Investors Buy Large Volume of Put Options on Kate Spade & Co (KATE)

Kate Spade & Co (NYSE:KATE) was the recipient of unusually large options trading on Friday. Stock investors purchased 34,603 put options on the company. This is an increase of 480% compared to the typical volume of 5,969 put options.

Shares of Kate Spade & Co (NYSE:KATE) traded down 1.90% during trading on Friday, hitting $17.54. The stock had a trading volume of 4,849,728 shares. Kate Spade & Co has a 12-month low of $14.02 and a 12-month high of $26.46. The stock has a 50-day moving average of $21.96 and a 200 day moving average of $18.71. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of 14.79 and a beta of 1.62.

Kate Spade & Co (NYSE:KATE) last released its earnings results on Tuesday, April 18th. The textile maker reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by $0.06. Kate Spade & Co had a return on equity of 27.34% and a net margin of 9.67%. The firm had revenue of $271 million for the quarter, compared to the consensus estimate of $299.08 million. During the same period in the prior year, the business earned $0.05 EPS. The company’s quarterly revenue was down 1.1% on a year-over-year basis. On average, analysts predict that Kate Spade & Co will post $0.82 earnings per share for the current fiscal year.

KATE has been the subject of several research reports. Cowen and Company dropped their target price on Kate Spade & Co from $27.00 to $21.00 and set a “market perform” rating for the company in a research report on Wednesday. Oppenheimer Holdings Inc. reaffirmed a “hold” rating on shares of Kate Spade & Co in a research report on Tuesday. BMO Capital Markets set a $19.00 target price on Kate Spade & Co and gave the company a “hold” rating in a research report on Tuesday. Wunderlich reaffirmed a “buy” rating and issued a $24.00 target price on shares of Kate Spade & Co in a research report on Wednesday. Finally, Zacks Investment Research downgraded Kate Spade & Co from a “buy” rating to a “hold” rating in a research report on Tuesday, April 11th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $22.73.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. OZ Management LP increased its position in Kate Spade & Co by 7.0% in the third quarter. OZ Management LP now owns 4,628,514 shares of the textile maker’s stock worth $79,287,000 after buying an additional 304,748 shares in the last quarter. BlackRock Fund Advisors increased its position in Kate Spade & Co by 3.9% in the third quarter. BlackRock Fund Advisors now owns 4,619,423 shares of the textile maker’s stock worth $79,131,000 after buying an additional 172,871 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in Kate Spade & Co by 0.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,762,983 shares of the textile maker’s stock worth $64,460,000 after buying an additional 31,587 shares in the last quarter. Mik Capital LLC purchased a new position in Kate Spade & Co during the third quarter worth approximately $34,138,000. Finally, AQR Capital Management LLC increased its position in Kate Spade & Co by 33.5% in the fourth quarter. AQR Capital Management LLC now owns 1,990,466 shares of the textile maker’s stock worth $37,162,000 after buying an additional 499,960 shares in the last quarter. 98.36% of the stock is currently owned by institutional investors.

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About Kate Spade & Co

Kate Spade & Company is engaged in the design and marketing of a range of accessories and apparel. It operates through three segments. The KATE SPADE North America segment consists of the Company’s kate spade new york and JACK SPADE brands in North America. The KATE SPADE International segment consists of the Company’s kate spade new york and JACK SPADE brands in international markets, which operates principally in Japan, Asia (excluding Japan), Europe and Latin America).

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