King Luther Capital Management Corp Buys 106,755 Shares of Tapestry Inc (TPR)

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King Luther Capital Management Corp grew its stake in Tapestry Inc (NYSE:TPR) by 27.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 494,610 shares of the luxury accessories retailer’s stock after acquiring an additional 106,755 shares during the period. King Luther Capital Management Corp’s holdings in Tapestry were worth $24,864,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. BlackRock Inc. lifted its position in shares of Tapestry by 1.4% in the third quarter. BlackRock Inc. now owns 21,067,049 shares of the luxury accessories retailer’s stock valued at $1,059,041,000 after acquiring an additional 294,398 shares in the last quarter. FMR LLC increased its stake in Tapestry by 19.8% in the second quarter. FMR LLC now owns 8,097,454 shares of the luxury accessories retailer’s stock valued at $378,232,000 after purchasing an additional 1,335,513 shares during the last quarter. American Century Companies Inc. increased its stake in Tapestry by 14.3% in the second quarter. American Century Companies Inc. now owns 7,698,002 shares of the luxury accessories retailer’s stock valued at $359,574,000 after purchasing an additional 965,693 shares during the last quarter. Renaissance Technologies LLC increased its stake in Tapestry by 1.0% in the second quarter. Renaissance Technologies LLC now owns 5,915,500 shares of the luxury accessories retailer’s stock valued at $276,313,000 after purchasing an additional 59,100 shares during the last quarter. Finally, Voya Investment Management LLC increased its stake in Tapestry by 147.7% in the second quarter. Voya Investment Management LLC now owns 5,210,305 shares of the luxury accessories retailer’s stock valued at $243,373,000 after purchasing an additional 3,107,067 shares during the last quarter. Institutional investors and hedge funds own 89.26% of the company’s stock.

TPR has been the subject of several analyst reports. Needham & Company LLC upgraded Tapestry from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, October 16th. They noted that the move was a valuation call. Barclays dropped their target price on Tapestry from $55.00 to $51.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 31st. Citigroup dropped their target price on Tapestry from $55.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, October 31st. Evercore ISI lowered Tapestry to a “hold” rating in a research note on Monday, October 15th. Finally, Loop Capital lowered Tapestry from a “buy” rating to a “hold” rating and dropped their target price for the company from $59.00 to $45.00 in a research note on Monday, October 15th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $53.07.

Shares of TPR opened at $38.22 on Thursday. The company has a quick ratio of 1.83, a current ratio of 2.74 and a debt-to-equity ratio of 0.48. Tapestry Inc has a one year low of $36.72 and a one year high of $55.50. The stock has a market capitalization of $11.08 billion, a P/E ratio of 14.53, a price-to-earnings-growth ratio of 1.22 and a beta of 0.62.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Tuesday, October 30th. The luxury accessories retailer reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.03. Tapestry had a return on equity of 24.73% and a net margin of 9.00%. The business had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same period in the prior year, the firm earned $0.42 EPS. The business’s quarterly revenue was up 7.2% on a year-over-year basis. On average, research analysts anticipate that Tapestry Inc will post 2.78 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 7th will be paid a dividend of $0.338 per share. The ex-dividend date is Thursday, December 6th. This is a positive change from Tapestry’s previous quarterly dividend of $0.34. This represents a $1.35 annualized dividend and a dividend yield of 3.54%. Tapestry’s dividend payout ratio (DPR) is currently 51.33%.

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Tapestry Company Profile

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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Want to see what other hedge funds are holding TPR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tapestry Inc (NYSE:TPR).

Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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