Wall Street brokerages forecast that Tapestry, Inc. (NYSE:TPR – Get Rating) will report sales of $1.71 billion for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Tapestry’s earnings. The highest sales estimate is $1.72 billion and the lowest is $1.70 billion. Tapestry posted sales of $1.62 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 5.6%. The business is expected to issue its next quarterly earnings report on Monday, January 1st.
According to Zacks, analysts expect that Tapestry will report full-year sales of $6.75 billion for the current year, with estimates ranging from $6.73 billion to $6.76 billion. For the next financial year, analysts expect that the firm will post sales of $7.05 billion, with estimates ranging from $6.97 billion to $7.08 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that follow Tapestry.
Tapestry (NYSE:TPR – Get Rating) last released its earnings results on Thursday, May 12th. The luxury accessories retailer reported $0.51 EPS for the quarter, beating the consensus estimate of $0.40 by $0.11. The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.43 billion. Tapestry had a return on equity of 31.10% and a net margin of 12.85%. The business’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.51 earnings per share.
In other Tapestry news, CEO Joanne C. Crevoiserat purchased 5,700 shares of Tapestry stock in a transaction that occurred on Friday, March 11th. The stock was purchased at an average price of $34.60 per share, with a total value of $197,220.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.40% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. lifted its holdings in Tapestry by 166.9% during the 3rd quarter. Franklin Resources Inc. now owns 7,108,830 shares of the luxury accessories retailer’s stock worth $263,170,000 after buying an additional 4,445,584 shares during the last quarter. Norges Bank bought a new position in Tapestry during the 4th quarter worth approximately $102,083,000. Two Sigma Investments LP lifted its holdings in Tapestry by 771.5% during the 3rd quarter. Two Sigma Investments LP now owns 2,070,708 shares of the luxury accessories retailer’s stock worth $76,658,000 after buying an additional 1,833,105 shares during the last quarter. Millennium Management LLC lifted its holdings in Tapestry by 13,214.8% during the 4th quarter. Millennium Management LLC now owns 1,542,917 shares of the luxury accessories retailer’s stock worth $62,642,000 after buying an additional 1,531,329 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in Tapestry by 427.9% during the 3rd quarter. Two Sigma Advisers LP now owns 1,668,080 shares of the luxury accessories retailer’s stock worth $61,752,000 after buying an additional 1,352,080 shares during the last quarter. 89.75% of the stock is owned by hedge funds and other institutional investors.
Tapestry stock traded up $0.88 during trading on Friday, hitting $31.51. The company’s stock had a trading volume of 6,160,888 shares, compared to its average volume of 3,982,577. The stock has a market capitalization of $8.32 billion, a price-to-earnings ratio of 10.16, a P/E/G ratio of 0.74 and a beta of 1.39. The stock’s fifty day moving average is $34.45 and its 200 day moving average is $38.45. Tapestry has a 1-year low of $26.39 and a 1-year high of $48.01. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.25 and a current ratio of 1.66.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 27th. Investors of record on Friday, June 3rd will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date is Thursday, June 2nd. Tapestry’s dividend payout ratio is currently 32.26%.
Tapestry Company Profile (Get Rating)
Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers women's accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.
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