New York State Teachers Retirement System Has $10.72 Million Position in Tapestry, Inc. (NYSE:TPR)

New York State Teachers Retirement System trimmed its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 8.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 250,520 shares of the luxury accessories retailer's stock after selling 21,795 shares during the period. New York State Teachers Retirement System owned about 0.11% of Tapestry worth $10,720,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. bought a new stake in shares of Tapestry in the 4th quarter valued at about $117,000. Bessemer Group Inc. lifted its stake in Tapestry by 1,328.8% during the 1st quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer's stock valued at $1,432,000 after acquiring an additional 28,038 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Tapestry by 41.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,272,950 shares of the luxury accessories retailer's stock worth $46,857,000 after buying an additional 371,724 shares during the last quarter. Manning & Napier Advisors LLC acquired a new stake in Tapestry during the second quarter valued at $3,718,000. Finally, Dimensional Fund Advisors LP grew its holdings in Tapestry by 4.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,305,257 shares of the luxury accessories retailer's stock valued at $121,671,000 after purchasing an additional 140,347 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Stock Performance

Shares of NYSE:TPR traded up $1.49 during trading on Friday, reaching $41.66. The company had a trading volume of 2,505,429 shares, compared to its average volume of 3,335,706. Tapestry, Inc. has a fifty-two week low of $25.99 and a fifty-two week high of $48.80. The company has a debt-to-equity ratio of 2.77, a current ratio of 6.59 and a quick ratio of 5.98. The stock's fifty day moving average price is $40.58 and its 200 day moving average price is $42.57. The firm has a market capitalization of $9.57 billion, a price-to-earnings ratio of 11.02, a price-to-earnings-growth ratio of 0.79 and a beta of 1.59.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.88 by $0.04. The business had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.58 billion. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The business's revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter last year, the business posted $0.95 earnings per share. As a group, equities research analysts predict that Tapestry, Inc. will post 4.24 EPS for the current year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, September 6th will be paid a dividend of $0.35 per share. The ex-dividend date is Friday, September 6th. This represents a $1.40 annualized dividend and a yield of 3.36%. Tapestry's dividend payout ratio is currently 37.04%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on TPR shares. StockNews.com upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a report on Wednesday, August 7th. Wells Fargo & Company lowered their price target on Tapestry from $52.00 to $50.00 and set an "overweight" rating for the company in a research report on Friday, August 16th. UBS Group cut their price objective on Tapestry from $42.00 to $40.00 and set a "neutral" rating on the stock in a report on Friday, August 16th. Robert W. Baird lowered their target price on Tapestry from $52.00 to $50.00 and set an "outperform" rating for the company in a report on Friday, May 10th. Finally, Argus reiterated a "buy" rating and set a $52.00 price target on shares of Tapestry in a research note on Tuesday, June 18th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $46.13.

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.