Zacks Investment Research lowered shares of Tiffany & Co. (NYSE:TIF) from a buy rating to a hold rating in a research note published on Thursday.
According to Zacks, “Tiffany's omni-channel platform, store expansion plans, tapping of new markets and venture into new revenue generating areas have aided it to outpace the industry so far in the year. Additionally, the company delivered sixth straight quarter of positive earnings surprise, when it posted third-quarter fiscal 2017 results. Net sales also grew and beat the consensus mark for the second successive quarter. The company registered sturdy sales in the Fashion Jewelry and the High, Fine & Solitaire Jewelry categories. Management continues to project mid-single-digit-percentage increase in earnings per share and low-single-digit percentage growth in net sales for fiscal 2017. However, in spite of sustained cost containment efforts rising SG&A expenses remain a concern for Tiffany that may hurt margins. Further, since the past three quarters comparable-store sales have been declining. However, the rate of decline has decelerated sequentially.”
A number of other research firms have also recently weighed in on TIF. Needham & Company LLC restated a hold rating on shares of Tiffany & Co. in a research report on Tuesday, October 17th. Cowen set a $102.00 price objective on shares of Tiffany & Co. and gave the stock a buy rating in a research report on Wednesday, October 18th. Oppenheimer restated a buy rating and set a $105.00 price objective on shares of Tiffany & Co. in a research report on Wednesday. Susquehanna Bancshares assumed coverage on shares of Tiffany & Co. in a research report on Thursday, November 2nd. They set a neutral rating and a $100.00 price objective for the company. Finally, KeyCorp restated a hold rating on shares of Tiffany & Co. in a research report on Wednesday, October 11th. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $98.69.
Tiffany & Co. (NYSE:TIF) last posted its quarterly earnings data on Wednesday, November 29th. The specialty retailer reported $0.80 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.04. The company had revenue of $976.20 million during the quarter, compared to analysts’ expectations of $957.18 million. Tiffany & Co. had a net margin of 11.46% and a return on equity of 15.77%. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.76 earnings per share. equities research analysts predict that Tiffany & Co. will post 3.98 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Wednesday, December 20th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date is Tuesday, December 19th. Tiffany & Co.’s dividend payout ratio (DPR) is 53.76%.
In other news, insider Pamela H. Cloud sold 37,000 shares of the stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $93.52, for a total value of $3,460,240.00. Following the completion of the sale, the insider now directly owns 47,261 shares in the company, valued at $4,419,848.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Francesco Trapani bought 25,000 shares of Tiffany & Co. stock in a transaction dated Tuesday, September 26th. The stock was acquired at an average price of $89.34 per share, with a total value of $2,233,500.00. The disclosure for this purchase can be found here. 1.40% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in TIF. Janus Henderson Group PLC increased its position in Tiffany & Co. by 9,785.1% during the second quarter. Janus Henderson Group PLC now owns 1,212,501 shares of the specialty retailer’s stock worth $113,818,000 after purchasing an additional 1,200,235 shares during the last quarter. Cramer Rosenthal Mcglynn LLC increased its position in Tiffany & Co. by 300.5% during the third quarter. Cramer Rosenthal Mcglynn LLC now owns 1,321,842 shares of the specialty retailer’s stock worth $121,319,000 after purchasing an additional 991,802 shares during the last quarter. Victory Capital Management Inc. increased its position in Tiffany & Co. by 22.4% during the third quarter. Victory Capital Management Inc. now owns 2,247,321 shares of the specialty retailer’s stock worth $206,259,000 after purchasing an additional 411,487 shares during the last quarter. APG Asset Management N.V. increased its position in Tiffany & Co. by 189.4% during the third quarter. APG Asset Management N.V. now owns 557,730 shares of the specialty retailer’s stock worth $51,188,000 after purchasing an additional 365,000 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Tiffany & Co. by 2.6% during the second quarter. Vanguard Group Inc. now owns 12,229,111 shares of the specialty retailer’s stock worth $1,147,947,000 after purchasing an additional 310,235 shares during the last quarter. Hedge funds and other institutional investors own 81.03% of the company’s stock.
About Tiffany & Co.
Tiffany & Co is a holding company that operates through its subsidiary companies. The Company’s principal subsidiary, Tiffany and Company (Tiffany), is a jeweler and specialty retailer. The Company’s segments include Americas, Asia-Pacific, Japan, Europe and Other. Through its subsidiaries, the Company designs and manufactures products and operates TIFFANY & CO.
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