Valley National Advisers Inc. Has $2.03 Million Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Valley National Advisers Inc. raised its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 10,006.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,153 shares of the luxury accessories retailer’s stock after purchasing an additional 42,726 shares during the quarter. Valley National Advisers Inc.’s holdings in Tapestry were worth $2,027,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in TPR. Waldron Private Wealth LLC acquired a new stake in Tapestry during the 3rd quarter valued at $25,000. Fidelis Capital Partners LLC acquired a new stake in shares of Tapestry during the first quarter worth $35,000. BNP Paribas acquired a new stake in shares of Tapestry during the first quarter worth $38,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after buying an additional 328 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after buying an additional 556 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Stock Performance

Tapestry stock opened at $50.49 on Friday. Tapestry, Inc. has a 12-month low of $25.99 and a 12-month high of $51.58. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. The business’s 50-day moving average price is $43.54 and its two-hundred day moving average price is $41.88. The stock has a market cap of $11.60 billion, a PE ratio of 13.36, a P/E/G ratio of 1.67 and a beta of 1.53.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the previous year, the business posted $0.95 earnings per share. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. As a group, analysts expect that Tapestry, Inc. will post 4.47 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Investors 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 2.77%. The ex-dividend date was Friday, September 6th. Tapestry’s dividend payout ratio is currently 37.04%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Citigroup lifted their target price on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Friday. Telsey Advisory Group reissued an “outperform” rating and set a $54.00 target price on shares of Tapestry in a report on Thursday, August 15th. JPMorgan Chase & Co. lifted their target price on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a report on Friday. Bank of America lifted their target price on Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday. Finally, Wells Fargo & Company raised their price target on Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Tapestry has a consensus rating of “Moderate Buy” and an average price target of $51.73.

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.