Slate Path Capital: Returns, Ethan Binder, Stephen Cook, Jamie McNab

5. Tiffany & Co. (NYSE:TIF)

Last, but not least, Slate Path Capital trimmed its exposure to Tiffany & Co. (NYSE:TIF) by 8% over the quarter and held 1.52 million shares valued at $142.21 million at the end of June. The company was added to Slate Path’s equity portfolio during the first three months of 2017 and its shares have gained over 15.5% since the beginning of the year. Tiffany & Co. (NYSE:TIF)’s stock took a hit at the end of May, when the company posted better-than-expected EPS for the first quarter, but missed the revenue estimates. Its second-quarter results included EPS of $0.92 and revenue of $959.70 million, which topped the consensus estimates by $0.06 and $29.40 million respectively. However, the stock inched down following the earnings report, which could either be attributed to a 2% decline in comparative store sales, or to the fact that the stock could’ve been overvalued. At 24.5 times current earnings and a forward earnings multiple of 23.3, Tiffany & Co. (NYSE:TIF)’s stock looks overvalued compared to its industry average. Tiffany & Co. (NYSE:TIF)’s stock growth has significantly outperformed the two of its closest peers: Carter’s, Inc. (NYSE:CRI) and Signet Jewelers Ltd. (NYSE:SIG), both of which also trade at much lower multiples. In any case, Tiffany & Co. (NYSE:TIF) is facing the same issues as other brick-and-mortar retailers, which is showing in declining comps. Nevertheless, the number of investors from our database bullish on Tiffany & Co. (NYSE:TIF) increased by seven to 33 during the second quarter.

Disclosure: none