Tapestry, Inc. (NYSE:TPR) Short Interest Down 23.4% in June

Tapestry, Inc. (NYSE:TPR) was the recipient of a significant decrease in short interest in the month of June. As of June 15th, there was short interest totalling 4,380,000 shares, a decrease of 23.4% from the May 31st total of 5,720,000 shares. Based on an average trading volume of 3,380,000 shares, the days-to-cover ratio is currently 1.3 days. Currently, 1.9% of the shares of the company are sold short.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TPR. OTR Global reaffirmed a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. JPMorgan Chase & Co. lowered their price target on Tapestry from $56.00 to $54.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a report on Thursday, May 9th. Bernstein Bank raised their target price on shares of Tapestry from $46.00 to $48.00 in a research note on Thursday, May 9th. Finally, StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, May 23rd. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and a consensus target price of $48.53.

Insider Buying and Selling

In other news, VP Manesh Dadlani sold 2,500 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $42.23, for a total transaction of $105,575.00. Following the sale, the vice president now directly owns 37,173 shares in the company, valued at approximately $1,569,815.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.93% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tapestry

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TPR. Benjamin F. Edwards & Company Inc. acquired a new stake in Tapestry during the fourth quarter valued at $117,000. Raymond James Financial Services Advisors Inc. increased its holdings in Tapestry by 9.0% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 285,989 shares of the luxury accessories retailer’s stock worth $10,527,000 after buying an additional 23,532 shares during the last quarter. Lecap Asset Management Ltd. bought a new position in Tapestry during the fourth quarter valued at approximately $1,107,000. Goldman Sachs Group Inc. lifted its stake in Tapestry by 41.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,272,950 shares of the luxury accessories retailer’s stock valued at $46,857,000 after acquiring an additional 371,724 shares during the last quarter. Finally, FCF Advisors LLC bought a new stake in Tapestry in the fourth quarter worth approximately $1,013,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Stock Up 2.8 %

NYSE:TPR traded up $1.18 during trading hours on Friday, hitting $42.79. 3,509,971 shares of the stock traded hands, compared to its average volume of 2,315,726. The firm has a market cap of $9.83 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 0.90 and a beta of 1.60. The firm has a 50 day moving average price of $41.54 and a 200 day moving average price of $41.74. The company has a current ratio of 6.59, a quick ratio of 5.98 and a debt-to-equity ratio of 2.77. Tapestry has a fifty-two week low of $25.99 and a fifty-two week high of $48.80.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.14. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the business earned $0.78 EPS. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. Equities research analysts anticipate that Tapestry will post 4.22 earnings per share for the current year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 24th. Shareholders of record on Friday, June 7th were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $1.40 annualized dividend and a yield of 3.27%. Tapestry’s dividend payout ratio is presently 37.04%.

Tapestry Company Profile

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.