Tapestry (NYSE:TPR) was upgraded by investment analysts at Goldman Sachs Group from a “buy” rating to a “conviction-buy” rating in a research note issued to investors on Tuesday, The Fly reports.

Several other brokerages have also recently issued reports on TPR. Vetr cut shares of Tapestry from a “hold” rating to a “sell” rating and set a $45.98 target price on the stock. in a report on Monday, August 7th. Buckingham Research set a $48.00 target price on shares of Tapestry and gave the stock a “buy” rating in a report on Friday, October 6th. Susquehanna Bancshares started coverage on shares of Tapestry in a report on Thursday, November 2nd. They issued a “positive” rating and a $50.00 target price on the stock. Cowen restated a “buy” rating and issued a $46.00 target price on shares of Tapestry in a report on Thursday, September 28th. Finally, William Blair restated a “buy” rating on shares of Tapestry in a report on Saturday, October 21st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $47.70.

Tapestry (NYSE TPR) traded up $0.11 during trading hours on Tuesday, hitting $41.65. 1,854,200 shares of the stock were exchanged, compared to its average volume of 3,385,831. Tapestry has a 1 year low of $34.16 and a 1 year high of $48.85. The company has a current ratio of 1.74, a quick ratio of 1.25 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $11,840.00, a PE ratio of 19.50, a price-to-earnings-growth ratio of 1.56 and a beta of 0.46.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Tuesday, November 7th. The luxury accessories retailer reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.06. Tapestry had a net margin of 9.62% and a return on equity of 20.71%. The firm had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the company posted $0.45 earnings per share. The business’s revenue for the quarter was up 24.2% on a year-over-year basis. sell-side analysts forecast that Tapestry will post 2.37 EPS for the current year.

In other news, SVP Melinda Brown sold 8,250 shares of the company’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $41.28, for a total value of $340,560.00. Following the sale, the senior vice president now directly owns 42,884 shares of the company’s stock, valued at approximately $1,770,251.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.98% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in TPR. M&R Capital Management Inc. purchased a new stake in Tapestry during the third quarter worth $153,000. LMR Partners LLP purchased a new stake in Tapestry during the third quarter worth $229,000. Point View Wealth Management Inc. purchased a new stake in Tapestry during the third quarter worth $552,000. New Mexico Educational Retirement Board purchased a new stake in Tapestry during the third quarter worth $1,051,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in Tapestry during the third quarter worth $4,916,000. 88.10% of the stock is currently owned by hedge funds and other institutional investors.

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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‚Äôs brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.

The Fly

Analyst Recommendations for Tapestry (NYSE:TPR)

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