Tapestry (TPR) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of Tapestry (NYSE:TPR) from a buy rating to a hold rating in a research report report published on Thursday.
According to Zacks, “Tapestry looks disciplined in its approach to adapt to the changing retail landscape. The company is undergoing a brand transformation and introducing modern luxury concept stores in key markets. The buyouts of Stuart Weitzman and Kate Spade are viewed as a significant step toward becoming a multi-brand company. Moreover, it has undertaken transformation initiatives revolving around product, stores and marketing. These efforts have not only aided the stock to outpace the industry but also helped post positive earnings surprise for the 15th quarter in row, when it reported first-quarter fiscal 2018 results. However, earnings declined in spite of an increase in top line, and margins also remained under pressure. Further, net sales fell short of the consensus mark due to drop in comps at Coach brand. Nevertheless, with comps trend improving in the second quarter management retained its fiscal view and raised Kate Spade synergies outlook.”
Other analysts also recently issued reports about the company. Robert W. Baird set a $49.00 price target on Tapestry and gave the stock a buy rating in a research report on Tuesday, October 17th. Wolfe Research downgraded Tapestry from an outperform rating to a peer perform rating and lowered their price target for the stock from $51.00 to $42.00 in a research report on Tuesday, October 3rd. Jefferies Group restated a hold rating and issued a $42.00 price target on shares of Tapestry in a research report on Saturday, September 16th. Vetr downgraded Tapestry from a strong-buy rating to a buy rating and set a $45.90 price target for the company. in a research report on Wednesday, September 13th. Finally, UBS Group lowered their price target on Tapestry from $50.00 to $48.00 and set a buy rating for the company in a research report on Wednesday, November 8th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company. Tapestry currently has a consensus rating of Buy and an average price target of $47.92.
Shares of Tapestry (TPR) traded up $0.26 on Thursday, reaching $45.78. The company had a trading volume of 2,325,417 shares, compared to its average volume of 1,902,811. The company has a market capitalization of $13,018.69, a P/E ratio of 28.43, a PEG ratio of 1.71 and a beta of 0.46. Tapestry has a 12 month low of $34.33 and a 12 month high of $48.85. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.25 and a current ratio of 1.74.
Tapestry (NYSE:TPR) last issued its quarterly earnings results on Tuesday, November 7th. The luxury accessories retailer reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.31 billion. Tapestry had a return on equity of 20.71% and a net margin of 9.62%. Tapestry’s revenue was up 24.2% on a year-over-year basis. During the same period last year, the company earned $0.45 earnings per share. sell-side analysts anticipate that Tapestry will post 2.39 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, December 8th were given a dividend of $0.3375 per share. The ex-dividend date of this dividend was Thursday, December 7th. This represents a $1.35 annualized dividend and a dividend yield of 2.95%. Tapestry’s dividend payout ratio (DPR) is 83.85%.
Institutional investors have recently made changes to their positions in the company. Hexavest Inc. purchased a new position in shares of Tapestry during the fourth quarter valued at $106,000. M&R Capital Management Inc. purchased a new position in shares of Tapestry during the third quarter valued at $153,000. LMR Partners LLP purchased a new position in shares of Tapestry during the third quarter valued at $229,000. Oak Point Wealth Management purchased a new position in shares of Tapestry during the fourth quarter valued at $469,000. Finally, Point View Wealth Management Inc. purchased a new position in shares of Tapestry during the third quarter valued at $552,000. Hedge funds and other institutional investors own 87.63% of the company’s stock.
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Tapestry Company Profile
Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.
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