King Luther Capital Management Corp Has $24.89 Million Position in Tapestry, Inc. (NYSE:TPR)

King Luther Capital Management Corp raised its holdings in Tapestry, Inc. (NYSE:TPR) by 1.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 581,569 shares of the luxury accessories retailer’s stock after acquiring an additional 8,061 shares during the quarter. King Luther Capital Management Corp owned about 0.25% of Tapestry worth $24,891,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. increased its holdings in shares of Tapestry by 340.7% during the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock valued at $25,000 after acquiring an additional 511 shares during the last quarter. Alpha Paradigm Partners LLC acquired a new position in Tapestry during the third quarter valued at approximately $26,000. Glass Jacobson Investment Advisors llc bought a new position in shares of Tapestry in the second quarter valued at approximately $27,000. ING Groep NV acquired a new stake in shares of Tapestry in the first quarter worth $29,000. Finally, Spire Wealth Management boosted its holdings in Tapestry by 56.1% during the second quarter. Spire Wealth Management now owns 687 shares of the luxury accessories retailer’s stock valued at $29,000 after acquiring an additional 247 shares during the period. 92.12% of the stock is owned by institutional investors.

Tapestry Price Performance

Shares of Tapestry stock opened at $30.76 on Tuesday. The stock has a market capitalization of $7.05 billion, a price-to-earnings ratio of 7.83, a P/E/G ratio of 0.65 and a beta of 1.48. The firm’s 50-day moving average price is $28.65 and its two-hundred day moving average price is $36.08. The company has a current ratio of 2.02, a quick ratio of 1.23 and a debt-to-equity ratio of 0.67. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $47.48.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, November 9th. The luxury accessories retailer reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.03. Tapestry had a return on equity of 41.29% and a net margin of 14.03%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the company earned $0.79 EPS. Tapestry’s revenue for the quarter was up .4% on a year-over-year basis. On average, equities analysts predict that Tapestry, Inc. will post 4.14 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 26th. Investors of record on Friday, December 8th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $1.40 annualized dividend and a yield of 4.55%. Tapestry’s dividend payout ratio (DPR) is 35.62%.

Analyst Ratings Changes

A number of research firms have recently commented on TPR. UBS Group dropped their price objective on Tapestry from $44.00 to $39.00 and set a “neutral” rating on the stock in a research note on Thursday, September 7th. Jefferies Financial Group decreased their price target on shares of Tapestry from $53.00 to $50.00 in a research report on Friday, August 4th. The Goldman Sachs Group cut their price target on Tapestry from $46.00 to $41.00 and set a “buy” rating for the company in a report on Friday, November 10th. BMO Capital Markets lowered their price objective on Tapestry from $43.00 to $39.00 and set a “market perform” rating on the stock in a research report on Friday, November 10th. Finally, Raymond James reduced their target price on Tapestry from $47.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, November 10th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $45.18.

About Tapestry

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.