Tapestry, Inc. (NYSE:TPR) Stake Cut by Legacy Capital Group California Inc.

Legacy Capital Group California Inc. reduced its stake in shares of Tapestry, Inc. (NYSE:TPR) by 5.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 21,301 shares of the luxury accessories retailer’s stock after selling 1,171 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Tapestry were worth $1,001,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Bessemer Group Inc. grew its holdings in shares of Tapestry by 1,328.8% during the 1st quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock valued at $1,432,000 after acquiring an additional 28,038 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Tapestry during the 2nd quarter worth about $3,718,000. Lazard Asset Management LLC lifted its holdings in shares of Tapestry by 611.8% during the 1st quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock valued at $3,019,000 after buying an additional 54,679 shares during the last quarter. Clearbridge Investments LLC bought a new stake in shares of Tapestry in the 1st quarter valued at approximately $54,055,000. Finally, SG Americas Securities LLC increased its holdings in Tapestry by 174.8% in the first quarter. SG Americas Securities LLC now owns 95,076 shares of the luxury accessories retailer’s stock worth $4,514,000 after buying an additional 60,480 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Stock Up 2.1 %

NYSE TPR opened at $44.47 on Friday. Tapestry, Inc. has a twelve month low of $25.99 and a twelve month high of $48.80. The stock has a market cap of $10.22 billion, a PE ratio of 11.76, a PEG ratio of 1.67 and a beta of 1.53. The firm has a 50-day simple moving average of $43.34 and a 200 day simple moving average of $41.84. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating the consensus estimate of $0.88 by $0.04. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.95 EPS. On average, research analysts forecast that Tapestry, Inc. will post 4.47 EPS for the current year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date was Friday, September 6th. Tapestry’s dividend payout ratio is 37.04%.

Wall Street Analysts Forecast Growth

Several research firms have commented on TPR. Wells Fargo & Company decreased their target price on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, August 16th. Telsey Advisory Group reiterated an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a report on Thursday, August 15th. Citigroup cut their target price on Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. JPMorgan Chase & Co. decreased their price target on Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a research note on Friday, August 16th. Finally, Evercore ISI cut their price objective on Tapestry from $53.00 to $47.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Tapestry has a consensus rating of “Moderate Buy” and an average target price of $47.43.

Tapestry Company Profile

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.