Stone Ridge Asset Management LLC Sells 3,600 Shares of Tapestry Inc (NYSE:TPR)

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Stone Ridge Asset Management LLC trimmed its position in shares of Tapestry Inc (NYSE:TPR) by 4.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 75,416 shares of the luxury accessories retailer’s stock after selling 3,600 shares during the period. Stone Ridge Asset Management LLC’s holdings in Tapestry were worth $2,393,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TPR. FMR LLC grew its holdings in Tapestry by 100.4% during the first quarter. FMR LLC now owns 13,959,794 shares of the luxury accessories retailer’s stock valued at $453,553,000 after purchasing an additional 6,994,567 shares during the period. Ceredex Value Advisors LLC bought a new position in Tapestry during the first quarter valued at $69,401,000. Geode Capital Management LLC grew its holdings in Tapestry by 19.7% during the fourth quarter. Geode Capital Management LLC now owns 4,398,352 shares of the luxury accessories retailer’s stock valued at $148,221,000 after purchasing an additional 725,349 shares during the period. Perpetual Ltd grew its holdings in Tapestry by 175.5% during the second quarter. Perpetual Ltd now owns 1,108,649 shares of the luxury accessories retailer’s stock valued at $35,177,000 after purchasing an additional 706,187 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec grew its holdings in Tapestry by 17.5% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,143,414 shares of the luxury accessories retailer’s stock valued at $134,620,000 after purchasing an additional 618,314 shares during the period. 88.13% of the stock is owned by institutional investors and hedge funds.

In other Tapestry news, Director Annabelle Yu Long sold 3,229 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $28.93, for a total transaction of $93,414.97. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Darrell Cavens purchased 7,000 shares of the stock in a transaction on Tuesday, May 28th. The shares were purchased at an average price of $30.01 per share, for a total transaction of $210,070.00. The disclosure for this purchase can be found here. Company insiders own 0.70% of the company’s stock.

Shares of TPR stock traded down $0.97 on Friday, reaching $20.31. The company’s stock had a trading volume of 6,739,270 shares, compared to its average volume of 6,270,176. The company has a quick ratio of 1.94, a current ratio of 2.79 and a debt-to-equity ratio of 0.46. Tapestry Inc has a 12-month low of $18.54 and a 12-month high of $51.50. The company has a market capitalization of $6.10 billion, a P/E ratio of 7.90, a PEG ratio of 0.84 and a beta of 0.88. The stock’s 50 day simple moving average is $27.88 and its 200-day simple moving average is $31.19.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.61. Tapestry had a return on equity of 21.64% and a net margin of 10.68%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter last year, the business posted $0.60 earnings per share. The firm’s revenue was up 2.0% compared to the same quarter last year. Research analysts expect that Tapestry Inc will post 2.59 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 6th will be given a dividend of $0.338 per share. This is an increase from Tapestry’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.35 dividend on an annualized basis and a yield of 6.66%. Tapestry’s dividend payout ratio (DPR) is presently 52.53%.

Several equities analysts have weighed in on the company. Deutsche Bank set a $33.00 price objective on Tapestry and gave the company a “buy” rating in a report on Friday, August 16th. Credit Suisse Group downgraded Tapestry from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $38.00 to $22.00 in a research report on Thursday, August 15th. Morgan Stanley dropped their target price on Tapestry from $37.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Friday, August 16th. Zacks Investment Research upgraded Tapestry from a “sell” rating to a “hold” rating and set a $29.00 target price on the stock in a research report on Tuesday, August 6th. Finally, UBS Group set a $25.00 target price on Tapestry and gave the stock a “buy” rating in a research 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 given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $35.88.

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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