Tiffany & Co. (TIF) Shares Gap Up on Better-Than-Expected Earnings
Shares of Tiffany & Co. (NYSE:TIF) gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $73.80, but opened at $78.14. Tiffany & Co. shares last traded at $80.60, with a volume of 9,411,415 shares.
The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.09. Tiffany & Co. had a return on equity of 15.90% and a net margin of 11.26%. The business earned $949.30 million during the quarter, compared to the consensus estimate of $922.60 million. During the same quarter last year, the firm posted $0.70 EPS. The company’s quarterly revenue was up 1.2% on a year-over-year basis.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 10th. Shareholders of record on Tuesday, December 20th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.23%. Tiffany & Co.’s dividend payout ratio is 51.28%.
Several brokerages have issued reports on TIF. Mizuho reaffirmed a “buy” rating and set a $82.00 price target on shares of Tiffany & Co. in a report on Tuesday. Cowen and Company set a $91.00 target price on Tiffany & Co. and gave the stock a “buy” rating in a report on Tuesday. Wells Fargo & Co. reissued an “underperform” rating on shares of Tiffany & Co. in a report on Tuesday. Jefferies Group lifted their target price on Tiffany & Co. from $85.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, November 14th. Finally, Morgan Stanley reissued a “hold” rating on shares of Tiffany & Co. in a report on Monday, August 15th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $78.99.
In other Tiffany & Co. news, SVP Philippe Galtie sold 482 shares of the business’s stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $72.01, for a total value of $34,708.82. Following the transaction, the senior vice president now directly owns 670 shares of the company’s stock, valued at $48,246.70. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.40% of the stock is owned by company insiders.
A number of institutional investors have recently modified their holdings of TIF. Sprucegrove Investment Management Ltd. raised its position in shares of Tiffany & Co. by 137.0% in the second quarter. Sprucegrove Investment Management Ltd. now owns 274,500 shares of the company’s stock worth $16,646,000 after buying an additional 158,700 shares during the last quarter. Cooke & Bieler LP purchased a new position in shares of Tiffany & Co. during the second quarter worth $20,072,000. Gofen & Glossberg LLC IL raised its position in shares of Tiffany & Co. by 0.3% in the third quarter. Gofen & Glossberg LLC IL now owns 95,118 shares of the company’s stock worth $6,908,000 after buying an additional 279 shares during the last quarter. Speece Thorson Capital Group Inc. raised its position in shares of Tiffany & Co. by 110.8% in the second quarter. Speece Thorson Capital Group Inc. now owns 203,830 shares of the company’s stock worth $12,360,000 after buying an additional 107,156 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its position in shares of Tiffany & Co. by 31.0% in the second quarter. Teacher Retirement System of Texas now owns 9,154 shares of the company’s stock worth $555,000 after buying an additional 2,165 shares during the last quarter. 87.59% of the stock is currently owned by hedge funds and other institutional investors.
The stock has a market cap of $10.07 billion, a P/E ratio of 22.99 and a beta of 1.84. The firm has a 50-day moving average price of $74.94 and a 200 day moving average price of $67.93.
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Tiffany & Co. Company Profile
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. Through its subsidiaries, the Company designs and manufactures products and operates TIFFANY & CO. retail stores. The Company’s segments include Americas, Asia-Pacific, Japan, Europe and Other.
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