Tapestry Sees Unusually Large Options Volume (NYSE:TPR)

Tapestry, Inc. (NYSE:TPRGet Free Report) saw some unusual options trading on Friday. Investors acquired 7,702 call options on the stock. This represents an increase of 58% compared to the average volume of 4,869 call options.

Tapestry Stock Down 2.3 %

Shares of NYSE:TPR opened at $42.00 on Friday. The company has a market capitalization of $9.63 billion, a P/E ratio of 10.61, a P/E/G ratio of 0.88 and a beta of 1.51. The stock’s fifty day simple moving average is $37.15 and its 200-day simple moving average is $33.62. Tapestry has a 52-week low of $25.99 and a 52-week high of $45.72. The company has a quick ratio of 1.23, a current ratio of 6.25 and a debt-to-equity ratio of 2.90.

Tapestry (NYSE:TPRGet Free Report) last posted its quarterly earnings data on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.17. The business had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.05 billion. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The company’s revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.36 earnings per share. As a group, equities research analysts forecast that Tapestry will post 4.25 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 25th. Investors of record on Friday, March 8th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $1.40 annualized dividend and a yield of 3.33%. Tapestry’s payout ratio is currently 35.35%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TPR. JPMorgan Chase & Co. lowered their price objective on Tapestry from $56.00 to $41.00 and set an “overweight” rating on the stock in a report on Monday, November 13th. BMO Capital Markets cut their price objective on Tapestry from $43.00 to $39.00 and set a “market perform” rating for the company in a research report on Friday, November 10th. TheStreet upgraded shares of Tapestry from a “c+” rating to a “b-” rating in a research report on Tuesday, December 26th. Raymond James increased their price target on shares of Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a report on Tuesday, January 30th. Finally, Wells Fargo & Company boosted their price objective on shares of Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.50.

Read Our Latest Report on TPR

Institutional Trading of Tapestry

A number of hedge funds have recently added to or reduced their stakes in TPR. First Republic Investment Management Inc. grew its holdings in Tapestry by 1.4% in the second quarter. First Republic Investment Management Inc. now owns 52,495 shares of the luxury accessories retailer’s stock valued at $2,247,000 after purchasing an additional 747 shares during the period. FDx Advisors Inc. raised its holdings in Tapestry by 34.5% in the third quarter. FDx Advisors Inc. now owns 8,735 shares of the luxury accessories retailer’s stock valued at $251,000 after buying an additional 2,240 shares during the period. Assenagon Asset Management S.A. lifted its position in Tapestry by 189.5% during the third quarter. Assenagon Asset Management S.A. now owns 228,045 shares of the luxury accessories retailer’s stock valued at $6,556,000 after buying an additional 149,268 shares in the last quarter. BlackRock Inc. grew its stake in Tapestry by 1.3% during the second quarter. BlackRock Inc. now owns 16,365,540 shares of the luxury accessories retailer’s stock worth $700,445,000 after buying an additional 210,261 shares during the period. Finally, CWM LLC lifted its holdings in shares of Tapestry by 2.3% during the 2nd quarter. CWM LLC now owns 19,418 shares of the luxury accessories retailer’s stock valued at $831,000 after acquiring an additional 438 shares in the last quarter. 92.12% of the stock is owned by institutional investors and hedge funds.

Tapestry Company Profile

(Get Free Report)

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.

Further Reading

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