Shellback Capital LP Sells 43,406 Shares of Tapestry, Inc. (NYSE:TPR)

Shellback Capital LP decreased its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 4.3% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 966,594 shares of the luxury accessories retailer's stock after selling 43,406 shares during the period. Tapestry comprises approximately 3.0% of Shellback Capital LP's investment portfolio, making the stock its 4th biggest holding. Shellback Capital LP owned approximately 0.42% of Tapestry worth $41,361,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Balyasny Asset Management L.P. acquired a new stake in Tapestry during the 4th quarter valued at $102,531,000. Capital Research Global Investors raised its position in shares of Tapestry by 77.2% in the fourth quarter. Capital Research Global Investors now owns 5,748,737 shares of the luxury accessories retailer's stock valued at $211,611,000 after purchasing an additional 2,504,135 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Tapestry by 53.1% during the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer's stock worth $257,623,000 after buying an additional 2,087,586 shares during the last quarter. Clearbridge Investments LLC bought a new stake in shares of Tapestry during the 1st quarter worth about $54,055,000. Finally, AQR Capital Management LLC grew its stake in Tapestry by 235.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer's stock valued at $61,578,000 after buying an additional 1,051,743 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TPR has been the subject of a number of research analyst reports. Telsey Advisory Group restated an "outperform" rating and set a $54.00 price objective on shares of Tapestry in a report on Thursday, August 15th. Wells Fargo & Company dropped their price target on Tapestry from $52.00 to $50.00 and set an "overweight" rating for the company in a report on Friday, August 16th. Argus reaffirmed a "buy" rating and issued a $52.00 price objective on shares of Tapestry in a report on Tuesday, June 18th. Citigroup dropped their target price on Tapestry from $50.00 to $49.00 and set a "buy" rating for the company in a report on Tuesday, August 6th. Finally, StockNews.com upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $47.07.

Tapestry Stock Performance

NYSE TPR opened at $47.00 on Friday. The firm's 50 day simple moving average is $40.81 and its 200 day simple moving average is $41.99. The firm has a market capitalization of $10.80 billion, a price-to-earnings ratio of 12.43, a P/E/G ratio of 1.64 and a beta of 1.54. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. Tapestry, Inc. has a 1 year low of $25.99 and a 1 year high of $48.80.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.04. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the company posted $0.95 EPS. The company's revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, research analysts expect that Tapestry, Inc. will post 4.47 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 6th were issued a $0.35 dividend. The ex-dividend date was Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.98%. Tapestry's dividend payout ratio (DPR) is currently 37.04%.

About Tapestry

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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