Tiffany & Co. (TIF) Stake Lifted by Quantitative Systematic Strategies LLC
Quantitative Systematic Strategies LLC boosted its position in shares of Tiffany & Co. (NYSE:TIF) by 74.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,690 shares of the specialty retailer’s stock after buying an additional 6,283 shares during the quarter. Quantitative Systematic Strategies LLC’s holdings in Tiffany & Co. were worth $1,933,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. State of Alaska Department of Revenue boosted its stake in Tiffany & Co. by 11.6% during the second quarter. State of Alaska Department of Revenue now owns 36,503 shares of the specialty retailer’s stock valued at $4,801,000 after buying an additional 3,790 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in Tiffany & Co. by 18.2% during the second quarter. Nomura Asset Management Co. Ltd. now owns 59,208 shares of the specialty retailer’s stock valued at $7,792,000 after buying an additional 9,118 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in Tiffany & Co. by 349.7% during the first quarter. BNP Paribas Arbitrage SA now owns 199,812 shares of the specialty retailer’s stock valued at $19,514,000 after buying an additional 155,383 shares in the last quarter. W.E. Donoghue & Co. LLC bought a new position in Tiffany & Co. during the second quarter valued at about $2,388,000. Finally, Envestnet Asset Management Inc. boosted its stake in Tiffany & Co. by 38.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 2,492 shares of the specialty retailer’s stock valued at $259,000 after buying an additional 696 shares in the last quarter. 81.33% of the stock is owned by institutional investors and hedge funds.
TIF has been the subject of several research reports. ValuEngine raised Tiffany & Co. from a “hold” rating to a “buy” rating in a research note on Wednesday, May 23rd. Loop Capital raised their target price on Tiffany & Co. from $113.00 to $134.00 and gave the company a “buy” rating in a research note on Wednesday, May 23rd. Citigroup raised their target price on Tiffany & Co. to $150.00 and gave the company a “buy” rating in a research note on Thursday, May 24th. Goldman Sachs Group initiated coverage on Tiffany & Co. in a research note on Monday, June 25th. They set a “buy” rating and a $165.00 target price for the company. Finally, Morgan Stanley raised their target price on Tiffany & Co. from $94.00 to $126.00 and gave the company an “equal weight” rating in a research note on Thursday, May 24th. Twelve analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Tiffany & Co. presently has a consensus rating of “Buy” and an average price target of $127.68.
Tiffany & Co. (NYSE:TIF) last announced its quarterly earnings data on Wednesday, May 23rd. The specialty retailer reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.31. The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $959.20 million. Tiffany & Co. had a return on equity of 17.61% and a net margin of 9.75%. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.74 EPS. research analysts anticipate that Tiffany & Co. will post 4.69 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 10th. Investors of record on Thursday, September 20th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.73%. Tiffany & Co.’s dividend payout ratio is currently 53.27%.
In related news, insider Leigh M. Harlan sold 4,046 shares of the stock in a transaction dated Friday, May 25th. The stock was sold at an average price of $129.01, for a total value of $521,974.46. Following the completion of the sale, the insider now directly owns 9,916 shares of the company’s stock, valued at approximately $1,279,263.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Philippe Galtie sold 673 shares of the stock in a transaction dated Thursday, June 21st. The stock was sold at an average price of $135.25, for a total value of $91,023.25. Following the completion of the sale, the executive vice president now directly owns 2,866 shares of the company’s stock, valued at $387,626.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 71,407 shares of company stock valued at $9,389,318. Company insiders own 1.30% of the company’s stock.
Tiffany & Co. Company Profile
Tiffany & Co, through its subsidiaries, designs, manufactures, and retails jewelry and other items in the Americas, the Asia-Pacific, Japan, Europe, and internationally. The company offers jewelry collections, engagement rings, and wedding bands. It also sells timepieces, leather goods, sterling silver goods, china, crystal, stationery, eyewear, fragrances, and other accessories; and wholesales diamonds and earnings.
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