Texas Permanent School Fund Corp Sells 9,504 Shares of Tapestry, Inc. (NYSE:TPR)

Texas Permanent School Fund Corp reduced its stake in Tapestry, Inc. (NYSE:TPR) by 20.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,920 shares of the luxury accessories retailer’s stock after selling 9,504 shares during the period. Texas Permanent School Fund Corp’s holdings in Tapestry were worth $1,623,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. CWM LLC lifted its position in Tapestry by 0.9% during the first quarter. CWM LLC now owns 26,859 shares of the luxury accessories retailer’s stock valued at $1,275,000 after acquiring an additional 237 shares during the last quarter. Mather Group LLC. lifted its position in Tapestry by 12.9% during the second quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock valued at $104,000 after acquiring an additional 249 shares during the last quarter. Legend Financial Advisors Inc. lifted its position in Tapestry by 1.9% during the second quarter. Legend Financial Advisors Inc. now owns 13,570 shares of the luxury accessories retailer’s stock valued at $581,000 after acquiring an additional 257 shares during the last quarter. Empirical Finance LLC lifted its position in Tapestry by 3.3% during the first quarter. Empirical Finance LLC now owns 8,742 shares of the luxury accessories retailer’s stock valued at $415,000 after acquiring an additional 276 shares during the last quarter. Finally, MUFG Securities EMEA plc lifted its position in Tapestry by 34.9% during the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after acquiring an additional 317 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TPR has been the subject of a number of analyst reports. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Tuesday. Evercore ISI decreased their price target on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Wells Fargo & Company decreased their price target on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, August 16th. JPMorgan Chase & Co. decreased their price target on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a report on Friday, August 16th. Finally, Argus reaffirmed a “buy” rating and issued a $52.00 price target on shares of Tapestry in a report on Tuesday, June 18th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.07.

Tapestry Stock Performance

NYSE:TPR opened at $43.13 on Thursday. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. The company’s 50-day moving average price is $40.58 and its 200-day moving average price is $42.06. Tapestry, Inc. has a twelve month low of $25.99 and a twelve month high of $48.80. The company has a market cap of $9.91 billion, a P/E ratio of 11.41, a P/E/G ratio of 1.55 and a beta of 1.54.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the firm earned $0.95 earnings per share. Tapestry’s quarterly revenue was down 1.8% compared to the same quarter last year. On average, sell-side analysts forecast that Tapestry, Inc. will post 4.47 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, September 6th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend is Friday, September 6th. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

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.