American Trust reduced its position in Tapestry, Inc. (NYSE:TPR – Free Report) by 18.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,919 shares of the luxury accessories retailer’s stock after selling 1,105 shares during the period. American Trust’s holdings in Tapestry were worth $212,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of TPR. Brown Brothers Harriman & Co. lifted its stake 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 purchasing an additional 511 shares in the last quarter. Alpha Paradigm Partners LLC acquired a new position in Tapestry during the 3rd quarter worth approximately $26,000. Allworth Financial LP lifted its position in Tapestry by 196.8% during the 1st quarter. Allworth Financial LP now owns 659 shares of the luxury accessories retailer’s stock worth $28,000 after acquiring an additional 437 shares in the last quarter. ING Groep NV acquired a new position in Tapestry during the 1st quarter worth approximately $29,000. Finally, GPS Wealth Strategies Group LLC acquired a new position in Tapestry during the 1st quarter worth approximately $41,000. 92.12% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research firms recently commented on TPR. Raymond James reduced their price target on Tapestry from $50.00 to $47.00 and set an “outperform” rating on the stock in a research report on Friday, August 18th. Guggenheim reissued a “buy” rating and set a $60.00 price target on shares of Tapestry in a research report on Wednesday, August 23rd. JPMorgan Chase & Co. boosted their price target on Tapestry from $54.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, August 18th. Barclays upgraded Tapestry from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $47.00 to $59.00 in a report on Tuesday, August 1st. Finally, StockNews.com began coverage on Tapestry in a report on Thursday, August 17th. They set a “buy” rating on the stock. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and a consensus target price of $48.40.
Tapestry Price Performance
Shares of NYSE TPR opened at $30.99 on Friday. Tapestry, Inc. has a twelve month low of $27.53 and a twelve month high of $47.48. The company has a current ratio of 1.84, a quick ratio of 1.12 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $7.05 billion, a price-to-earnings ratio of 7.99, a price-to-earnings-growth ratio of 0.64 and a beta of 1.48. The business has a 50 day simple moving average of $37.57 and a 200-day simple moving average of $40.30.
Tapestry (NYSE:TPR – Get Free Report) last released its quarterly earnings data on Thursday, August 17th. The luxury accessories retailer reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.02). Tapestry had a net margin of 14.05% and a return on equity of 41.10%. The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the prior year, the firm earned $0.78 EPS. The company’s revenue for the quarter was down .3% compared to the same quarter last year. As a group, equities research analysts expect that Tapestry, Inc. will post 4.13 earnings per share for the current year.
Tapestry Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Friday, September 8th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $1.40 dividend on an annualized basis and a yield of 4.52%. This is a positive change from Tapestry’s previous quarterly dividend of $0.30. Tapestry’s payout ratio is currently 36.08%.
Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's handbags; and women's accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.
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