Winmill & CO. Inc. bought a new stake in Tapestry Inc (NYSE:TPR) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 60,000 shares of the luxury accessories retailer’s stock, valued at approximately $1,563,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in TPR. Marshall Wace LLP boosted its position in Tapestry by 19.8% during the first quarter. Marshall Wace LLP now owns 48,563 shares of the luxury accessories retailer’s stock worth $1,579,000 after acquiring an additional 8,018 shares during the last quarter. Marshall Wace North America L.P. boosted its position in Tapestry by 88.7% during the first quarter. Marshall Wace North America L.P. now owns 213,963 shares of the luxury accessories retailer’s stock worth $6,951,000 after acquiring an additional 100,571 shares during the last quarter. ZWJ Investment Counsel Inc. acquired a new position in Tapestry during the first quarter worth about $4,007,000. Cerebellum GP LLC boosted its position in Tapestry by 29.9% during the first quarter. Cerebellum GP LLC now owns 10,154 shares of the luxury accessories retailer’s stock worth $330,000 after acquiring an additional 2,340 shares during the last quarter. Finally, Allstate Corp boosted its position in Tapestry by 8.8% during the first quarter. Allstate Corp now owns 32,454 shares of the luxury accessories retailer’s stock worth $1,054,000 after acquiring an additional 2,614 shares during the last quarter. Institutional investors and hedge funds own 88.28% of the company’s stock.
Tapestry stock traded up $0.27 during trading hours on Tuesday, reaching $25.52. 302,509 shares of the stock were exchanged, compared to its average volume of 5,552,557. The stock has a market cap of $7.48 billion, a P/E ratio of 9.93, a P/E/G ratio of 1.09 and a beta of 1.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.94 and a current ratio of 2.79. Tapestry Inc has a 52-week low of $18.54 and a 52-week high of $44.89. The firm’s 50 day moving average is $24.15 and its 200 day moving average is $28.58.
Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.61. Tapestry had a net margin of 10.68% and a return on equity of 21.64%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter last year, the firm posted $0.60 EPS. The business’s revenue was up 2.0% compared to the same quarter last year. Equities research analysts expect that Tapestry Inc will post 2.55 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 6th were issued a dividend of $0.338 per share. This is an increase from Tapestry’s previous quarterly dividend of $0.34. This represents a $1.35 annualized dividend and a yield of 5.30%. The ex-dividend date was Thursday, September 5th. Tapestry’s dividend payout ratio (DPR) is 52.53%.
A number of research firms recently weighed in on TPR. Zacks Investment Research upgraded shares of Tapestry from a “sell” rating to a “hold” rating and set a $29.00 price target on the stock in a research report on Tuesday, August 6th. Piper Jaffray Companies lowered shares of Tapestry from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $40.00 to $23.00 in a research report on Friday, August 16th. Credit Suisse Group lowered shares of Tapestry from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $38.00 to $22.00 in a research report on Thursday, August 15th. MKM Partners reiterated a “neutral” rating and issued a $21.00 target price (down from $52.00) on shares of Tapestry in a report on Friday, August 16th. Finally, UBS Group lowered shares of Tapestry from a “buy” rating to a “neutral” rating and set a $25.00 target price on the stock. in a report on Monday. Sixteen investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $35.25.
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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