SG Americas Securities LLC Sells 10,751 Shares of Tapestry, Inc. (NYSE:TPR)

Posted by Defense World Staff on May 16th, 2023

SG Americas Securities LLC lowered its holdings in Tapestry, Inc. (NYSE:TPR – Get Rating) by 76.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,225 shares of the luxury accessories retailer’s stock after selling 10,751 shares during the period. SG Americas Securities LLC’s holdings in Tapestry were worth $123,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in TPR. Brown Brothers Harriman & Co. grew its position in shares of Tapestry by 340.7% in the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock valued at $25,000 after acquiring an additional 511 shares during the period. Alpha Paradigm Partners LLC bought a new position in shares of Tapestry in the 3rd quarter valued at about $26,000. Assetmark Inc. grew its position in shares of Tapestry by 2,382.1% in the 3rd quarter. Assetmark Inc. now owns 968 shares of the luxury accessories retailer’s stock valued at $28,000 after acquiring an additional 929 shares during the period. Truvestments Capital LLC bought a new position in shares of Tapestry in the 3rd quarter valued at about $28,000. Finally, Clear Street Markets LLC boosted its holdings in shares of Tapestry by 121.1% during the 3rd quarter. Clear Street Markets LLC now owns 1,163 shares of the luxury accessories retailer’s stock worth $33,000 after buying an additional 637 shares during the period. Institutional investors own 92.84% of the company’s stock.

Tapestry Price Performance

TPR stock opened at $43.05 on Tuesday. The company has a fifty day moving average price of $41.00 and a 200-day moving average price of $40.06. The company has a market capitalization of $9.98 billion, a P/E ratio of 11.70, a PEG ratio of 0.84 and a beta of 1.44. Tapestry, Inc. has a 52-week low of $27.53 and a 52-week high of $47.48. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.14 and a current ratio of 1.87.

Tapestry (NYSE:TPR – Get Rating) last released its quarterly earnings results on Thursday, May 11th. The luxury accessories retailer reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.19. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.44 billion. Tapestry had a net margin of 12.69% and a return on equity of 36.58%. During the same quarter last year, the firm earned $0.51 earnings per share. As a group, equities analysts expect that Tapestry, Inc. will post 3.72 EPS for the current year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 27th. Stockholders of record on Friday, March 10th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.79%. The ex-dividend date was Thursday, March 9th. Tapestry’s dividend payout ratio (DPR) is presently 32.61%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Telsey Advisory Group reaffirmed an “outperform” rating and set a $52.00 target price on shares of Tapestry in a report on Thursday, February 9th. Sanford C. Bernstein upgraded shares of Tapestry from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $50.00 to $55.00 in a research report on Monday. Citigroup increased their target price on shares of Tapestry from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, February 1st. StockNews.com assumed coverage on shares of Tapestry in a research report on Thursday, March 16th. They set a “buy” rating on the stock. Finally, Raymond James increased their target price on shares of Tapestry from $44.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 1st. Three equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.29.

Tapestry Company Profile

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Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade and Stuart Weitzman. The Coach segment consists of global sales of coach brand products to customers through coach operated stores, including the internet and concession shop-in-shops, and sales to wholesale customers, and through independent third party distributors.