LSV Asset Management Decreases Position in Tapestry, Inc. (NYSE:TPR)

LSV Asset Management cut its holdings in Tapestry, Inc. (NYSE:TPR) by 3.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 259,200 shares of the luxury accessories retailer’s stock after selling 9,100 shares during the quarter. LSV Asset Management owned about 0.11% of Tapestry worth $9,541,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Raleigh Capital Management Inc. lifted its position in Tapestry by 5.7% during the 3rd quarter. Raleigh Capital Management Inc. now owns 5,463 shares of the luxury accessories retailer’s stock worth $157,000 after acquiring an additional 297 shares during the period. Treasurer of the State of North Carolina raised its holdings in shares of Tapestry by 0.3% during the third quarter. Treasurer of the State of North Carolina now owns 109,837 shares of the luxury accessories retailer’s stock worth $3,158,000 after purchasing an additional 353 shares during the last quarter. Sowell Financial Services LLC boosted its holdings in Tapestry by 2.1% in the third quarter. Sowell Financial Services LLC now owns 18,348 shares of the luxury accessories retailer’s stock valued at $527,000 after purchasing an additional 381 shares during the last quarter. AllSquare Wealth Management LLC raised its stake in shares of Tapestry by 35.1% during the 3rd quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock valued at $47,000 after buying an additional 423 shares during the last quarter. Finally, Federated Hermes Inc. lifted its holdings in shares of Tapestry by 23.1% in the 4th quarter. Federated Hermes Inc. now owns 2,648 shares of the luxury accessories retailer’s stock valued at $97,000 after buying an additional 497 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Price Performance

TPR stock opened at $38.99 on Wednesday. The company has a market capitalization of $8.94 billion, a PE ratio of 9.85, a P/E/G ratio of 0.81 and a beta of 1.61. Tapestry, Inc. has a 12-month low of $25.99 and a 12-month high of $48.80. The company has a current ratio of 6.25, a quick ratio of 5.68 and a debt-to-equity ratio of 2.90. The business’s fifty day moving average price is $43.95 and its 200 day moving average price is $38.62.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.17. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same period in the prior year, the business earned $1.36 EPS. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. On average, sell-side analysts anticipate that Tapestry, Inc. will post 4.23 EPS for the current year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date was Thursday, March 7th. Tapestry’s dividend payout ratio is presently 35.35%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TPR. The Goldman Sachs Group boosted their price target on Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a report on Friday, February 9th. OTR Global reissued a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Jefferies Financial Group cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a research note on Thursday, February 29th. Evercore ISI upgraded shares of Tapestry from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $30.00 to $50.00 in a research report on Monday, February 5th. Finally, Wells Fargo & Company upped their price target on shares of Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Six 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.com, the company has a consensus rating of “Moderate Buy” and an average price target of $47.81.

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.