Lee Danner & Bass Inc. Purchases New Holdings in Tapestry, Inc. (NYSE:TPR)

Lee Danner & Bass Inc. acquired a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 34,323 shares of the luxury accessories retailer's stock, valued at approximately $1,469,000.

Other hedge funds also recently made changes to their positions in the company. Fidelis Capital Partners LLC acquired a new stake in shares of Tapestry in the first quarter valued at approximately $35,000. BNP Paribas acquired a new stake in shares of Tapestry in the first quarter valued at approximately $38,000. Massmutual Trust Co. FSB ADV lifted its position in shares of Tapestry by 54.0% in the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer's stock valued at $40,000 after buying an additional 328 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer's stock valued at $50,000 after buying an additional 556 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Tapestry by 3,778.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer's stock valued at $46,000 after buying an additional 1,209 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on TPR shares. UBS Group cut their price objective on Tapestry from $42.00 to $40.00 and set a "neutral" rating for the company in a research report on Friday, August 16th. Telsey Advisory Group reiterated an "outperform" rating and set a $54.00 target price on shares of Tapestry in a research note on Thursday, August 15th. StockNews.com upgraded Tapestry from a "hold" rating to a "buy" rating in a research note on Wednesday, August 7th. Evercore ISI lowered their target price on Tapestry from $53.00 to $47.00 and set an "outperform" rating on the stock in a research note on Friday, August 9th. Finally, Citigroup lowered their target price on Tapestry from $50.00 to $49.00 and set a "buy" rating on the stock in a research note on Tuesday, August 6th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Tapestry has a consensus rating of "Moderate Buy" and an average price target of $46.13.

Tapestry Price Performance

Tapestry stock traded up $0.45 during mid-day trading on Friday, reaching $40.97. 2,806,202 shares of the company were exchanged, compared to its average volume of 3,303,892. The company has a fifty day simple moving average of $40.51 and a 200-day simple moving average of $42.52. The firm has a market cap of $9.41 billion, a PE ratio of 10.84, a PEG ratio of 0.79 and a beta of 1.59. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month 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.

Tapestry (NYSE:TPR - Get Free Report) last issued its 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 firm 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 39.78% and a net margin of 13.15%. The company's revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 EPS. As a group, equities research analysts expect that Tapestry, Inc. will post 4.24 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, September 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date is Friday, September 6th. Tapestry's dividend payout ratio is presently 37.04%.

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.

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