Tapestry (NYSE:TPR) Rating Increased to Buy at StockNews.com

Tapestry (NYSE:TPR) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Thursday.

A number of other research firms have also issued reports on TPR. Wells Fargo & Company increased their target price on Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Raymond James lifted their price objective on shares of Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Tuesday, January 30th. TheStreet upgraded shares of Tapestry from a “c+” rating to a “b-” rating in a research note on Tuesday, December 26th. OTR Global reaffirmed a “mixed” rating on shares of Tapestry in a report on Wednesday. Finally, Telsey Advisory Group reiterated an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a report on Wednesday, March 27th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Tapestry has a consensus rating of “Moderate Buy” and a consensus price target of $47.81.

Tapestry Price Performance

TPR opened at $40.63 on Thursday. The company has a 50 day moving average of $45.49 and a two-hundred day moving average of $37.51. Tapestry has a 52-week low of $25.99 and a 52-week high of $48.80. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90. The company has a market cap of $9.32 billion, a P/E ratio of 10.26, a P/E/G ratio of 0.83 and a beta of 1.57.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.17. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The firm had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.05 billion. During the same period in the prior year, the company earned $1.36 EPS. The firm’s revenue was up 2.5% on a year-over-year basis. On average, analysts expect that Tapestry will post 4.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Tapestry by 2.4% during the first quarter. Vanguard Group Inc. now owns 32,654,335 shares of the luxury accessories retailer’s stock worth $1,213,109,000 after purchasing an additional 751,210 shares during the last quarter. BlackRock Inc. lifted its position in shares of Tapestry by 3.2% in the 1st quarter. BlackRock Inc. now owns 16,155,279 shares of the luxury accessories retailer’s stock worth $696,454,000 after buying an additional 505,189 shares during the last quarter. FMR LLC boosted its holdings in shares of Tapestry by 2.0% in the 3rd quarter. FMR LLC now owns 14,018,492 shares of the luxury accessories retailer’s stock valued at $403,032,000 after buying an additional 280,959 shares during the period. State Street Corp grew its position in shares of Tapestry by 1.7% during the 2nd quarter. State Street Corp now owns 9,588,682 shares of the luxury accessories retailer’s stock valued at $410,396,000 after buying an additional 160,015 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Tapestry by 4.7% during the 3rd quarter. Victory Capital Management Inc. now owns 6,823,763 shares of the luxury accessories retailer’s stock valued at $196,183,000 after buying an additional 305,658 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.