CX Institutional Sells 64,921 Shares of Tapestry, Inc. (NYSE:TPR)

CX Institutional cut its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 90.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,894 shares of the luxury accessories retailer's stock after selling 64,921 shares during the quarter. CX Institutional's holdings in Tapestry were worth $324,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TPR. Goldman Sachs Group Inc. increased its holdings in Tapestry by 41.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,272,950 shares of the luxury accessories retailer's stock worth $46,857,000 after acquiring an additional 371,724 shares during the period. B. Riley Wealth Advisors Inc. purchased a new position in shares of Tapestry in the fourth quarter worth $527,000. HighPoint Advisor Group LLC purchased a new position in shares of Tapestry in the fourth quarter valued at about $198,000. CWM LLC raised its position in Tapestry by 0.9% during the 1st quarter. CWM LLC now owns 26,859 shares of the luxury accessories retailer's stock valued at $1,275,000 after purchasing an additional 237 shares during the last quarter. Finally, NBC Securities Inc. lifted its stake in Tapestry by 84.0% in the first quarter. NBC Securities Inc. now owns 1,525 shares of the luxury accessories retailer's stock worth $72,000 after acquiring an additional 696 shares during the period. Institutional investors own 90.77% of the company's stock.

Tapestry Stock Performance

Shares of NYSE TPR traded down $0.03 during trading on Friday, hitting $45.15. The company had a trading volume of 2,524,367 shares, compared to its average volume of 3,190,479. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80. The stock has a 50 day simple moving average of $42.87 and a 200 day simple moving average of $41.84. The firm has a market capitalization of $10.37 billion, a P/E ratio of 11.94, a price-to-earnings-growth ratio of 1.67 and a beta of 1.53.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly 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. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The business had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.58 billion. During the same period last year, the firm earned $0.95 earnings per share. The business's quarterly revenue was down 1.8% on a year-over-year basis. As a group, analysts anticipate that Tapestry, Inc. will post 4.47 earnings per share for the current year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Friday, September 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date was Friday, September 6th. Tapestry's dividend payout ratio (DPR) is currently 37.04%.

Analysts Set New Price Targets

A number of research firms have recently commented on TPR. JPMorgan Chase & Co. lowered their target price on Tapestry from $54.00 to $51.00 and set an "overweight" rating for the company in a research note on Friday, August 16th. Evercore ISI lowered their price target on Tapestry from $53.00 to $47.00 and set an "outperform" rating for the company in a research report on Friday, August 9th. Wells Fargo & Company cut their price objective on shares of Tapestry from $52.00 to $50.00 and set an "overweight" rating on the stock in a research report on Friday, August 16th. Citigroup decreased their target price on shares of Tapestry from $50.00 to $49.00 and set a "buy" rating for the company in a report on Tuesday, August 6th. Finally, Telsey Advisory Group reiterated an "outperform" rating and set a $54.00 price target on shares of Tapestry in a report on Thursday, August 15th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $47.07.

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.