Stock Traders Purchase Large Volume of Tapestry Put Options (NYSE:TPR)

Tapestry, Inc. (NYSE:TPR) saw unusually large options trading on Monday. Investors purchased 10,607 put options on the company. This represents an increase of approximately 84% compared to the average daily volume of 5,772 put options.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Guggenheim increased their price target on Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday. Raymond James reaffirmed an “outperform” rating and set a $57.00 target price (up previously from $55.00) on shares of Tapestry in a research note on Friday, November 8th. TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a research report on Tuesday, October 29th. JPMorgan Chase & Co. raised their price objective on shares of Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, UBS Group lowered their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.82.

Tapestry Price Performance

TPR opened at $56.55 on Tuesday. The firm has a market capitalization of $13.18 billion, a P/E ratio of 16.34, a PEG ratio of 1.99 and a beta of 1.53. The stock has a fifty day moving average of $46.85 and a 200-day moving average of $43.12. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. Tapestry has a 12-month low of $30.19 and a 12-month high of $58.49.

Tapestry Announces Dividend

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

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were 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 directly owns 35,003 shares in the company, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.18% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tapestry

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