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

Tapestry, Inc. (NYSE:TPR - Get Free Report) saw unusually large options trading activity on Wednesday. Stock investors purchased 12,322 put options on the stock. This represents an increase of approximately 49% compared to the typical daily volume of 8,261 put options.

Insider Buying and Selling

In other news, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the transaction, the general counsel now owns 38,609 shares in the company, valued at $3,397,592. This trade represents a 23.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of the business's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $86.56, for a total value of $2,226,929.12. Following the sale, the chief financial officer now directly owns 146,587 shares of the company's stock, valued at $12,688,570.72. This represents a 14.93 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is owned by insiders.

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Institutional Investors Weigh In On Tapestry

A number of institutional investors and hedge funds have recently modified their holdings of TPR. Cerity Partners LLC raised its position in Tapestry by 179.1% during the 3rd quarter. Cerity Partners LLC now owns 116,106 shares of the luxury accessories retailer's stock worth $5,455,000 after buying an additional 74,509 shares during the last quarter. Kingsview Wealth Management LLC raised its holdings in shares of Tapestry by 25.3% during the third quarter. Kingsview Wealth Management LLC now owns 6,661 shares of the luxury accessories retailer's stock worth $313,000 after purchasing an additional 1,346 shares during the last quarter. Algert Global LLC lifted its position in Tapestry by 17.3% during the third quarter. Algert Global LLC now owns 45,054 shares of the luxury accessories retailer's stock valued at $2,117,000 after purchasing an additional 6,640 shares during the period. Summit Trail Advisors LLC boosted its holdings in Tapestry by 1.6% in the third quarter. Summit Trail Advisors LLC now owns 16,273 shares of the luxury accessories retailer's stock valued at $765,000 after purchasing an additional 251 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its position in Tapestry by 14.9% during the 3rd quarter. Daiwa Securities Group Inc. now owns 10,619 shares of the luxury accessories retailer's stock worth $499,000 after purchasing an additional 1,380 shares during the period. Institutional investors and hedge funds own 90.77% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on TPR shares. Morgan Stanley reaffirmed an "equal weight" rating and issued a $65.00 price objective on shares of Tapestry in a research note on Tuesday, January 21st. Jefferies Financial Group increased their price target on Tapestry from $80.00 to $83.00 and gave the company a "buy" rating in a report on Tuesday, January 28th. Raymond James restated an "outperform" rating and set a $88.00 target price (up previously from $79.00) on shares of Tapestry in a research report on Friday, February 7th. UBS Group upped their price target on shares of Tapestry from $70.00 to $80.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. Finally, JPMorgan Chase & Co. increased their price objective on Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $78.53.

Tapestry Stock Down 3.4 %

Shares of TPR stock traded down $2.50 during trading hours on Friday, reaching $70.25. 5,433,838 shares of the company's stock were exchanged, compared to its average volume of 3,993,534. Tapestry has a 1 year low of $35.23 and a 1 year high of $90.85. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The stock has a market cap of $14.54 billion, a PE ratio of 20.36, a PEG ratio of 2.01 and a beta of 1.57. The stock's fifty day moving average price is $77.65 and its two-hundred day moving average price is $62.94.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, topping the consensus estimate 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 quarter in the prior year, the firm posted $1.63 EPS. Research analysts predict that Tapestry will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date was Thursday, March 6th. Tapestry's dividend payout ratio is presently 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.