Paralel Advisors LLC Makes New Investment in Tapestry, Inc. (NYSE:TPR)

Paralel Advisors LLC purchased a new stake in Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 48,076 shares of the luxury accessories retailer’s stock, valued at approximately $2,057,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TPR. Fidelis Capital Partners LLC purchased a new position in Tapestry during the 1st quarter valued at about $35,000. BNP Paribas bought a new position in shares of Tapestry in the first quarter valued at approximately $38,000. Massmutual Trust Co. FSB ADV grew its stake in Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after acquiring an additional 328 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Tapestry by 3,778.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock worth $46,000 after acquiring an additional 1,209 shares during the period. Finally, Blue Trust Inc. lifted its stake in Tapestry by 111.9% in the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after purchasing an additional 556 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TPR has been the subject of a number of recent analyst reports. Citigroup reduced their price target on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Telsey Advisory Group restated an “outperform” rating and set a $54.00 target price on shares of Tapestry in a research report on Thursday, August 15th. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a report on Wednesday, August 7th. Evercore ISI cut their price objective on Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Finally, UBS Group lowered their target price on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $46.13.

Tapestry Trading Down 1.6 %

NYSE TPR traded down $0.64 during trading on Friday, hitting $40.36. 2,294,222 shares of the company’s stock traded hands, compared to its average volume of 3,305,260. The firm has a market cap of $9.27 billion, a P/E ratio of 10.68, a PEG ratio of 1.52 and a beta of 1.54. The stock has a fifty day moving average of $40.40 and a two-hundred day moving average of $42.36. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. Tapestry, Inc. has a 12-month low of $25.99 and a 12-month high of $48.80.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the company earned $0.95 EPS. Tapestry’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, sell-side analysts expect that Tapestry, Inc. will post 4.47 EPS for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Friday, September 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.47%. The ex-dividend date is Friday, September 6th. Tapestry’s payout ratio is 37.04%.

Tapestry Company 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.