Tapestry, Inc. (NYSE:TPR) Short Interest Down 42.7% in August

Tapestry, Inc. (NYSE:TPR) saw a large decrease in short interest in August. As of August 31st, there was short interest totalling 3,220,000 shares, a decrease of 42.7% from the August 15th total of 5,620,000 shares. Approximately 1.2% of the company’s shares are short sold. Based on an average daily volume of 3,300,000 shares, the short-interest ratio is currently 1.0 days.

TPR stock traded down $0.31 during mid-day trading on Friday, reaching $40.40. The company had a trading volume of 3,416,658 shares, compared to its average volume of 3,779,943. The company has a quick ratio of 1.85, a current ratio of 2.37 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $11.29 billion, a P/E ratio of 13.69, a P/E/G ratio of 1.04 and a beta of 1.50. Tapestry has a one year low of $15.23 and a one year high of $49.67. The stock’s 50-day simple moving average is $41.47 and its two-hundred day simple moving average is $43.10.

Tapestry (NYSE:TPR) last posted its earnings results on Wednesday, August 18th. The luxury accessories retailer reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.05. The company had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.56 billion. Tapestry had a return on equity of 28.77% and a net margin of 14.52%. The firm’s quarterly revenue was up 126.0% compared to the same quarter last year. During the same period last year, the business posted ($0.25) earnings per share. On average, research analysts forecast that Tapestry will post 3.34 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 27th. Investors of record on Tuesday, September 7th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date is Friday, September 3rd. Tapestry’s dividend payout ratio is currently 33.67%.

A number of analysts recently issued reports on TPR shares. Citigroup dropped their target price on shares of Tapestry from $49.00 to $45.00 and set a “neutral” rating for the company in a research report on Monday, August 23rd. UBS Group lowered their price objective on shares of Tapestry from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Friday, August 20th. The Goldman Sachs Group started coverage on shares of Tapestry in a research report on Wednesday, July 14th. They issued a “neutral” rating and a $42.00 price objective for the company. Finally, Robert W. Baird increased their price objective on shares of Tapestry from $58.00 to $60.00 and gave the company an “outperform” rating in a research report on Friday, August 20th. Eight analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Tapestry currently has an average rating of “Buy” and an average price target of $45.62.

In other news, VP Manesh Dadlani sold 1,211 shares of the stock in a transaction dated Monday, August 23rd. The shares were sold at an average price of $42.36, for a total transaction of $51,297.96. Following the transaction, the vice president now directly owns 21,486 shares in the company, valued at approximately $910,146.96. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel David E. Howard sold 17,061 shares of the stock in a transaction dated Thursday, August 26th. The stock was sold at an average price of $42.27, for a total transaction of $721,168.47. Following the transaction, the general counsel now owns 53,741 shares in the company, valued at $2,271,632.07. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement & Preservation of GA LLC raised its stake in shares of Tapestry by 3.2% during the second quarter. Wealth Enhancement & Preservation of GA LLC now owns 87,873 shares of the luxury accessories retailer’s stock valued at $3,821,000 after purchasing an additional 2,710 shares in the last quarter. Man Group plc raised its stake in shares of Tapestry by 178.6% during the first quarter. Man Group plc now owns 222,379 shares of the luxury accessories retailer’s stock valued at $9,164,000 after purchasing an additional 142,568 shares in the last quarter. Citigroup Inc. raised its stake in shares of Tapestry by 5.1% during the first quarter. Citigroup Inc. now owns 186,553 shares of the luxury accessories retailer’s stock valued at $7,687,000 after purchasing an additional 9,060 shares in the last quarter. RWC Asset Management LLP raised its stake in shares of Tapestry by 74.5% during the second quarter. RWC Asset Management LLP now owns 684,827 shares of the luxury accessories retailer’s stock valued at $29,776,000 after purchasing an additional 292,428 shares in the last quarter. Finally, Gagnon Securities LLC raised its stake in shares of Tapestry by 8.2% during the first quarter. Gagnon Securities LLC now owns 43,400 shares of the luxury accessories retailer’s stock valued at $1,789,000 after purchasing an additional 3,286 shares in the last quarter. Institutional investors and hedge funds own 88.54% of the company’s stock.

Tapestry Company Profile

Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade and Stuart Weitzman. The Coach segment consists global sales of coach brand products to customers through coach operated stores, including the internet and concession shop-in-shops, and sales to wholesale customers, and through independent third party distributors.

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