Tiffany & Co. (NYSE:TIF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Tiffany's omni-channel platform, store expansion plans, tapping of new markets and venturing into new revenue generating areas has aided it to outpace the industry in a year. Additionally, the company delivered fifth straight quarter of positive earnings surprise, when it posted second-quarter fiscal 2017 results. Net sales also grew and beat the Zacks consensus mark. The company registered sturdy wholesale sales of diamonds, higher wholesale sales in the Asia-Pacific region and robust e-Commerce sales growth. Management continues to project mid-single-digit-percentage increase in earnings per share and low-single-digit percentage growth in net sales in fiscal 2017. However, Tiffany pointed that despite its sustained cost containment efforts it expects full year SG&A expense to increase at a marginally higher rate than sales. Moreover, we observed that the comparable-store sales have been struggling for quite some time now.”
Several other research analysts also recently commented on the company. Susquehanna Bancshares Inc began coverage on Tiffany & Co. in a report on Thursday, November 2nd. They issued a “neutral” rating and a $100.00 price objective on the stock. Cowen and Company set a $102.00 price objective on Tiffany & Co. and gave the stock a “buy” rating in a report on Wednesday, October 18th. Needham & Company LLC restated a “hold” rating on shares of Tiffany & Co. in a report on Tuesday, October 17th. Oppenheimer Holdings, Inc. restated a “buy” rating on shares of Tiffany & Co. in a report on Friday, October 13th. Finally, KeyCorp restated a “hold” rating on shares of Tiffany & Co. in a report on Wednesday, October 11th. Twelve analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $94.91.
Tiffany & Co. (NYSE:TIF) last released its quarterly earnings data on Thursday, August 24th. The specialty retailer reported $0.92 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.06. The firm had revenue of $960.00 million for the quarter, compared to the consensus estimate of $930.19 million. Tiffany & Co. had a return on equity of 15.91% and a net margin of 11.41%. The company’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.84 earnings per share. analysts expect that Tiffany & Co. will post 3.95 earnings per share for the current year.
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In related news, Director Robert S. Singer purchased 1,000 shares of the company’s stock in a transaction dated Monday, September 25th. The shares were purchased at an average cost of $88.13 per share, with a total value of $88,130.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Francesco Trapani purchased 35,000 shares of the company’s stock in a transaction dated Monday, August 28th. The stock was bought at an average cost of $89.34 per share, for a total transaction of $3,126,900.00. The disclosure for this purchase can be found here. Over the last three months, insiders bought 267,064 shares of company stock worth $23,789,094. Insiders own 1.30% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Toronto Dominion Bank boosted its position in shares of Tiffany & Co. by 25.5% in the 2nd quarter. Toronto Dominion Bank now owns 36,809 shares of the specialty retailer’s stock worth $3,455,000 after purchasing an additional 7,484 shares in the last quarter. Swiss National Bank raised its holdings in Tiffany & Co. by 2.8% in the 2nd quarter. Swiss National Bank now owns 453,348 shares of the specialty retailer’s stock worth $42,556,000 after acquiring an additional 12,400 shares during the last quarter. Andra AP fonden raised its holdings in Tiffany & Co. by 8.4% in the 2nd quarter. Andra AP fonden now owns 28,500 shares of the specialty retailer’s stock worth $2,675,000 after acquiring an additional 2,200 shares during the last quarter. Sei Investments Co. raised its holdings in Tiffany & Co. by 215.0% in the 2nd quarter. Sei Investments Co. now owns 14,390 shares of the specialty retailer’s stock worth $1,351,000 after acquiring an additional 9,822 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised its holdings in Tiffany & Co. by 0.4% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 763,141 shares of the specialty retailer’s stock worth $71,636,000 after acquiring an additional 2,684 shares during the last quarter. 79.42% of the stock is currently owned by hedge funds and other institutional investors.
About Tiffany & Co.
Tiffany & Co is a holding company that operates through its subsidiary companies. The Company’s principal subsidiary, Tiffany and Company (Tiffany), is a jeweler and specialty retailer. The Company’s segments include Americas, Asia-Pacific, Japan, Europe and Other. Through its subsidiaries, the Company designs and manufactures products and operates TIFFANY & CO.
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