Coach, Inc. (COH) Stake Cut by Daiwa Securities Group Inc.
Daiwa Securities Group Inc. decreased its stake in Coach, Inc. (NYSE:COH) by 20.3% during the second quarter, Holdings Channel reports. The fund owned 23,680 shares of the luxury accessories retailer’s stock after selling 6,020 shares during the period. Daiwa Securities Group Inc.’s holdings in Coach were worth $1,120,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the company. State of New Jersey Common Pension Fund D bought a new stake in Coach during the second quarter valued at about $1,420,000. Ironwood Investment Management LLC bought a new stake in Coach during the second quarter valued at about $208,000. Bessemer Group Inc. increased its stake in Coach by 6.8% in the second quarter. Bessemer Group Inc. now owns 15,496 shares of the luxury accessories retailer’s stock valued at $734,000 after buying an additional 991 shares during the last quarter. Accuvest Global Advisors bought a new stake in Coach during the second quarter valued at about $516,000. Finally, CIBC Asset Management Inc increased its stake in Coach by 1.2% in the second quarter. CIBC Asset Management Inc now owns 29,649 shares of the luxury accessories retailer’s stock valued at $1,404,000 after buying an additional 351 shares during the last quarter. Hedge funds and other institutional investors own 88.44% of the company’s stock.
Shares of Coach, Inc. (NYSE COH) opened at 47.09 on Friday. The firm’s 50-day moving average price is $47.48 and its 200-day moving average price is $42.65. The company has a market cap of $13.24 billion, a PE ratio of 25.43 and a beta of 0.45. Coach, Inc. has a 12 month low of $34.07 and a 12 month high of $48.85.
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Several research firms have issued reports on COH. BMO Capital Markets set a $42.00 price objective on Coach and gave the stock a “hold” rating in a report on Tuesday. Vetr downgraded Coach from a “hold” rating to a “sell” rating and set a $45.98 price objective on the stock. in a report on Monday. Jefferies Group LLC downgraded Coach from a “buy” rating to a “hold” rating and cut their price objective for the stock from $53.00 to $45.00 in a report on Monday, July 31st. OTR Global upgraded Coach to a “positive” rating in a report on Friday, July 21st. Finally, MKM Partners began coverage on Coach in a report on Monday, July 10th. They set a “buy” rating and a $50.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $48.28.
In other Coach news, insider Sarah Dunn sold 7,595 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $46.07, for a total transaction of $349,901.65. Following the transaction, the insider now owns 74,627 shares of the company’s stock, valued at approximately $3,438,065.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andre Cohen sold 2,988 shares of Coach stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $46.06, for a total value of $137,627.28. Following the transaction, the insider now owns 43,198 shares of the company’s stock, valued at $1,989,699.88. The disclosure for this sale can be found here. 0.81% of the stock is owned by insiders.
Coach, Inc (Coach) is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. Its segments include North America, International and Stuart Weitzman. The North America segment includes sales of Coach brand products to North American customers through Coach-operated stores (including the Internet) and sales to North American wholesale customers.
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