Shellback Capital LP Increases Position in Tapestry, Inc. (NYSE:TPR)

Shellback Capital LP boosted its position in Tapestry, Inc. (NYSE:TPR) by 703.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 562,500 shares of the luxury accessories retailer’s stock after purchasing an additional 492,500 shares during the period. Tapestry makes up about 2.7% of Shellback Capital LP’s portfolio, making the stock its 7th largest holding. Shellback Capital LP owned 0.24% of Tapestry worth $24,249,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Empirical Finance LLC raised its holdings in shares of Tapestry by 1.3% in the 1st quarter. Empirical Finance LLC now owns 21,265 shares of the luxury accessories retailer’s stock worth $917,000 after purchasing an additional 265 shares in the last quarter. Outlook Wealth Advisors LLC grew its position in Tapestry by 1.8% in the first quarter. Outlook Wealth Advisors LLC now owns 15,721 shares of the luxury accessories retailer’s stock worth $678,000 after buying an additional 280 shares during the last quarter. Marble Harbor Investment Counsel LLC increased its holdings in shares of Tapestry by 0.4% in the first quarter. Marble Harbor Investment Counsel LLC now owns 90,959 shares of the luxury accessories retailer’s stock valued at $3,921,000 after buying an additional 325 shares in the last quarter. Commerce Bank lifted its position in shares of Tapestry by 3.8% during the 4th quarter. Commerce Bank now owns 9,080 shares of the luxury accessories retailer’s stock valued at $346,000 after acquiring an additional 330 shares during the last quarter. Finally, Cullen Frost Bankers Inc. lifted its position in shares of Tapestry by 3.9% during the 1st quarter. Cullen Frost Bankers Inc. now owns 9,215 shares of the luxury accessories retailer’s stock valued at $397,000 after acquiring an additional 347 shares during the last quarter. 92.12% of the stock is owned by institutional investors.

Tapestry Price Performance

Shares of NYSE:TPR opened at $31.89 on Friday. The business has a fifty day simple moving average of $38.75 and a 200 day simple moving average of $40.71. The company has a current ratio of 1.84, a quick ratio of 1.12 and a debt-to-equity ratio of 0.72. Tapestry, Inc. has a 1 year low of $27.53 and a 1 year high of $47.48. The firm has a market cap of $7.25 billion, a price-to-earnings ratio of 8.22, a P/E/G ratio of 0.67 and a beta of 1.48.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, August 17th. The luxury accessories retailer reported $0.95 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.02). The firm had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.65 billion. Tapestry had a return on equity of 41.10% and a net margin of 14.05%. The firm’s revenue for the quarter was down .3% on a year-over-year basis. During the same period last year, the business earned $0.78 earnings per share. As a group, sell-side analysts predict that Tapestry, Inc. will post 4.13 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Friday, September 8th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 4.39%. This is an increase from Tapestry’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, September 7th. Tapestry’s payout ratio is currently 36.08%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on TPR shares. JPMorgan Chase & Co. boosted their target price on Tapestry from $54.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, August 18th. The Goldman Sachs Group reduced their price objective on shares of Tapestry from $49.00 to $46.00 and set a “buy” rating for the company in a research note on Thursday, August 17th. Guggenheim reissued a “buy” rating and issued a $60.00 target price on shares of Tapestry in a research report on Wednesday, August 23rd. Robert W. Baird reduced their price target on shares of Tapestry from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, August 18th. Finally, Edward Jones cut shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Friday, August 11th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.23.

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.