Van ECK Associates Corp Grows Position in Tapestry, Inc. (NYSE:TPR)

Van ECK Associates Corp grew its stake in shares of Tapestry, Inc. (NYSE:TPR) by 34.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 92,920 shares of the luxury accessories retailer’s stock after buying an additional 23,760 shares during the period. Van ECK Associates Corp’s holdings in Tapestry were worth $3,420,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in TPR. Invesco Ltd. raised its holdings in shares of Tapestry by 37.8% in the 3rd quarter. Invesco Ltd. now owns 4,394,913 shares of the luxury accessories retailer’s stock worth $126,354,000 after purchasing an additional 1,205,207 shares during the period. Qube Research & Technologies Ltd purchased a new position in Tapestry in the third quarter valued at approximately $34,010,000. Pacer Advisors Inc. lifted its position in Tapestry by 60.1% during the fourth quarter. Pacer Advisors Inc. now owns 3,108,486 shares of the luxury accessories retailer’s stock valued at $114,423,000 after buying an additional 1,167,231 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of Tapestry by 28.2% in the third quarter. Ameriprise Financial Inc. now owns 5,249,047 shares of the luxury accessories retailer’s stock worth $150,916,000 after acquiring an additional 1,154,808 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in Tapestry by 27.3% in the 3rd quarter. American Century Companies Inc. now owns 4,485,046 shares of the luxury accessories retailer’s stock valued at $128,945,000 after purchasing an additional 960,881 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on TPR shares. Telsey Advisory Group reiterated an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research note on Wednesday, March 27th. OTR Global restated a “mixed” rating on shares of Tapestry in a research report on Wednesday, April 17th. Raymond James increased their price objective on shares of Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a report on Tuesday, January 30th. Evercore ISI raised Tapestry from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $30.00 to $50.00 in a report on Monday, February 5th. Finally, StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and an average price target of $47.81.

Tapestry Stock Performance

Shares of TPR opened at $39.48 on Tuesday. The company has a 50-day moving average of $44.12 and a two-hundred day moving average of $38.55. The stock has a market cap of $9.06 billion, a price-to-earnings ratio of 9.97, a PEG ratio of 0.81 and a beta of 1.61. The company has a debt-to-equity ratio of 2.90, a current ratio of 6.25 and a quick ratio of 5.68. Tapestry, Inc. has a one year low of $25.99 and a one year high of $48.80.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, February 8th. The luxury accessories retailer reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.17. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same quarter last year, the business posted $1.36 EPS. The company’s revenue was up 2.5% on a year-over-year basis. On average, equities research analysts expect that Tapestry, Inc. will post 4.23 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Friday, March 8th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.55%. The ex-dividend date was Thursday, March 7th. Tapestry’s payout ratio is 35.35%.

Tapestry Company Profile

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.