Cambria Investment Management L.P. lessened its stake in Tapestry, Inc. (NYSE:TPR – Free Report) by 3.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 189,968 shares of the luxury accessories retailer’s stock after selling 6,128 shares during the quarter. Cambria Investment Management L.P. owned about 0.08% of Tapestry worth $8,131,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Citigroup Inc. increased its holdings in shares of Tapestry by 83.6% in the second quarter. Citigroup Inc. now owns 202,681 shares of the luxury accessories retailer’s stock valued at $8,675,000 after purchasing an additional 92,283 shares during the last quarter. Cetera Investment Advisers increased its stake in Tapestry by 14.2% during the second quarter. Cetera Investment Advisers now owns 46,585 shares of the luxury accessories retailer’s stock worth $1,994,000 after acquiring an additional 5,784 shares during the last quarter. Decatur Capital Management Inc. acquired a new stake in Tapestry during the second quarter worth $1,473,000. Spire Wealth Management increased its stake in Tapestry by 56.1% during the second quarter. Spire Wealth Management now owns 687 shares of the luxury accessories retailer’s stock worth $29,000 after acquiring an additional 247 shares during the last quarter. Finally, BNP Paribas Arbitrage SNC increased its stake in Tapestry by 22.4% during the second quarter. BNP Paribas Arbitrage SNC now owns 149,700 shares of the luxury accessories retailer’s stock worth $6,407,000 after acquiring an additional 27,406 shares during the last quarter. Institutional investors and hedge funds own 92.12% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have issued reports on TPR. BMO Capital Markets cut their target price on Tapestry from $43.00 to $39.00 and set a “market perform” rating for the company in a research note on Friday, November 10th. The Goldman Sachs Group cut their target price on Tapestry from $46.00 to $41.00 and set a “buy” rating for the company in a research note on Friday, November 10th. StockNews.com began coverage on Tapestry in a research note on Thursday, October 5th. They set a “buy” rating for the company. Citigroup cut their target price on Tapestry from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Friday, August 18th. Finally, TheStreet cut Tapestry from a “b-” rating to a “c+” rating in a research note on Wednesday, November 1st. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.18.
Tapestry Stock Up 3.2 %
NYSE:TPR traded up $0.97 during midday trading on Wednesday, reaching $31.48. The company had a trading volume of 557,859 shares, compared to its average volume of 3,485,989. The firm has a market capitalization of $7.21 billion, a price-to-earnings ratio of 7.76, a PEG ratio of 0.60 and a beta of 1.48. The stock’s fifty day simple moving average is $28.77 and its 200-day simple moving average is $36.33. Tapestry, Inc. has a 12-month low of $25.99 and a 12-month high of $47.48. The company has a current ratio of 2.02, a quick ratio of 1.23 and a debt-to-equity ratio of 0.67.
Tapestry (NYSE:TPR – Get Free Report) last released its earnings results on Thursday, November 9th. The luxury accessories retailer reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.03. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.54 billion. Tapestry had a return on equity of 41.29% and a net margin of 14.03%. Tapestry’s revenue was up .4% compared to the same quarter last year. During the same period last year, the business posted $0.79 earnings per share. On average, sell-side analysts anticipate that Tapestry, Inc. will post 4.13 earnings per share for the current fiscal year.
Tapestry Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 26th. Shareholders of record on Friday, December 8th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 4.45%. The ex-dividend date of this dividend is Thursday, December 7th. Tapestry’s dividend payout ratio (DPR) is 35.62%.
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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