Ausdal Financial Partners Inc. decreased its position in Tapestry Inc (NYSE:TPR) by 3.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,504 shares of the luxury accessories retailer’s stock after selling 400 shares during the period. Ausdal Financial Partners Inc.’s holdings in Tapestry were worth $353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently modified their holdings of TPR. Nelson Roberts Investment Advisors LLC acquired a new stake in shares of Tapestry during the 1st quarter valued at about $26,000. Avestar Capital LLC boosted its holdings in Tapestry by 2,225.0% in the 1st quarter. Avestar Capital LLC now owns 1,209 shares of the luxury accessories retailer’s stock worth $39,000 after buying an additional 1,157 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in Tapestry by 1,079.0% in the 1st quarter. Quadrant Capital Group LLC now owns 1,403 shares of the luxury accessories retailer’s stock worth $44,000 after buying an additional 1,284 shares during the last quarter. FTB Advisors Inc. boosted its holdings in Tapestry by 612.0% in the 2nd quarter. FTB Advisors Inc. now owns 2,079 shares of the luxury accessories retailer’s stock worth $65,000 after buying an additional 1,787 shares during the last quarter. Finally, Cullen Frost Bankers Inc. acquired a new stake in Tapestry in the 1st quarter worth about $66,000. Institutional investors own 88.13% of the company’s stock.
Several equities research analysts recently issued reports on TPR shares. Zacks Investment Research upgraded Tapestry from a “sell” rating to a “hold” rating and set a $29.00 price objective on the stock in a report on Tuesday, August 6th. Piper Jaffray Companies cut Tapestry from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $40.00 to $23.00 in a report on Friday, August 16th. Deutsche Bank set a $33.00 price objective on Tapestry and gave the stock a “buy” rating in a report on Friday, August 16th. KeyCorp lowered their target price on Tapestry from $42.00 to $30.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Finally, Oppenheimer cut Tapestry from an “outperform” rating to a “market perform” rating in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $35.88.
Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 10.68% and a return on equity of 21.64%. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.60 EPS. As a group, research analysts expect that Tapestry Inc will post 2.61 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 6th will be given a dividend of $0.338 per share. This represents a $1.35 annualized dividend and a dividend yield of 6.22%. The ex-dividend date is Thursday, September 5th. This is a positive change from Tapestry’s previous quarterly dividend of $0.34. Tapestry’s payout ratio is presently 52.53%.
In other news, Director Darrell Cavens purchased 7,000 shares of Tapestry stock in a transaction dated Tuesday, May 28th. The shares were purchased at an average price of $30.01 per share, with a total value of $210,070.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Annabelle Yu Long sold 3,229 shares of Tapestry stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $28.93, for a total transaction of $93,414.97. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by insiders.
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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