Tapestry Inc (TPR) Stake Lowered by First Trust Advisors LP

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First Trust Advisors LP reduced its holdings in Tapestry Inc (NYSE:TPR) by 57.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,741 shares of the luxury accessories retailer’s stock after selling 63,172 shares during the quarter. First Trust Advisors LP’s holdings in Tapestry were worth $1,611,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Oregon Public Employees Retirement Fund increased its position in Tapestry by 1,484.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,213,009 shares of the luxury accessories retailer’s stock worth $36,000 after buying an additional 1,136,452 shares in the last quarter. Moody National Bank Trust Division increased its position in Tapestry by 21.2% during the fourth quarter. Moody National Bank Trust Division now owns 2,096 shares of the luxury accessories retailer’s stock worth $70,000 after buying an additional 366 shares in the last quarter. ETF Managers Group LLC grew its position in shares of Tapestry by 18.0% in the fourth quarter. ETF Managers Group LLC now owns 2,523 shares of the luxury accessories retailer’s stock valued at $85,000 after purchasing an additional 384 shares during the period. Meeder Asset Management Inc. purchased a new stake in shares of Tapestry in the fourth quarter valued at $105,000. Finally, Dupont Capital Management Corp grew its position in shares of Tapestry by 87.8% in the fourth quarter. Dupont Capital Management Corp now owns 4,687 shares of the luxury accessories retailer’s stock valued at $158,000 after purchasing an additional 2,191 shares during the period. 89.51% of the stock is owned by hedge funds and other institutional investors.

TPR has been the subject of a number of research reports. Zacks Investment Research downgraded Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, December 3rd. Canaccord Genuity reissued a “buy” rating and set a $58.00 price target on shares of Tapestry in a research report on Tuesday, February 5th. Nomura set a $50.00 price target on Tapestry and gave the company a “buy” rating in a research report on Monday, November 26th. Guggenheim restated a “buy” rating and set a $52.00 price objective on shares of Tapestry in a research note on Tuesday, January 29th. Finally, Wolfe Research upgraded Tapestry from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research note on Friday, January 25th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-two have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $50.00.

Shares of Tapestry stock opened at $31.95 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.62 and a quick ratio of 1.94. The stock has a market capitalization of $9.20 billion, a P/E ratio of 12.15, a PEG ratio of 1.18 and a beta of 0.73. Tapestry Inc has a fifty-two week low of $31.58 and a fifty-two week high of $55.50.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, February 7th. The luxury accessories retailer reported $1.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.11 by ($0.04). The firm had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.86 billion. Tapestry had a net margin of 12.18% and a return on equity of 23.84%. The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.07 earnings per share. Equities research analysts anticipate that Tapestry Inc will post 2.6 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 8th will be issued a dividend of $0.3375 per share. This represents a $1.35 annualized dividend and a dividend yield of 4.23%. The ex-dividend date of this dividend is Thursday, March 7th. Tapestry’s dividend payout ratio (DPR) is presently 51.33%.

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Tapestry 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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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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