Tapestry Inc (NYSE:TPR) – Stock analysts at Piper Jaffray Companies boosted their Q3 2020 earnings per share (EPS) estimates for shares of Tapestry in a note issued to investors on Tuesday, November 5th. Piper Jaffray Companies analyst E. Murphy now forecasts that the luxury accessories retailer will earn $0.51 per share for the quarter, up from their previous forecast of $0.44. Piper Jaffray Companies currently has a “Neutral” rating and a $23.00 target price on the stock. Piper Jaffray Companies also issued estimates for Tapestry’s Q1 2021 earnings at $0.47 EPS and Q3 2021 earnings at $0.50 EPS.
Tapestry (NYSE:TPR) last released its quarterly earnings results on Tuesday, November 5th. The luxury accessories retailer reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.03. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Tapestry had a return on equity of 21.17% and a net margin of 9.01%. The company’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.48 EPS.
A number of other research firms have also recently weighed in on TPR. Credit Suisse Group cut Tapestry from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $38.00 to $22.00 in a report on Thursday, August 15th. Goldman Sachs Group cut Tapestry from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $43.00 to $24.00 in a report on Friday, August 16th. UBS Group cut Tapestry from a “buy” rating to a “neutral” rating and set a $25.00 price target for the company. in a report on Monday, October 14th. Bank of America set a $28.00 price target on Tapestry and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, Citigroup increased their price target on Tapestry from $20.00 to $28.00 and gave the stock a “neutral” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $33.13.
Shares of NYSE TPR traded up $0.16 during mid-day trading on Friday, reaching $27.23. 5,127,064 shares of the company’s stock were exchanged, compared to its average volume of 4,901,814. The firm has a market capitalization of $7.76 billion, a price-to-earnings ratio of 10.60, a PEG ratio of 1.14 and a beta of 1.02. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.94 and a current ratio of 1.82. Tapestry has a 52-week low of $18.54 and a 52-week high of $42.75. The company’s 50-day moving average is $25.75 and its 200-day moving average is $27.74.
A number of institutional investors and hedge funds have recently bought and sold shares of TPR. St. Johns Investment Management Company LLC acquired a new stake in Tapestry in the 3rd quarter valued at about $26,000. Bourgeon Capital Management LLC acquired a new stake in Tapestry in the 3rd quarter valued at about $26,000. NumerixS Investment Technologies Inc acquired a new stake in Tapestry in the 2nd quarter valued at about $50,000. Avestar Capital LLC raised its position in Tapestry by 34.5% in the 2nd quarter. Avestar Capital LLC now owns 1,626 shares of the luxury accessories retailer’s stock valued at $51,000 after purchasing an additional 417 shares in the last quarter. Finally, CSat Investment Advisory L.P. raised its position 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 purchasing an additional 943 shares in the last quarter. 88.23% of the stock is currently owned by hedge funds and other institutional investors.
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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