OTR Global Reaffirms “Mixed” Rating for Tapestry (NYSE:TPR)

Tapestry (NYSE:TPR)‘s stock had its “mixed” rating reissued by equities researchers at OTR Global in a research report issued to clients and investors on Wednesday, Benzinga reports.

TPR has been the subject of a number of other reports. StockNews.com cut Tapestry from a “buy” rating to a “hold” rating in a report on Wednesday, April 10th. The Goldman Sachs Group raised their price target on Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a report on Friday, February 9th. Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a research note on Wednesday, March 27th. Jefferies Financial Group cut Tapestry from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a research note on Thursday, February 29th. Finally, TheStreet raised Tapestry from a “c+” rating to a “b-” rating in a research note on Tuesday, December 26th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and an average price target of $47.81.

Tapestry Stock Performance

TPR stock traded down $0.44 during midday trading on Wednesday, hitting $40.42. The stock had a trading volume of 3,058,833 shares, compared to its average volume of 3,741,038. The firm has a market capitalization of $9.27 billion, a price-to-earnings ratio of 10.17, a P/E/G ratio of 0.84 and a beta of 1.57. Tapestry has a 52 week low of $25.99 and a 52 week high of $48.80. The stock has a 50-day simple moving average of $45.56 and a 200 day simple moving average of $37.38. The company has a current ratio of 6.25, a quick ratio of 5.68 and a debt-to-equity ratio of 2.90.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.17. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same quarter in the prior year, the firm earned $1.36 EPS. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Tapestry will post 4.25 earnings per share for the current year.

Institutional Investors Weigh In On Tapestry

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Brown Brothers Harriman & Co. boosted its position in Tapestry by 340.7% during the first quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock valued at $25,000 after purchasing an additional 511 shares during the last quarter. Alpha Paradigm Partners LLC acquired a new stake in shares of Tapestry in the 3rd quarter valued at approximately $26,000. Bell Investment Advisors Inc grew its stake in shares of Tapestry by 718.1% in the third quarter. Bell Investment Advisors Inc now owns 949 shares of the luxury accessories retailer’s stock valued at $27,000 after buying an additional 833 shares in the last quarter. Quarry LP increased its holdings in Tapestry by 100.8% during the second quarter. Quarry LP now owns 968 shares of the luxury accessories retailer’s stock worth $41,000 after buying an additional 127,311 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in Tapestry by 955.8% during the first quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock worth $41,000 after acquiring an additional 994 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.