Los Angeles Capital Management LLC cut its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 87.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,403 shares of the luxury accessories retailer's stock after selling 226,159 shares during the quarter. Los Angeles Capital Management LLC's holdings in Tapestry were worth $1,475,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the stock. Waldron Private Wealth LLC bought a new stake in shares of Tapestry in the third quarter valued at about $25,000. Massmutual Trust Co. FSB ADV boosted 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 valued at $40,000 after purchasing an additional 328 shares during the period. Blue Trust Inc. grew its position in shares of Tapestry by 111.9% during the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer's stock worth $50,000 after purchasing an additional 556 shares in the last quarter. MUFG Securities EMEA plc increased its holdings in shares of 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 purchasing 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 approximately $53,000. Institutional investors and hedge funds own 90.77% of the company's stock.
Tapestry Trading Down 1.0 %
TPR traded down $0.57 during trading on Friday, reaching $57.25. 2,501,236 shares of the company's stock were exchanged, compared to its average volume of 3,328,662. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. Tapestry, Inc. has a one year low of $29.83 and a one year high of $58.49. The firm has a fifty day moving average price of $46.21 and a two-hundred day moving average price of $42.83. The stock has a market capitalization of $13.34 billion, a PE ratio of 16.53, a price-to-earnings-growth ratio of 1.78 and a beta of 1.53.
Tapestry (NYSE:TPR - Get Free Report) last announced its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the company earned $0.95 EPS. Tapestry's revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, equities research analysts forecast that Tapestry, Inc. will post 4.54 earnings per share for the current fiscal year.
Tapestry Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be given a $0.35 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.45%. Tapestry's dividend payout ratio (DPR) is currently 40.46%.
Analyst Upgrades and Downgrades
Several equities analysts have weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Tapestry from $51.00 to $66.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Bank of America upped their price objective on shares of Tapestry from $52.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, October 25th. Evercore ISI raised their target price on shares of Tapestry from $47.00 to $63.00 and gave the company an "outperform" rating in a report on Friday, October 25th. TD Cowen lowered shares of Tapestry from a "buy" rating to a "hold" rating and set a $52.00 price target on the stock. in a research report on Tuesday, October 29th. Finally, StockNews.com downgraded shares of Tapestry from a "buy" rating to a "hold" rating in a research report on Monday, October 28th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $57.06.
View Our Latest Stock Report on Tapestry
Tapestry Profile
(
Free Report)
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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