Platinum Investment Management Ltd. Reduces Stake in Tiffany & Co. (TIF)
Platinum Investment Management Ltd. cut its position in Tiffany & Co. (NYSE:TIF) by 7.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 141,500 shares of the specialty retailer’s stock after selling 10,900 shares during the quarter. Platinum Investment Management Ltd. owned 0.11% of Tiffany & Co. worth $13,282,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Delphi Private Advisors LLC grew its stake in Tiffany & Co. by 100.0% during the 2nd quarter. Delphi Private Advisors LLC now owns 1,200 shares of the specialty retailer’s stock worth $100,000 after purchasing an additional 600 shares in the last quarter. Fifth Third Bancorp grew its stake in Tiffany & Co. by 6.0% during the 1st quarter. Fifth Third Bancorp now owns 1,090 shares of the specialty retailer’s stock worth $104,000 after purchasing an additional 62 shares in the last quarter. QS Investors LLC grew its stake in Tiffany & Co. by 8.2% during the 2nd quarter. QS Investors LLC now owns 1,363 shares of the specialty retailer’s stock worth $128,000 after purchasing an additional 103 shares in the last quarter. Welch Group LLC grew its stake in Tiffany & Co. by 0.5% during the 2nd quarter. Welch Group LLC now owns 1,549 shares of the specialty retailer’s stock worth $145,000 after purchasing an additional 8 shares in the last quarter. Finally, Pacer Advisors Inc. grew its stake in Tiffany & Co. by 3.3% during the 1st quarter. Pacer Advisors Inc. now owns 2,093 shares of the specialty retailer’s stock worth $199,000 after purchasing an additional 66 shares in the last quarter. 79.71% of the stock is owned by institutional investors and hedge funds.
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In related news, major shareholder Qatar Investment Authority sold 4,400,000 shares of Tiffany & Co. stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $94.16, for a total transaction of $414,304,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Francesco Trapani purchased 56,064 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The shares were bought at an average cost of $88.03 per share, for a total transaction of $4,935,313.92. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 267,064 shares of company stock worth $23,789,094. Insiders own 1.40% of the company’s stock.
Tiffany & Co. (NYSE:TIF) traded up 0.50% during trading on Friday, reaching $94.61. The company’s stock had a trading volume of 1,297,205 shares. The stock has a market capitalization of $11.78 billion, a price-to-earnings ratio of 25.70 and a beta of 1.92. The firm has a 50 day moving average of $91.00 and a 200 day moving average of $91.99. Tiffany & Co. has a 52 week low of $71.46 and a 52 week high of $97.29.
Tiffany & Co. (NYSE:TIF) last released its earnings results on Thursday, August 24th. The specialty retailer reported $0.92 EPS for the quarter, beating the consensus estimate of $0.86 by $0.06. Tiffany & Co. had a net margin of 11.41% and a return on equity of 15.91%. The firm had revenue of $960.00 million for the quarter, compared to analyst estimates of $930.19 million. During the same period last year, the firm earned $0.84 EPS. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. Analysts expect that Tiffany & Co. will post $3.97 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Wednesday, September 20th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.11%. The ex-dividend date is Tuesday, September 19th. Tiffany & Co.’s dividend payout ratio is currently 54.35%.
TIF has been the subject of several analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Tiffany & Co. in a research note on Friday, August 25th. Oppenheimer Holdings, Inc. reissued a “buy” rating on shares of Tiffany & Co. in a research note on Friday, September 8th. Jefferies Group LLC set a $110.00 target price on Tiffany & Co. and gave the stock a “buy” rating in a research note on Wednesday, August 16th. Cowen and Company reissued a “buy” rating on shares of Tiffany & Co. in a research note on Sunday, September 17th. Finally, Zacks Investment Research cut Tiffany & Co. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Ten research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $94.91.
Tiffany & Co. Company Profile
Tiffany & Co is a holding company that operates through its subsidiary companies. The Company’s principal subsidiary, Tiffany and Company (Tiffany), is a jeweler and specialty retailer. The Company’s segments include Americas, Asia-Pacific, Japan, Europe and Other. Through its subsidiaries, the Company designs and manufactures products and operates TIFFANY & CO.
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