Tiffany & Co. (TIF) Shares Gap Up on Better-Than-Expected Earnings
Shares of Tiffany & Co. (NYSE:TIF) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $73.80, but opened at $78.14. Tiffany & Co. shares last traded at $80.60, with a volume of 9,411,415 shares changing hands.
The company reported $0.76 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.09. The company earned $949.30 million during the quarter, compared to analyst estimates of $922.60 million. Tiffany & Co. had a net margin of 11.26% and a return on equity of 15.90%. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period last year, the business earned $0.70 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 10th. Shareholders of record on Tuesday, December 20th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.23%. Tiffany & Co.’s dividend payout ratio is currently 51.28%.
Several research analysts have weighed in on the stock. Wells Fargo & Co. reissued an “underperform” rating on shares of Tiffany & Co. in a report on Tuesday. Cowen and Company set a $91.00 price target on shares of Tiffany & Co. and gave the company a “buy” rating in a report on Tuesday. Mizuho reaffirmed a “buy” rating and issued a $82.00 price target on shares of Tiffany & Co. in a report on Tuesday. Zacks Investment Research lowered shares of Tiffany & Co. from a “hold” rating to a “sell” rating in a report on Thursday, November 24th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $75.50 price target on shares of Tiffany & Co. in a report on Wednesday, November 23rd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $78.99.
In related news, SVP Philippe Galtie sold 482 shares of the business’s stock in a transaction that occurred on Tuesday, September 20th. The shares were sold at an average price of $72.01, for a total transaction of $34,708.82. Following the transaction, the senior vice president now directly owns 670 shares of the company’s stock, valued at $48,246.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.40% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. First Eagle Investment Management LLC increased its position in shares of Tiffany & Co. by 261.2% in the second quarter. First Eagle Investment Management LLC now owns 3,876,154 shares of the company’s stock worth $235,050,000 after buying an additional 2,803,126 shares during the last quarter. International Value Advisers LLC acquired a new stake in Tiffany & Co. during the second quarter worth about $67,971,000. Victory Capital Management Inc. boosted its stake in Tiffany & Co. by 80.2% in the second quarter. Victory Capital Management Inc. now owns 1,444,603 shares of the company’s stock worth $87,600,000 after buying an additional 642,759 shares during the period. Emerald Acquisition Ltd. acquired a new stake in Tiffany & Co. during the second quarter worth about $30,028,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in Tiffany & Co. by 23.0% in the third quarter. Price T Rowe Associates Inc. MD now owns 2,078,657 shares of the company’s stock worth $150,973,000 after buying an additional 389,151 shares during the period. 87.59% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a market capitalization of $10.07 billion, a PE ratio of 22.99 and a beta of 1.84. The stock’s 50 day moving average price is $74.94 and its 200-day moving average price is $67.93.
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Tiffany & Co. Company Profile
Tiffany & Co is a holding company that operates through its subsidiary companies. The Company’s principal subsidiary, Tiffany and Company (Tiffany), is a jeweler and specialty retailer. Through its subsidiaries, the Company designs and manufactures products and operates TIFFANY & CO. retail stores. The Company’s segments include Americas, Asia-Pacific, Japan, Europe and Other.
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