Northern Trust Corp boosted its holdings in shares of Tapestry Inc (NYSE:TPR) by 0.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,587,374 shares of the luxury accessories retailer’s stock after purchasing an additional 30,636 shares during the period. Northern Trust Corp’s holdings in Tapestry were worth $113,828,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Nelson Roberts Investment Advisors LLC acquired a new stake in shares of Tapestry in the 1st quarter valued at $26,000. Avestar Capital LLC increased its stake in shares of Tapestry by 2,225.0% in the 1st quarter. Avestar Capital LLC now owns 1,209 shares of the luxury accessories retailer’s stock valued at $39,000 after buying an additional 1,157 shares during the period. FTB Advisors Inc. increased its stake in shares of Tapestry by 612.0% in the 2nd quarter. FTB Advisors Inc. now owns 2,079 shares of the luxury accessories retailer’s stock valued at $65,000 after buying an additional 1,787 shares during the period. Zions Bancorporation N.A. acquired a new stake in shares of Tapestry in the 1st quarter valued at $103,000. Finally, NEXT Financial Group Inc increased its stake in shares of Tapestry by 63.1% in the 2nd quarter. NEXT Financial Group Inc now owns 4,652 shares of the luxury accessories retailer’s stock valued at $148,000 after buying an additional 1,800 shares during the period. 88.66% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:TPR traded down $0.06 during midday trading on Friday, hitting $25.52. The company had a trading volume of 217,872 shares, compared to its average volume of 8,050,989. Tapestry Inc has a 12 month low of $18.54 and a 12 month high of $51.29. The company has a current ratio of 2.79, a quick ratio of 1.94 and a debt-to-equity ratio of 0.46. The stock has a market cap of $7.22 billion, a price-to-earnings ratio of 9.94, a PEG ratio of 1.00 and a beta of 0.98. The firm has a fifty day simple moving average of $24.73 and a 200 day simple moving average of $29.89.
Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share (EPS) for the quarter, hitting 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 for the quarter, compared to analyst estimates of $1.53 billion. During the same period last year, the company earned $0.60 EPS. The firm’s revenue was up 2.0% on a year-over-year basis. Equities analysts forecast that Tapestry Inc will post 2.57 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 6th will be given a $0.338 dividend. This is a positive change from Tapestry’s previous quarterly dividend of $0.34. This represents a $1.35 annualized dividend and a dividend yield of 5.30%. The ex-dividend date of this dividend is Thursday, September 5th. Tapestry’s dividend payout ratio (DPR) is currently 52.53%.
TPR has been the subject of several research reports. Oppenheimer cut Tapestry from an “outperform” rating to a “market perform” rating in a research note on Friday, August 16th. Zacks Investment Research raised Tapestry from a “sell” rating to a “hold” rating and set a $29.00 target price for the company in a research note on Tuesday, August 6th. Goldman Sachs Group cut Tapestry from a “buy” rating to a “neutral” rating and lowered their target price for the company from $43.00 to $24.00 in a research note on Friday, August 16th. Deutsche Bank set a $33.00 target price on Tapestry and gave the company a “buy” rating in a research note on Friday, August 16th. Finally, Telsey Advisory Group cut Tapestry from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and seventeen have assigned a buy rating to the company’s stock. Tapestry currently has a consensus rating of “Buy” and a consensus target price of $35.25.
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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