Greylin Investment Mangement Inc. reduced its position in shares of Tapestry Inc (NYSE:TPR) by 41.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,170 shares of the luxury accessories retailer’s stock after selling 6,605 shares during the period. Greylin Investment Mangement Inc.’s holdings in Tapestry were worth $239,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of TPR. NumerixS Investment Technologies Inc bought a new position in Tapestry during the 2nd quarter worth $50,000. Avestar Capital LLC grew its stake in Tapestry by 34.5% during the 2nd quarter. Avestar Capital LLC now owns 1,626 shares of the luxury accessories retailer’s stock worth $51,000 after buying an additional 417 shares during the last quarter. CSat Investment Advisory L.P. grew its stake in Tapestry by 106.7% during the 2nd quarter. CSat Investment Advisory L.P. now owns 1,827 shares of the luxury accessories retailer’s stock worth $58,000 after buying an additional 943 shares during the last quarter. Stonebridge Capital Advisors LLC bought a new position in Tapestry during the 2nd quarter worth $61,000. Finally, FTB Advisors Inc. grew its stake in Tapestry by 612.0% during the 2nd quarter. FTB Advisors Inc. now owns 2,079 shares of the luxury accessories retailer’s stock worth $65,000 after buying an additional 1,787 shares during the last quarter. Hedge funds and other institutional investors own 88.21% of the company’s stock.
Several research firms have recently issued reports on TPR. Needham & Company LLC reissued a “buy” rating and issued a $35.00 price target (down previously from $42.00) on shares of Tapestry in a research note on Friday, August 16th. Credit Suisse Group cut Tapestry from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $38.00 to $22.00 in a research note on Thursday, August 15th. Telsey Advisory Group cut Tapestry from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 15th. ValuEngine raised Tapestry from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Deutsche Bank set a $33.00 price target on Tapestry and gave the stock a “buy” rating in a research note on Friday, August 16th. Fifteen investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Tapestry presently has a consensus rating of “Buy” and an average price target of $35.25.
TPR stock traded up $1.29 during trading hours on Friday, hitting $26.28. 250,751 shares of the stock traded hands, compared to its average volume of 5,908,545. The stock has a 50-day simple moving average of $23.76 and a 200 day simple moving average of $28.68. Tapestry Inc has a one year low of $18.54 and a one year high of $44.89. The company has a market cap of $7.10 billion, a P/E ratio of 10.22, a P/E/G ratio of 1.04 and a beta of 1.02. The company has a current ratio of 2.79, a quick ratio of 1.94 and a debt-to-equity ratio of 0.46.
Tapestry (NYSE:TPR) last announced its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. Tapestry had a return on equity of 21.64% and a net margin of 10.68%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter last year, the business posted $0.60 earnings per share. The company’s quarterly revenue was up 2.0% on a year-over-year basis. Analysts forecast that Tapestry Inc will post 2.55 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 6th were paid a dividend of $0.338 per share. The ex-dividend date was Thursday, September 5th. This represents a $1.35 annualized dividend and a yield of 5.14%. This is a boost from Tapestry’s previous quarterly dividend of $0.34. Tapestry’s dividend payout ratio (DPR) is currently 52.53%.
Tapestry Company Profile
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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