Mutual of America Capital Management LLC Sells 3,316 Shares of Tapestry, Inc. (NYSE:TPR)

Mutual of America Capital Management LLC lessened its stake in Tapestry, Inc. (NYSE:TPR) by 5.9% in the fourth quarter, HoldingsChannel reports. The firm owned 53,284 shares of the luxury accessories retailer’s stock after selling 3,316 shares during the period. Mutual of America Capital Management LLC’s holdings in Tapestry were worth $1,961,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Custom Index Systems LLC bought a new stake in Tapestry in the fourth quarter valued at about $372,000. Kendall Capital Management acquired a new position in Tapestry in the fourth quarter valued at about $278,000. Sequoia Financial Advisors LLC acquired a new position in Tapestry in the fourth quarter valued at about $218,000. International Assets Investment Management LLC grew its stake in Tapestry by 3,326.2% in the fourth quarter. International Assets Investment Management LLC now owns 111,350 shares of the luxury accessories retailer’s stock valued at $4,099,000 after acquiring an additional 108,100 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Tapestry by 71.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 86,066 shares of the luxury accessories retailer’s stock valued at $3,168,000 after acquiring an additional 35,991 shares during the period. Institutional investors own 90.77% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Jefferies Financial Group cut Tapestry from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a research note on Thursday, February 29th. Raymond James upped their price objective on Tapestry from $40.00 to $44.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 30th. TheStreet raised Tapestry from a “c+” rating to a “b-” rating in a research report on Tuesday, December 26th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research report on Wednesday, March 27th. Finally, Evercore ISI raised Tapestry from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $30.00 to $50.00 in a research report on Monday, February 5th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $47.81.

Tapestry Stock Performance

Shares of NYSE TPR opened at $40.62 on Friday. The stock has a 50 day moving average price of $45.49 and a 200 day moving average price of $37.58. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $48.80. The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25. The stock has a market capitalization of $9.32 billion, a PE ratio of 10.26, a price-to-earnings-growth ratio of 0.83 and a beta of 1.57.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 EPS for the quarter, beating the consensus estimate of $1.46 by $0.17. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The firm had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.05 billion. During the same period in the prior year, the firm posted $1.36 earnings per share. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. Analysts predict that Tapestry, Inc. will post 4.25 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were given a $0.35 dividend. The ex-dividend date was Thursday, March 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.45%. Tapestry’s payout ratio is 35.35%.

About Tapestry

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.