King Luther Capital Management Corp Sells 314,873 Shares of Tapestry, Inc. (NYSE:TPR)

King Luther Capital Management Corp decreased its position in shares of Tapestry, Inc. (NYSE:TPR) by 87.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 44,389 shares of the luxury accessories retailer’s stock after selling 314,873 shares during the quarter. King Luther Capital Management Corp’s holdings in Tapestry were worth $1,634,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in TPR. Nisa Investment Advisors LLC raised its position in shares of Tapestry by 20.2% in the third quarter. Nisa Investment Advisors LLC now owns 45,968 shares of the luxury accessories retailer’s stock valued at $1,322,000 after purchasing an additional 7,739 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Tapestry by 3.4% in the third quarter. Principal Financial Group Inc. now owns 290,405 shares of the luxury accessories retailer’s stock worth $8,349,000 after acquiring an additional 9,426 shares during the period. California Public Employees Retirement System boosted its holdings in shares of Tapestry by 2.9% in the third quarter. California Public Employees Retirement System now owns 458,743 shares of the luxury accessories retailer’s stock worth $13,189,000 after acquiring an additional 13,007 shares during the period. NBC Securities Inc. bought a new stake in shares of Tapestry during the 3rd quarter valued at $305,000. Finally, Victory Capital Management Inc. lifted its holdings in Tapestry by 4.7% during the 3rd quarter. Victory Capital Management Inc. now owns 6,823,763 shares of the luxury accessories retailer’s stock worth $196,183,000 after purchasing an additional 305,658 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

TPR has been the topic of several analyst reports. Evercore ISI upgraded Tapestry from an “in-line” rating to an “outperform” rating and upped their price target for the company from $30.00 to $50.00 in a research report on Monday, February 5th. Telsey Advisory Group restated an “outperform” rating and set a $54.00 price target on shares of Tapestry in a research report on Thursday, May 9th. Robert W. Baird lowered their price objective on Tapestry from $52.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. OTR Global restated a “mixed” rating on shares of Tapestry in a research report on Wednesday, April 17th. Finally, The Goldman Sachs Group boosted their price target on shares of Tapestry from $41.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

Tapestry Trading Up 1.8 %

Shares of NYSE TPR traded up $0.74 during mid-day trading on Friday, hitting $42.10. The stock had a trading volume of 204,009 shares, compared to its average volume of 3,733,815. The business has a 50 day moving average price of $42.56 and a two-hundred day moving average price of $39.62. Tapestry, Inc. has a 1 year low of $25.99 and a 1 year high of $48.80. The company has a debt-to-equity ratio of 2.77, a quick ratio of 5.98 and a current ratio of 6.59. The firm has a market cap of $9.67 billion, a P/E ratio of 10.94, a price-to-earnings-growth ratio of 0.90 and a beta of 1.61.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.14. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.78 earnings per share. On average, equities analysts anticipate that Tapestry, Inc. will post 4.22 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 24th. Investors of record on Friday, June 7th will be issued a dividend of $0.35 per share. The ex-dividend date is Friday, June 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.33%. Tapestry’s dividend payout ratio is presently 37.04%.

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.