Tapestry, Inc. (NYSE:TPR) Short Interest Update

Tapestry, Inc. (NYSE:TPR) was the target of a large increase in short interest in November. As of November 15th, there was short interest totalling 6,220,000 shares, an increase of 22.7% from the October 31st total of 5,070,000 shares. Currently, 2.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 3,550,000 shares, the days-to-cover ratio is currently 1.8 days.

Tapestry Stock Performance

Shares of NYSE TPR traded up $1.77 during midday trading on Monday, reaching $64.05. The company’s stock had a trading volume of 2,870,598 shares, compared to its average volume of 3,404,137. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The stock has a market capitalization of $14.93 billion, a P/E ratio of 18.07, a PEG ratio of 2.16 and a beta of 1.53. The firm has a 50 day moving average price of $49.84 and a 200-day moving average price of $44.31. Tapestry has a 12-month low of $32.20 and a 12-month high of $64.56.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.19%. Tapestry’s payout ratio is 40.46%.

Wall Street Analyst Weigh In

TPR has been the subject of a number of recent research reports. Wells Fargo & Company boosted their target price on Tapestry from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Evercore ISI upped their price objective on Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Guggenheim upped their price objective on Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a report on Friday, November 15th. Bank of America upped their price objective on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Robert W. Baird boosted their target price on Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.78.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the transaction, the vice president now owns 35,003 shares in the company, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.18% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Waldron Private Wealth LLC purchased a new stake in Tapestry during the third quarter valued at about $25,000. Massmutual Trust Co. FSB ADV lifted its holdings in Tapestry by 54.0% in the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after buying an additional 328 shares during the period. Brooklyn Investment Group purchased a new position in shares of Tapestry during the third quarter valued at approximately $47,000. Blue Trust Inc. lifted its holdings in shares of Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after purchasing an additional 556 shares during the last quarter. Finally, MUFG Securities EMEA plc increased its position in shares of Tapestry by 34.9% during the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after acquiring an additional 317 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

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.