Valley National Advisers Inc. lessened its holdings in Tapestry Inc (NYSE:TPR) by 26.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,795 shares of the luxury accessories retailer’s stock after selling 648 shares during the period. Valley National Advisers Inc.’s holdings in Tapestry were worth $58,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of TPR. Norges Bank purchased a new stake in Tapestry in the 4th quarter worth $99,566,000. Boston Partners purchased a new position in shares of Tapestry during the fourth quarter valued at about $64,406,000. D. E. Shaw & Co. Inc. grew its position in shares of Tapestry by 765.0% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,902,983 shares of the luxury accessories retailer’s stock valued at $64,225,000 after purchasing an additional 1,682,982 shares in the last quarter. ANTIPODES PARTNERS Ltd grew its position in shares of Tapestry by 44.0% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 4,262,677 shares of the luxury accessories retailer’s stock valued at $143,865,000 after purchasing an additional 1,302,103 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund grew its position in shares of Tapestry by 1,484.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,213,009 shares of the luxury accessories retailer’s stock valued at $36,000 after purchasing an additional 1,136,452 shares in the last quarter. Institutional investors and hedge funds own 90.97% of the company’s stock.
NYSE TPR traded down $0.52 on Wednesday, hitting $30.86. The stock had a trading volume of 3,738,859 shares, compared to its average volume of 4,583,795. The company has a current ratio of 2.67, a quick ratio of 1.86 and a debt-to-equity ratio of 0.45. Tapestry Inc has a 52-week low of $29.82 and a 52-week high of $54.35. The firm has a market capitalization of $8.98 billion, a P/E ratio of 11.73, a P/E/G ratio of 1.11 and a beta of 0.70.
Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.01. Tapestry had a net margin of 11.78% and a return on equity of 22.08%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the company earned $0.54 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. As a group, sell-side analysts predict that Tapestry Inc will post 2.58 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 7th will be issued a $0.3375 dividend. This represents a $1.35 annualized dividend and a yield of 4.37%. The ex-dividend date is Thursday, June 6th. Tapestry’s dividend payout ratio is currently 51.33%.
A number of research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a report on Thursday, April 18th. UBS Group decreased their price objective on shares of Tapestry from $52.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. Standpoint Research raised shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, May 9th. Bank of America set a $48.00 price objective on shares of Tapestry and gave the stock a “buy” rating in a research note on Friday, May 10th. Finally, KeyCorp decreased their price objective on shares of Tapestry from $62.00 to $42.00 and set an “overweight” rating for the company in a research note on Friday, February 8th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-two have assigned a buy rating to the company’s stock. Tapestry presently has an average rating of “Buy” and a consensus price target of $47.42.
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Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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