Tapestry, Inc. (NYSE:TPR) Short Interest Down 23.5% in March

Tapestry, Inc. (NYSE:TPR - Get Free Report) was the target of a large decline in short interest in March. As of March 31st, there was short interest totalling 16,410,000 shares, a decline of 23.5% from the March 15th total of 21,450,000 shares. Based on an average daily trading volume, of 6,070,000 shares, the short-interest ratio is presently 2.7 days. Currently, 8.0% of the shares of the company are sold short.

Analysts Set New Price Targets

Several brokerages recently issued reports on TPR. UBS Group boosted their target price on shares of Tapestry from $70.00 to $80.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Evercore ISI lifted their price objective on shares of Tapestry from $68.00 to $74.00 and gave the company an "outperform" rating in a research report on Monday, January 27th. Jefferies Financial Group upped their target price on shares of Tapestry from $80.00 to $83.00 and gave the stock a "buy" rating in a research report on Tuesday, January 28th. Guggenheim lifted their price target on shares of Tapestry from $70.00 to $90.00 and gave the company a "buy" rating in a report on Friday, February 7th. Finally, Citigroup decreased their price target on shares of Tapestry from $95.00 to $81.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $78.26.

Insider Activity at Tapestry

In related news, CFO Scott A. Roe sold 25,727 shares of the business's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the transaction, the chief financial officer now owns 146,587 shares in the company, valued at $12,688,570.72. The trade was a 14.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel David E. Howard sold 11,917 shares of the firm's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the sale, the general counsel now directly owns 38,609 shares of the company's stock, valued at $3,397,592. The trade was a 23.59 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,537 shares of company stock worth $5,730,589. Corporate insiders own 1.18% of the company's stock.

Institutional Trading of Tapestry

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Ameriprise Financial Inc. raised its position in Tapestry by 4.8% during the fourth quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock worth $527,799,000 after acquiring an additional 370,784 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Tapestry by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock valued at $522,471,000 after purchasing an additional 382,856 shares during the last quarter. Geode Capital Management LLC grew its holdings in Tapestry by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock worth $376,247,000 after purchasing an additional 176,717 shares during the period. Alliancebernstein L.P. increased its position in Tapestry by 15.2% during the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock worth $270,304,000 after buying an additional 546,497 shares during the last quarter. Finally, Northern Trust Corp raised its stake in Tapestry by 3.0% in the fourth quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock valued at $183,909,000 after buying an additional 83,222 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Performance

Shares of TPR stock traded up $1.62 during trading hours on Thursday, reaching $68.20. 3,332,006 shares of the company's stock were exchanged, compared to its average volume of 4,174,848. Tapestry has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The business has a fifty day moving average price of $72.56 and a 200-day moving average price of $65.68. The stock has a market capitalization of $14.12 billion, a P/E ratio of 19.77, a P/E/G ratio of 2.01 and a beta of 1.37. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating analysts' consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period last year, the firm earned $1.63 EPS. Analysts predict that Tapestry will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were given a $0.35 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 2.05%. Tapestry's dividend payout ratio is currently 40.58%.

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.