New York State Teachers Retirement System Sells 18,392 Shares of Tapestry, Inc. (NYSE:TPR)

New York State Teachers Retirement System lowered its position in shares of Tapestry, Inc. (NYSE:TPR) by 7.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 232,128 shares of the luxury accessories retailer’s stock after selling 18,392 shares during the quarter. New York State Teachers Retirement System owned about 0.10% of Tapestry worth $10,905,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of TPR. Bessemer Group Inc. raised its holdings in shares of Tapestry by 1,328.8% during the first quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock valued at $1,432,000 after purchasing an additional 28,038 shares during the period. Manning & Napier Advisors LLC acquired a new position in shares of Tapestry during the second quarter valued at about $3,718,000. Lazard Asset Management LLC raised its holdings in shares of Tapestry by 611.8% during the first quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock valued at $3,019,000 after purchasing an additional 54,679 shares during the period. Clearbridge Investments LLC acquired a new position in shares of Tapestry during the first quarter valued at about $54,055,000. Finally, SG Americas Securities LLC raised its holdings in shares of Tapestry by 174.8% during the first quarter. SG Americas Securities LLC now owns 95,076 shares of the luxury accessories retailer’s stock valued at $4,514,000 after purchasing an additional 60,480 shares during the period. Institutional investors own 90.77% of the company’s stock.

Tapestry Stock Down 1.0 %

TPR stock opened at $46.97 on Friday. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14. The company has a market capitalization of $10.93 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 1.80 and a beta of 1.53. Tapestry, Inc. has a fifty-two week low of $26.95 and a fifty-two week high of $51.96. The stock has a fifty day moving average of $44.31 and a 200-day moving average of $42.13.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.04. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.95 EPS. As a group, equities research analysts predict that Tapestry, Inc. will post 4.46 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 6th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.98%. Tapestry’s payout ratio is 39.89%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TPR. The Goldman Sachs Group upped their price objective on shares of Tapestry from $47.00 to $52.00 and gave the company a “buy” rating in a report on Monday, October 21st. StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. JPMorgan Chase & Co. upped their target price on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Telsey Advisory Group restated an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a report on Thursday, August 15th. 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 report on Friday, August 16th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $51.75.

About Tapestry

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.