors now owns 5,748,737 shares of the luxury accessories retailer’s stock valued at $211,611,000 after purchasing an additional 2,504,135 shares during the last quarter. Norges Bank bought a new position in Tapestry during the fourth quarter worth about $79,352,000. Fiera Capital Corp purchased a new position in shares of Tapestry in the fourth quarter worth about $52,121,000. Finally, Qube Research & Technologies Ltd bought a new stake in shares of Tapestry in the third quarter valued at approximately $34,010,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Stock Performance

TPR stock traded up $1.18 during midday trading on Friday, hitting $42.79. The company’s stock had a trading volume of 3,509,971 shares, compared to its average volume of 2,315,726. Tapestry has a 1 year low of $25.99 and a 1 year high of $48.80. The stock has a market cap of $9.83 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 0.90 and a beta of 1.60. The stock’s 50-day moving average price is $41.54 and its 200 day moving average price is $41.74. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.14. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the firm earned $0.78 EPS. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. On average, equities analysts forecast that Tapestry will post 4.22 EPS for the current year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 24th. Investors of record on Friday, June 7th were issued a $0.35 dividend. The ex-dividend date was Friday, June 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.27%. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. OTR Global restated a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a research report on Thursday, May 9th. JPMorgan Chase & Co. decreased their price objective on Tapestry from $56.00 to $54.00 and set an “overweight” rating for the company in a report on Friday, May 10th. Argus reiterated a “buy” rating and issued a $52.00 target price on shares of Tapestry in a report on Tuesday, June 18th. Finally, StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, May 23rd. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $48.53.

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.