King Luther Capital Management Corp Sells 4,900 Shares of Tapestry, Inc. (NYSE:TPR)

King Luther Capital Management Corp cut its holdings in Tapestry, Inc. (NYSE:TPR) by 11.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 38,289 shares of the luxury accessories retailer’s stock after selling 4,900 shares during the quarter. King Luther Capital Management Corp’s holdings in Tapestry were worth $1,638,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of TPR. Balyasny Asset Management L.P. acquired a new stake in shares of Tapestry during the fourth quarter worth $102,531,000. Capital Research Global Investors raised its stake in shares of Tapestry by 77.2% in the 4th quarter. Capital Research Global Investors now owns 5,748,737 shares of the luxury accessories retailer’s stock valued at $211,611,000 after purchasing an additional 2,504,135 shares during the period. Norges Bank bought a new stake in shares of Tapestry in the fourth quarter valued at about $79,352,000. Clearbridge Investments LLC acquired a new position in shares of Tapestry during the first quarter worth about $54,055,000. Finally, Coronation Fund Managers Ltd. boosted its position in shares of Tapestry by 265.1% during the second quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock worth $44,700,000 after buying an additional 758,539 shares during the period. 90.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Evercore ISI cut their target price on Tapestry from $53.00 to $47.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a research report on Thursday, August 15th. JPMorgan Chase & Co. decreased their target price on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a research report on Friday, August 16th. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Tuesday, September 17th. Finally, Citigroup decreased their price objective on Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.07.

Tapestry Stock Performance

Shares of NYSE TPR opened at $42.57 on Friday. 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 has a market capitalization of $9.78 billion, a P/E ratio of 11.26, a P/E/G ratio of 1.55 and a beta of 1.54. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80. The stock has a 50 day moving average of $40.56 and a 200-day moving average of $42.00.

Tapestry (NYSE:TPR) last released its quarterly earnings data 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. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 earnings per share. As a group, equities research analysts predict that Tapestry, Inc. will post 4.47 EPS for the current year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, September 6th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.40 annualized dividend and a yield of 3.29%. Tapestry’s dividend payout ratio is currently 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.