Poplar Forest Capital LLC Increases Position in Tapestry, Inc. (NYSE:TPR)

Poplar Forest Capital LLC lifted its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 14.4% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 364,598 shares of the luxury accessories retailer's stock after buying an additional 45,756 shares during the quarter. Tapestry makes up 2.3% of Poplar Forest Capital LLC's holdings, making the stock its 21st largest holding. Poplar Forest Capital LLC owned 0.16% of Tapestry worth $17,129,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. M&G PLC increased its holdings in Tapestry by 2.8% in the 3rd quarter. M&G PLC now owns 245,512 shares of the luxury accessories retailer's stock valued at $11,539,000 after acquiring an additional 6,607 shares during the last quarter. Umpqua Bank bought a new stake in Tapestry in the 3rd quarter valued at $208,000. Foster & Motley Inc. increased its holdings in Tapestry by 111.4% in the 3rd quarter. Foster & Motley Inc. now owns 30,159 shares of the luxury accessories retailer's stock valued at $1,417,000 after acquiring an additional 15,895 shares during the last quarter. Radnor Capital Management LLC bought a new stake in Tapestry in the 3rd quarter valued at $894,000. Finally, Asset Management One Co. Ltd. increased its holdings in Tapestry by 22.3% in the 3rd quarter. Asset Management One Co. Ltd. now owns 4,558 shares of the luxury accessories retailer's stock valued at $214,000 after acquiring an additional 832 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TPR. Wells Fargo & Company lifted their price target on shares of Tapestry from $50.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Evercore ISI boosted their target price on shares of Tapestry from $47.00 to $63.00 and gave the stock an "outperform" rating in a report on Friday, October 25th. Citigroup boosted their target price on shares of Tapestry from $49.00 to $55.00 and gave the stock a "buy" rating in a report on Friday, October 25th. Telsey Advisory Group restated an "outperform" rating and issued a $54.00 target price on shares of Tapestry in a report on Thursday. Finally, JPMorgan Chase & Co. boosted their target price on shares of Tapestry from $51.00 to $66.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $51.75.

Tapestry Trading Up 3.9 %

Shares of Tapestry stock traded up $1.95 on Thursday, hitting $51.71. 3,900,590 shares of the company traded hands, compared to its average volume of 3,284,052. Tapestry, Inc. has a 52 week low of $27.20 and a 52 week high of $52.50. The company has a market cap of $12.04 billion, a PE ratio of 14.77, a PEG ratio of 1.81 and a beta of 1.53. The stock's 50 day moving average price is $44.83 and its 200-day moving average price is $42.32. 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 (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 the consensus estimate of $0.88 by $0.04. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The company's quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.95 EPS. Equities research analysts predict that Tapestry, Inc. will post 4.46 EPS for the current year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.71%. Tapestry's dividend payout ratio is presently 39.89%.

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.