Avory & Company LLC Takes Position in Tapestry, Inc. (NYSE:TPR)

Avory & Company LLC purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 6,427 shares of the luxury accessories retailer’s stock, valued at approximately $237,000. Tapestry makes up approximately 0.2% of Avory & Company LLC’s holdings, making the stock its 27th largest position.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bell Investment Advisors Inc lifted its position in Tapestry by 718.1% during the 3rd quarter. Bell Investment Advisors Inc now owns 949 shares of the luxury accessories retailer’s stock worth $27,000 after buying an additional 833 shares in the last quarter. Allworth Financial LP lifted its position in Tapestry by 62.0% during the 4th quarter. Allworth Financial LP now owns 1,620 shares of the luxury accessories retailer’s stock worth $60,000 after buying an additional 620 shares in the last quarter. AllSquare Wealth Management LLC lifted its position in Tapestry by 35.1% during the 3rd quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock worth $47,000 after buying an additional 423 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in Tapestry by 56.9% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,843 shares of the luxury accessories retailer’s stock worth $53,000 after buying an additional 668 shares in the last quarter. Finally, Wolverine Asset Management LLC acquired a new position in Tapestry during the 3rd quarter worth about $63,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

TPR has been the subject of several recent research reports. Wells Fargo & Company boosted their price objective on Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a research note on Wednesday, March 27th. OTR Global reaffirmed a “mixed” rating on shares of Tapestry in a research note on Wednesday, April 17th. Evercore ISI raised Tapestry from an “in-line” rating to an “outperform” rating and upped their price target for the company from $30.00 to $50.00 in a research note on Monday, February 5th. Finally, The Goldman Sachs Group upped their price target on Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.81.

Tapestry Trading Down 1.6 %

Shares of TPR traded down $0.67 during mid-day trading on Tuesday, reaching $40.31. 3,514,046 shares of the company were exchanged, compared to its average volume of 3,806,871. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $48.80. The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25. The stock has a market capitalization of $9.25 billion, a PE ratio of 10.34, a PEG ratio of 0.82 and a beta of 1.57. The business has a 50 day simple moving average of $44.94 and a two-hundred day simple moving average of $38.16.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.17. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The company had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.05 billion. During the same period last year, the company earned $1.36 earnings per share. The firm’s revenue was up 2.5% compared to the same quarter last year. On average, analysts predict that Tapestry, Inc. will post 4.23 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.40 annualized dividend and a dividend yield of 3.47%. Tapestry’s dividend payout ratio is 35.35%.

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.