Traders Purchase High Volume of Tapestry Put Options (NYSE:TPR)

Tapestry, Inc. (NYSE:TPR) was the recipient of unusually large options trading on Wednesday. Traders bought 12,322 put options on the company. This represents an increase of approximately 49% compared to the typical daily volume of 8,261 put options.

Insiders Place Their Bets

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the sale, the general counsel now directly owns 38,609 shares in the company, valued at $3,397,592. This represents a 23.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Todd Kahn sold 7,786 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $87.59, for a total transaction of $681,975.74. Following the completion of the transaction, the chief executive officer now owns 201,531 shares of the company’s stock, valued at $17,652,100.29. The trade was a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,537 shares of company stock worth $5,730,589 in the last 90 days. Company insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

Large investors have recently bought and sold shares of the business. Coppell Advisory Solutions LLC grew its stake in Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock worth $34,000 after purchasing an additional 150 shares during the period. Checchi Capital Advisers LLC boosted its holdings in shares of Tapestry by 1.9% during the 4th quarter. Checchi Capital Advisers LLC now owns 8,878 shares of the luxury accessories retailer’s stock worth $580,000 after buying an additional 163 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its position in shares of Tapestry by 0.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 19,303 shares of the luxury accessories retailer’s stock worth $1,261,000 after buying an additional 170 shares during the period. Parkside Financial Bank & Trust increased its stake in shares of Tapestry by 13.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer’s stock valued at $104,000 after acquiring an additional 182 shares in the last quarter. Finally, E Fund Management Co. Ltd. lifted its position in shares of Tapestry by 1.6% during the 4th quarter. E Fund Management Co. Ltd. now owns 12,744 shares of the luxury accessories retailer’s stock valued at $833,000 after acquiring an additional 200 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on TPR shares. Barclays boosted their price target on Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Jefferies Financial Group raised their price target on shares of Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Raymond James reiterated an “outperform” rating and set a $88.00 price objective (up from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Finally, Wells Fargo & Company raised their target price on shares of Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Tapestry has an average rating of “Moderate Buy” and a consensus price target of $78.53.

Tapestry Price Performance

Shares of TPR opened at $72.78 on Friday. The business has a 50-day moving average of $77.67 and a 200-day moving average of $62.59. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The company has a market capitalization of $15.07 billion, a price-to-earnings ratio of 21.10, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57. Tapestry has a 1 year low of $35.23 and a 1 year high of $90.85.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same quarter last year, the business posted $1.63 earnings per share. As a group, equities research analysts anticipate that Tapestry will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.92%. Tapestry’s dividend payout ratio (DPR) is currently 40.58%.

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.