Equities research analysts expect Tapestry Inc (NYSE:TPR) to post sales of $1.43 billion for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Tapestry’s earnings, with the lowest sales estimate coming in at $1.41 billion and the highest estimate coming in at $1.45 billion. Tapestry reported sales of $1.38 billion in the same quarter last year, which indicates a positive year over year growth rate of 3.6%. The business is scheduled to report its next earnings report on Tuesday, October 29th.
According to Zacks, analysts expect that Tapestry will report full-year sales of $0.00 for the current financial year. For the next fiscal year, analysts anticipate that the firm will report sales of $6.47 billion, with estimates ranging from $6.36 billion to $6.59 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Tapestry.
Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.61. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Tapestry had a net margin of 11.78% and a return on equity of 22.08%. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period last year, the firm posted $0.60 earnings per share.
A number of equities analysts have recently weighed in on the stock. Goldman Sachs Group cut shares of Tapestry from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $43.00 to $24.00 in a research report on Friday. Standpoint Research raised shares of Tapestry from a “hold” rating to a “buy” rating in a research report on Thursday, May 9th. Credit Suisse Group cut shares of Tapestry from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $38.00 to $22.00 in a research report on Thursday. OTR Global cut shares of Tapestry to a “positive” rating in a research report on Tuesday, April 23rd. Finally, Telsey Advisory Group cut shares of Tapestry from an “outperform” rating to a “market perform” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seventeen have issued a buy rating to the company. Tapestry presently has a consensus rating of “Buy” and a consensus target price of $38.00.
In other Tapestry news, Director Darrell Cavens purchased 7,000 shares of the stock in a transaction on Tuesday, May 28th. The shares were purchased at an average cost of $30.01 per share, for a total transaction of $210,070.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Annabelle Yu Long sold 3,229 shares of Tapestry stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $28.93, for a total transaction of $93,414.97. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the business. Nelson Roberts Investment Advisors LLC acquired a new stake in Tapestry in the 1st quarter valued at $26,000. Avestar Capital LLC increased its stake in Tapestry by 2,225.0% in the 1st quarter. Avestar Capital LLC now owns 1,209 shares of the luxury accessories retailer’s stock valued at $39,000 after buying an additional 1,157 shares during the last quarter. Quadrant Capital Group LLC increased its stake in Tapestry by 1,079.0% in the 1st quarter. Quadrant Capital Group LLC now owns 1,403 shares of the luxury accessories retailer’s stock valued at $44,000 after buying an additional 1,284 shares during the last quarter. NumerixS Investment Technologies Inc acquired a new stake in Tapestry in the 2nd quarter valued at $50,000. Finally, CSat Investment Advisory L.P. increased its stake in Tapestry by 106.7% in the 2nd quarter. CSat Investment Advisory L.P. now owns 1,827 shares of the luxury accessories retailer’s stock valued at $58,000 after buying an additional 943 shares during the last quarter. Hedge funds and other institutional investors own 87.42% of the company’s stock.
Shares of NYSE TPR opened at $19.96 on Friday. The company’s fifty day moving average is $29.33 and its 200-day moving average is $31.72. The stock has a market cap of $7.25 billion, a price-to-earnings ratio of 7.77, a P/E/G ratio of 0.82 and a beta of 0.88. Tapestry has a twelve month low of $18.54 and a twelve month high of $52.49. The company has a quick ratio of 1.86, a current ratio of 2.67 and a debt-to-equity ratio of 0.45.
Tapestry Company Profile
Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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