Tapestry (NYSE:TPR) was downgraded by equities research analysts at Telsey Advisory Group from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Thursday, The Fly reports.

Other equities analysts also recently issued reports about the company. OTR Global downgraded Tapestry to a “positive” rating in a report on Tuesday, April 23rd. Piper Jaffray Companies set a $40.00 price objective on Tapestry and gave the stock a “buy” rating in a report on Monday, June 10th. Robert W. Baird set a $43.00 price objective on Tapestry and gave the stock a “buy” rating in a report on Monday. Goldman Sachs Group downgraded Tapestry to a “buy” rating in a report on Thursday, June 27th. Finally, Canaccord Genuity restated a “buy” rating and issued a $41.00 price objective on shares of Tapestry in a report on Friday, May 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-two have issued a buy rating to the company’s stock. Tapestry currently has a consensus rating of “Buy” and an average target price of $46.35.

NYSE TPR traded down $5.65 during trading hours on Thursday, hitting $19.35. 25,702,539 shares of the company’s stock were exchanged, compared to its average volume of 3,364,422. The stock has a 50 day simple moving average of $29.77. Tapestry has a 12-month low of $24.75 and a 12-month high of $52.83. The firm has a market capitalization of $6.31 billion, a price-to-earnings ratio of 7.36, a P/E/G ratio of 0.86 and a beta of 0.88. The company has a quick ratio of 1.86, a current ratio of 2.67 and a debt-to-equity ratio of 0.45.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.61. Tapestry had a return on equity of 22.08% and a net margin of 11.78%. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the prior year, the business posted $0.60 earnings per share. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. On average, research analysts anticipate that Tapestry will post 2.57 EPS for the current fiscal year.

In related news, Director Annabelle Yu Long sold 3,229 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $28.93, for a total transaction of $93,414.97. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Darrell Cavens bought 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were bought at an average price of $30.01 per share, for a total transaction of $210,070.00. The disclosure for this purchase can be found here. Company insiders own 0.70% of the company’s stock.

Several large investors have recently made changes to their positions in TPR. Stephens Inc. AR grew its stake in Tapestry by 3.0% during the 2nd quarter. Stephens Inc. AR now owns 11,983 shares of the luxury accessories retailer’s stock valued at $380,000 after purchasing an additional 347 shares in the last quarter. US Bancorp DE boosted its position in Tapestry by 1.7% during the 1st quarter. US Bancorp DE now owns 22,883 shares of the luxury accessories retailer’s stock valued at $744,000 after purchasing an additional 383 shares during the period. Avestar Capital LLC boosted its position in Tapestry by 34.5% during the 2nd quarter. Avestar Capital LLC now owns 1,626 shares of the luxury accessories retailer’s stock valued at $51,000 after purchasing an additional 417 shares during the period. Northwestern Mutual Investment Management Company LLC raised its stake in Tapestry by 1.1% during the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 44,064 shares of the luxury accessories retailer’s stock valued at $1,432,000 after acquiring an additional 458 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. raised its stake in Tapestry by 5.6% during the 1st quarter. Piedmont Investment Advisors Inc. now owns 8,885 shares of the luxury accessories retailer’s stock valued at $289,000 after acquiring an additional 469 shares in the last quarter. Institutional investors and hedge funds own 87.42% of the company’s stock.

About Tapestry

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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Analyst Recommendations for Tapestry (NYSE:TPR)

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