Tapestry, Inc. (NYSE:TPR) Short Interest Down 19.3% in August

Tapestry, Inc. (NYSE:TPR - Get Free Report) was the target of a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 3,590,000 shares, a decline of 19.3% from the August 15th total of 4,450,000 shares. Based on an average trading volume of 2,700,000 shares, the short-interest ratio is presently 1.3 days. Currently, 1.6% of the company's shares are short sold.

Analyst Ratings Changes

Several research analysts have recently commented on the company. StockNews.com upgraded Tapestry from a "hold" rating to a "buy" rating in a report on Wednesday, August 7th. Telsey Advisory Group reiterated an "outperform" rating and set a $54.00 price target on shares of Tapestry in a report on Thursday, August 15th. Evercore ISI reduced their price target on Tapestry from $53.00 to $47.00 and set an "outperform" rating on the stock in a report on Friday, August 9th. JPMorgan Chase & Co. reduced their price objective on shares of Tapestry from $54.00 to $51.00 and set an "overweight" rating on the stock in a report on Friday, August 16th. Finally, Citigroup reduced their price objective on shares of Tapestry from $50.00 to $49.00 and set a "buy" rating on the stock in a report on Tuesday, August 6th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $47.07.

Institutional Investors Weigh In On Tapestry

Several large investors have recently modified their holdings of the stock. Fidelis Capital Partners LLC purchased a new position in Tapestry during the first quarter worth about $35,000. BNP Paribas acquired a new position in Tapestry during the 1st quarter worth approximately $38,000. Massmutual Trust Co. FSB ADV raised its stake in shares of Tapestry by 54.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer's stock worth $40,000 after buying an additional 328 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Tapestry by 111.9% in the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer's stock valued at $50,000 after buying an additional 556 shares during the period. Finally, MUFG Securities EMEA plc boosted its stake in shares of Tapestry by 34.9% in the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer's stock valued at $52,000 after buying an additional 317 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Tapestry Stock Performance

NYSE TPR traded up $0.72 on Friday, reaching $42.76. The stock had a trading volume of 1,949,461 shares, compared to its average volume of 3,285,002. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14. Tapestry has a 12-month low of $25.99 and a 12-month high of $48.80. The business's 50-day moving average price is $40.52 and its 200 day moving average price is $42.11. The stock has a market cap of $9.84 billion, a P/E ratio of 11.31, a price-to-earnings-growth ratio of 1.55 and a beta of 1.54.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.88 by $0.04. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The company had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.58 billion. During the same quarter in the previous year, the business earned $0.95 earnings per share. The firm's revenue for the quarter was down 1.8% on a year-over-year basis. As a group, equities analysts expect that Tapestry will post 4.47 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, September 6th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend is Friday, September 6th. Tapestry's dividend payout ratio is currently 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.