Stock Traders Buy Large Volume of Tapestry Put Options (NYSE:TPR)

Tapestry, Inc. (NYSE:TPR - Get Free Report) saw some unusual options trading on Wednesday. Stock traders purchased 9,563 put options on the company. This represents an increase of approximately 193% compared to the average daily volume of 3,264 put options.

Insider Activity

In other news, VP Manesh Dadlani sold 2,500 shares of Tapestry stock in a transaction 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 transaction, the vice president now owns 37,173 shares in the company, valued at $1,569,815.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.93% of the company's stock.

Institutional Trading of Tapestry

Several large investors have recently made changes to their positions in TPR. Fidelis Capital Partners LLC bought a new position in Tapestry in the 1st quarter worth approximately $35,000. BNP Paribas bought a new stake in shares of Tapestry during the first quarter worth $38,000. Massmutual Trust Co. FSB ADV lifted its stake in shares of Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer's stock valued at $40,000 after acquiring an additional 328 shares during the period. Blue Trust Inc. boosted its holdings in Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer's stock valued at $50,000 after acquiring an additional 556 shares during the last quarter. Finally, MUFG Securities EMEA plc increased its position in Tapestry by 34.9% in the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer's stock worth $52,000 after purchasing an additional 317 shares during the period. Institutional investors own 90.77% of the company's stock.

Analysts Set New Price Targets

TPR has been the subject of a number of analyst reports. Bernstein Bank lifted their target price on shares of Tapestry from $46.00 to $48.00 in a research note on Thursday, May 9th. StockNews.com raised shares of Tapestry from a "hold" rating to a "buy" rating in a research note on Wednesday, August 7th. Wells Fargo & Company lowered their target price on shares of Tapestry from $52.00 to $50.00 and set an "overweight" rating on the stock in a research report on Friday, August 16th. Robert W. Baird decreased their price target on Tapestry from $52.00 to $50.00 and set an "outperform" rating for the company in a research note on Friday, May 10th. Finally, UBS Group lowered their price objective on Tapestry from $42.00 to $40.00 and set a "neutral" rating on the stock in a report on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $47.00.

Tapestry Price Performance

Shares of TPR stock traded up $0.77 during trading hours on Wednesday, hitting $41.15. The company had a trading volume of 3,234,535 shares, compared to its average volume of 3,347,922. The company has a debt-to-equity ratio of 2.77, a quick ratio of 5.98 and a current ratio of 6.59. The firm has a market capitalization of $9.46 billion, a price-to-earnings ratio of 10.89, a PEG ratio of 0.79 and a beta of 1.59. Tapestry has a 12 month low of $25.99 and a 12 month high of $48.80. The firm's fifty day moving average is $40.66 and its 200 day moving average is $42.58.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period in the prior year, the company posted $0.95 earnings per share. The business's revenue for the quarter was down 1.8% compared to the same quarter last year. On average, sell-side analysts predict that Tapestry will post 4.24 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, September 6th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.40%. The ex-dividend date is Friday, September 6th. Tapestry's payout ratio is currently 37.04%.

About Tapestry

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.