Lombard Odier Asset Management Europe Ltd Acquires New Stake in Tapestry, Inc. (NYSE:TPR)

Lombard Odier Asset Management Europe Ltd bought a new position in Tapestry, Inc. (NYSE:TPR) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 210,000 shares of the luxury accessories retailer’s stock, valued at approximately $8,986,000. Lombard Odier Asset Management Europe Ltd owned approximately 0.09% of Tapestry at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Balyasny Asset Management L.P. bought a new position in shares of Tapestry in the fourth quarter worth approximately $102,531,000. Capital Research Global Investors lifted its position in 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 acquiring an additional 2,504,135 shares in the last quarter. Norges Bank purchased a new stake in Tapestry during the 4th quarter valued at $79,352,000. Pacer Advisors Inc. increased its holdings in shares of Tapestry by 53.1% in the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after purchasing an additional 2,087,586 shares in the last quarter. Finally, Clearbridge Investments LLC purchased a new position in shares of Tapestry in the first quarter worth $54,055,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Telsey Advisory Group reiterated an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a report on Thursday, August 15th. Wells Fargo & Company decreased their price objective 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. cut 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. UBS Group lowered their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Finally, Evercore ISI cut their price objective on Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and an average target price of $47.07.

Tapestry Price Performance

NYSE:TPR opened at $42.57 on Monday. The stock has a market cap of $9.78 billion, a PE ratio of 11.26, a P/E/G ratio of 1.55 and a beta of 1.54. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. The business’s 50-day simple moving average is $40.56 and its two-hundred day simple moving average is $41.96. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $48.80.

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

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Friday, September 6th will be paid a dividend of $0.35 per share. The ex-dividend date is Friday, September 6th. This represents a $1.40 annualized dividend and a yield of 3.29%. Tapestry’s payout ratio is 37.04%.

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.