Tapestry Target of Unusually Large Options Trading (NYSE:TPR)

Tapestry, Inc. (NYSE:TPR) saw some unusual options trading on Monday. Stock investors acquired 10,607 put options on the stock. This represents an increase of 84% compared to the typical volume of 5,772 put options.

Tapestry Stock Performance

Shares of NYSE:TPR traded down $0.88 during trading on Monday, hitting $56.35. 1,738,350 shares of the company traded hands, compared to its average volume of 3,330,246. Tapestry has a one year low of $30.19 and a one year high of $58.49. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The business’s fifty day moving average is $46.55 and its 200-day moving average is $42.99. The stock has a market capitalization of $13.13 billion, a price-to-earnings ratio of 16.50, a PEG ratio of 1.99 and a beta of 1.53.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.95 EPS. As a group, equities analysts predict that Tapestry will post 4.56 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.48%. Tapestry’s payout ratio is currently 40.46%.

Hedge Funds Weigh In On Tapestry

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Redwood Investment Management LLC boosted its position in Tapestry by 0.4% during the 3rd quarter. Redwood Investment Management LLC now owns 47,407 shares of the luxury accessories retailer’s stock worth $2,269,000 after acquiring an additional 204 shares during the period. Lebenthal Global Advisors LLC lifted its holdings in Tapestry by 2.8% in the third quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock worth $367,000 after purchasing an additional 215 shares during the period. OneDigital Investment Advisors LLC grew its position in Tapestry by 3.0% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 7,520 shares of the luxury accessories retailer’s stock valued at $353,000 after buying an additional 218 shares in the last quarter. Mather Group LLC. raised its position in shares of Tapestry by 12.9% during the 2nd quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock worth $104,000 after buying an additional 249 shares in the last quarter. Finally, Summit Trail Advisors LLC lifted its stake in shares of Tapestry by 1.6% in the 3rd quarter. Summit Trail Advisors LLC now owns 16,273 shares of the luxury accessories retailer’s stock worth $765,000 after acquiring an additional 251 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TPR has been the topic of a number of research analyst reports. Evercore ISI lifted their price target on shares of Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Wells Fargo & Company lifted their price target on shares of Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday. The Goldman Sachs Group increased their price objective on shares of Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research report on Friday. Citigroup lifted their target price on shares of Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Raymond James reaffirmed an “outperform” rating and issued a $57.00 target price (up previously from $55.00) on shares of Tapestry in a research report on Friday, November 8th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and an average price target of $57.82.

Tapestry Company Profile

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.