Short Interest in Tapestry, Inc. (NYSE:TPR) Increases By 22.7%

Tapestry, Inc. (NYSE:TPR) was the recipient of a significant increase in short interest in November. As of November 15th, there was short interest totalling 6,220,000 shares, an increase of 22.7% from the October 31st total of 5,070,000 shares. Approximately 2.7% of the company’s stock are sold short. Based on an average daily trading volume, of 3,550,000 shares, the days-to-cover ratio is currently 1.8 days.

Tapestry Stock Up 3.7 %

Tapestry stock traded up $2.30 during mid-day trading on Monday, hitting $64.58. The company had a trading volume of 8,105,180 shares, compared to its average volume of 3,427,100. The company has a market capitalization of $15.05 billion, a PE ratio of 18.07, a price-to-earnings-growth ratio of 2.16 and a beta of 1.53. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. Tapestry has a 12 month low of $32.20 and a 12 month high of $64.60. The stock’s 50 day moving average price is $49.84 and its two-hundred day moving average price is $44.31.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s payout ratio is currently 40.46%.

Insider Buying and Selling at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the sale, the vice president now owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Waldron Private Wealth LLC purchased a new stake in Tapestry in the third quarter worth about $25,000. Massmutual Trust Co. FSB ADV boosted its holdings in Tapestry by 54.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after acquiring an additional 328 shares during the period. Brooklyn Investment Group bought a new stake in Tapestry during the 3rd quarter valued at $47,000. Blue Trust Inc. raised its position in Tapestry by 111.9% during the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after purchasing an additional 556 shares in the last quarter. Finally, MUFG Securities EMEA plc raised its position in Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after purchasing an additional 317 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

TPR has been the subject of several recent research reports. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Telsey Advisory Group increased their target price on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Robert W. Baird increased their price target on Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. UBS Group decreased their target price on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Finally, BMO Capital Markets lifted their price objective on Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, November 18th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and a consensus price target of $57.78.

Tapestry Company Profile

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.