Tapestry Inc (TPR) Short Interest Down 30.7% in November
Tapestry Inc (NYSE:TPR) was the target of a significant decline in short interest during the month of November. As of November 30th, there was short interest totalling 9,799,300 shares, a decline of 30.7% from the November 15th total of 14,137,625 shares. Currently, 3.5% of the company’s shares are sold short. Based on an average daily trading volume, of 2,773,917 shares, the short-interest ratio is presently 3.5 days.
Institutional investors have recently added to or reduced their stakes in the company. M&R Capital Management Inc. acquired a new position in shares of Tapestry in the third quarter valued at approximately $153,000. LMR Partners LLP acquired a new position in shares of Tapestry in the third quarter valued at approximately $229,000. Point View Wealth Management Inc. acquired a new position in shares of Tapestry in the third quarter valued at approximately $552,000. New Mexico Educational Retirement Board acquired a new position in shares of Tapestry in the third quarter valued at approximately $1,051,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Tapestry in the third quarter valued at approximately $4,916,000. Institutional investors own 88.10% of the company’s stock.
A number of equities research analysts recently weighed in on TPR shares. Sanford C. Bernstein started coverage on shares of Tapestry in a research note on Tuesday, September 12th. They set an “outperform” rating and a $51.00 price target for the company. Vetr downgraded shares of Tapestry from a “strong-buy” rating to a “buy” rating and set a $45.90 price target for the company. in a research note on Wednesday, September 13th. Jefferies Group reissued a “hold” rating and set a $42.00 price target on shares of Tapestry in a research note on Saturday, September 16th. Barclays started coverage on shares of Tapestry in a research note on Tuesday, September 19th. They set an “equal weight” rating and a $45.00 price target for the company. Finally, Cowen reissued a “buy” rating and set a $46.00 price target on shares of Tapestry in a research note on Thursday, September 28th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $47.70.
Tapestry (NYSE:TPR) last released its quarterly earnings results on Tuesday, November 7th. The luxury accessories retailer reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.06. The company had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Tapestry had a net margin of 9.62% and a return on equity of 20.71%. The business’s quarterly revenue was up 24.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.45 earnings per share. sell-side analysts expect that Tapestry will post 2.37 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 8th will be issued a $0.3375 dividend. This represents a $1.35 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend is Thursday, December 7th. Tapestry’s dividend payout ratio (DPR) is presently 83.85%.
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Tapestry Company Profile
Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.
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