Los Angeles Capital Management LLC Lowers Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Los Angeles Capital Management LLC lowered its stake in shares of Tapestry, Inc. (NYSE:TPRFree Report) by 1.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 396,340 shares of the luxury accessories retailer’s stock after selling 6,773 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Tapestry were worth $18,818,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of TPR. EverSource Wealth Advisors LLC grew its stake in Tapestry by 3,778.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock worth $46,000 after buying an additional 1,209 shares during the period. AllSquare Wealth Management LLC boosted its stake in 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 acquiring an additional 423 shares during the last quarter. Parkside Financial Bank & Trust increased its position in shares of Tapestry by 56.9% in the 3rd quarter. Parkside Financial Bank & Trust now owns 1,843 shares of the luxury accessories retailer’s stock worth $53,000 after purchasing an additional 668 shares during the last quarter. First Horizon Advisors Inc. raised its stake in shares of Tapestry by 334.7% in the 4th quarter. First Horizon Advisors Inc. now owns 1,504 shares of the luxury accessories retailer’s stock valued at $55,000 after purchasing an additional 1,158 shares in the last quarter. Finally, Quadrant Capital Group LLC lifted its position in shares of Tapestry by 130.1% during the fourth quarter. Quadrant Capital Group LLC now owns 1,500 shares of the luxury accessories retailer’s stock worth $55,000 after purchasing an additional 848 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Stock Performance

NYSE TPR traded down $0.91 during trading on Wednesday, hitting $41.01. The company’s stock had a trading volume of 4,178,832 shares, compared to its average volume of 2,145,235. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $48.80. The firm has a market cap of $9.42 billion, a P/E ratio of 10.85, a price-to-earnings-growth ratio of 0.91 and a beta of 1.60. The firm has a 50 day moving average price of $41.40 and a 200 day moving average price of $41.37. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77.

Tapestry (NYSE:TPRGet Free Report) last posted its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.14. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.50 billion. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The business’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period last year, the business posted $0.78 EPS. Equities research analysts forecast that Tapestry, Inc. will post 4.22 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 24th. Shareholders of record on Friday, June 7th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $1.40 annualized dividend and a yield of 3.41%. Tapestry’s dividend payout ratio (DPR) is 37.04%.

Analyst Ratings Changes

TPR has been the subject of a number of research analyst reports. Jefferies Financial Group downgraded Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price target for the company. in a report on Thursday, February 29th. JPMorgan Chase & Co. reduced their price objective on Tapestry from $56.00 to $54.00 and set an “overweight” rating for the company in a research report on Friday, May 10th. Robert W. Baird cut their target price on shares of Tapestry from $52.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, May 10th. Bernstein Bank lifted their target price on Tapestry from $46.00 to $48.00 in a report on Thursday, May 9th. Finally, Telsey Advisory Group reiterated an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research report on Thursday, May 9th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $48.53.

Get Our Latest Stock Report on Tapestry

Insiders Place Their Bets

In related news, VP Manesh Dadlani sold 2,500 shares of the company’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $42.23, for a total value of $105,575.00. Following the completion of the transaction, the vice president now directly owns 37,173 shares in the company, valued at $1,569,815.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.93% of the company’s stock.

About Tapestry

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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