Aigen Investment Management LP Acquires New Stake in Tapestry, Inc. (NYSE:TPR)

Aigen Investment Management LP purchased a new stake in Tapestry, Inc. (NYSE:TPR) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 37,658 shares of the luxury accessories retailer’s stock, valued at approximately $1,386,000.

A number of other hedge funds also recently modified their holdings of TPR. Bell Investment Advisors Inc boosted its stake in shares of Tapestry by 718.1% in the 3rd quarter. Bell Investment Advisors Inc now owns 949 shares of the luxury accessories retailer’s stock valued at $27,000 after purchasing an additional 833 shares in the last quarter. AllSquare Wealth Management LLC lifted its holdings in shares of Tapestry by 35.1% during the third quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock worth $47,000 after purchasing an additional 423 shares during the period. Parkside Financial Bank & Trust boosted its holdings in shares of Tapestry by 56.9% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,843 shares of the luxury accessories retailer’s stock worth $53,000 after buying an additional 668 shares in the last quarter. First Horizon Advisors Inc. lifted its position in shares of Tapestry by 334.7% during the 4th quarter. First Horizon Advisors Inc. now owns 1,504 shares of the luxury accessories retailer’s stock valued at $55,000 after acquiring an additional 1,158 shares during the period. Finally, Quadrant Capital Group LLC increased its stake in Tapestry by 130.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,500 shares of the luxury accessories retailer’s stock valued at $55,000 after purchasing an additional 848 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on TPR. StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a research report on Tuesday, May 14th. Raymond James boosted their target price on shares of Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Tuesday, January 30th. JPMorgan Chase & Co. lowered their price target on shares of Tapestry from $56.00 to $54.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. OTR Global reissued a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Finally, Wells Fargo & Company upped their price target on Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and a consensus target price of $48.31.

Tapestry Stock Down 0.3 %

TPR traded down $0.11 during trading on Tuesday, hitting $42.35. 1,013,767 shares of the company’s stock traded hands, compared to its average volume of 3,784,688. Tapestry, Inc. has a 12-month low of $25.99 and a 12-month high of $48.80. The company’s 50 day simple moving average is $42.91 and its two-hundred day simple moving average is $39.50. The stock has a market capitalization of $9.73 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 0.87 and a beta of 1.61. The company has a current ratio of 6.59, a quick ratio of 5.98 and a debt-to-equity ratio of 2.77.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.14. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the company posted $0.78 EPS. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. Analysts predict that Tapestry, Inc. will post 4.22 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 24th. Stockholders of record on Friday, June 7th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, June 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.31%. Tapestry’s payout ratio is currently 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.