UBS Asset Management Americas Inc. lifted its stake in shares of Tapestry Inc (NYSE:TPR) by 1.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,303,489 shares of the luxury accessories retailer’s stock after acquiring an additional 17,796 shares during the quarter. UBS Asset Management Americas Inc. owned approximately 0.47% of Tapestry worth $35,155,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently modified their holdings of the company. USS Investment Management Ltd bought a new stake in Tapestry in the fourth quarter worth approximately $70,237,000. Bank of New York Mellon Corp increased its holdings in Tapestry by 10.0% in the fourth quarter. Bank of New York Mellon Corp now owns 11,139,698 shares of the luxury accessories retailer’s stock worth $300,438,000 after purchasing an additional 1,013,402 shares in the last quarter. Investec Asset Management LTD increased its holdings in Tapestry by 109.3% in the fourth quarter. Investec Asset Management LTD now owns 1,804,080 shares of the luxury accessories retailer’s stock worth $48,656,000 after purchasing an additional 942,124 shares in the last quarter. State Street Corp increased its holdings in Tapestry by 5.7% in the third quarter. State Street Corp now owns 14,015,589 shares of the luxury accessories retailer’s stock worth $365,106,000 after purchasing an additional 751,835 shares in the last quarter. Finally, Raging Capital Management LLC bought a new stake in Tapestry in the third quarter worth approximately $16,834,000. Institutional investors own 88.09% of the company’s stock.
A number of equities research analysts have weighed in on the company. Wells Fargo & Co lowered their target price on Tapestry from $34.00 to $22.00 and set an “overweight” rating for the company in a report on Monday, March 16th. Cfra lifted their target price on Tapestry from $25.00 to $30.00 and gave the stock a “hold” rating in a report on Thursday, February 6th. ValuEngine downgraded Tapestry from a “hold” rating to a “sell” rating in a report on Tuesday, March 3rd. Deutsche Bank downgraded Tapestry from a “buy” rating to a “hold” rating and lowered their target price for the stock from $33.00 to $20.00 in a report on Friday, March 13th. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $33.00 target price (up from $30.00) on shares of Tapestry in a report on Friday, February 7th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $26.81.
Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $1.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.11. The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.81 billion. Tapestry had a return on equity of 21.24% and a net margin of 9.72%. The company’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.07 earnings per share. As a group, equities research analysts forecast that Tapestry Inc will post 2.02 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Friday, March 6th will be given a dividend of $0.3375 per share. The ex-dividend date of this dividend is Thursday, March 5th. This represents a $1.35 annualized dividend and a dividend yield of 8.91%. Tapestry’s payout ratio is 52.53%.
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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