Assetmark Inc. Cuts Position in Tapestry, Inc. (NYSE:TPR)

Assetmark Inc. trimmed its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 36.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,964 shares of the luxury accessories retailer's stock after selling 28,413 shares during the quarter. Assetmark Inc.'s holdings in Tapestry were worth $2,347,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Waldron Private Wealth LLC purchased a new position in Tapestry during the third quarter worth approximately $25,000. Massmutual Trust Co. FSB ADV increased its holdings in Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer's stock worth $40,000 after acquiring an additional 328 shares in the last quarter. Blue Trust Inc. raised its position in Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer's stock worth $50,000 after acquiring an additional 556 shares during the period. MUFG Securities EMEA plc raised its position in Tapestry by 34.9% during the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer's stock worth $52,000 after acquiring an additional 317 shares during the period. Finally, Chilton Capital Management LLC acquired a new stake in shares of Tapestry in the second quarter valued at about $53,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on TPR shares. TD Cowen downgraded shares of Tapestry from a "buy" rating to a "hold" rating and set a $52.00 price target for the company. in a research report on Tuesday, October 29th. Evercore ISI increased their target price on Tapestry from $47.00 to $63.00 and gave the company an "outperform" rating in a report on Friday, October 25th. Raymond James restated an "outperform" rating and issued a $57.00 target price (up previously from $55.00) on shares of Tapestry in a research report on Friday, November 8th. Telsey Advisory Group reiterated an "outperform" rating and set a $54.00 price target on shares of Tapestry in a research report on Thursday, November 7th. Finally, Robert W. Baird lifted their target price on shares of Tapestry from $53.00 to $58.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Tapestry has an average rating of "Moderate Buy" and an average target price of $54.00.

Tapestry Trading Up 12.8 %

Shares of Tapestry stock traded up $6.56 during mid-day trading on Thursday, hitting $57.82. The stock had a trading volume of 9,949,370 shares, compared to its average volume of 3,332,385. The firm has a market cap of $13.47 billion, a P/E ratio of 16.43, a price-to-earnings-growth ratio of 1.78 and a beta of 1.53. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The firm has a 50-day moving average of $45.88 and a two-hundred day moving average of $42.73. Tapestry, Inc. has a 12-month low of $29.83 and a 12-month high of $58.49.

Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating analysts' consensus estimates of $0.88 by $0.04. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. The company's revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.95 earnings per share. Sell-side analysts forecast that Tapestry, Inc. will post 4.55 earnings per share for the current year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be given a $0.35 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.42%. Tapestry's payout ratio is currently 40.46%.

Tapestry 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.