Tapestry (NYSE:TPR) Shares Up 6.3% After Analyst Upgrade

Tapestry Inc (NYSE:TPR)’s stock price shot up 6.3% during mid-day trading on Monday after UBS Group raised their price target on the stock from $14.00 to $15.00. UBS Group currently has a neutral rating on the stock. Tapestry traded as high as $15.48 and last traded at $15.43, 7,307,840 shares traded hands during mid-day trading. An increase of 32% from the average session volume of 5,552,422 shares. The stock had previously closed at $14.51.

Several other brokerages have also issued reports on TPR. Oppenheimer reissued a “hold” rating on shares of Tapestry in a research report on Tuesday, July 21st. Goldman Sachs Group upgraded Tapestry from a “neutral” rating to a “buy” rating and upped their price target for the stock from $16.00 to $18.00 in a research note on Monday, July 27th. Guggenheim cut their price target on Tapestry from $35.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Morgan Stanley cut their price target on Tapestry from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Monday, May 4th. Finally, KeyCorp cut their price target on Tapestry from $32.00 to $20.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $20.60.

In other Tapestry news, Director John P. Bilbrey bought 7,100 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were acquired at an average cost of $14.48 per share, for a total transaction of $102,808.00. Company insiders own 1.10% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. CENTRAL TRUST Co boosted its stake in shares of Tapestry by 4,302.3% in the 2nd quarter. CENTRAL TRUST Co now owns 1,893 shares of the luxury accessories retailer’s stock worth $25,000 after buying an additional 1,850 shares during the last quarter. Sowell Financial Services LLC boosted its stake in shares of Tapestry by 256.9% in the 1st quarter. Sowell Financial Services LLC now owns 3,130 shares of the luxury accessories retailer’s stock worth $41,000 after buying an additional 2,253 shares during the last quarter. Rampart Investment Management Company LLC boosted its stake in shares of Tapestry by 126.2% in the 2nd quarter. Rampart Investment Management Company LLC now owns 6,037 shares of the luxury accessories retailer’s stock worth $80,000 after buying an additional 3,368 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of Tapestry by 366.5% in the 2nd quarter. Fifth Third Bancorp now owns 6,461 shares of the luxury accessories retailer’s stock worth $86,000 after buying an additional 5,076 shares during the last quarter. Finally, Ellevest Inc. purchased a new position in shares of Tapestry in the 1st quarter worth $93,000. Hedge funds and other institutional investors own 88.44% of the company’s stock.

The stock has a market capitalization of $4.26 billion, a PE ratio of -19.49, a P/E/G ratio of 1.01 and a beta of 1.32. The company has a current ratio of 1.87, a quick ratio of 1.12 and a debt-to-equity ratio of 1.36. The stock has a 50 day moving average price of $13.28 and a 200-day moving average price of $17.19.

Tapestry Company Profile (NYSE:TPR)

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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