Tapestry, Inc. (NYSE:TPR) Shares Acquired by Steel Grove Capital Advisors LLC

Steel Grove Capital Advisors LLC grew its stake in Tapestry, Inc. (NYSE:TPR) by 3.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,718 shares of the luxury accessories retailer’s stock after purchasing an additional 1,308 shares during the period. Steel Grove Capital Advisors LLC’s holdings in Tapestry were worth $1,828,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Fidelis Capital Partners LLC purchased a new position in Tapestry in the first quarter valued at $35,000. BNP Paribas acquired a new position in Tapestry in the 1st quarter worth about $38,000. Massmutual Trust Co. FSB ADV boosted its position in Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after purchasing an additional 328 shares in the last quarter. Blue Trust Inc. grew its holdings in Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after purchasing an additional 556 shares during the period. Finally, MUFG Securities EMEA plc increased its position in shares of Tapestry by 34.9% in the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after buying an additional 317 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Stock Performance

Tapestry stock opened at $42.57 on Monday. The stock has a market cap of $9.78 billion, a price-to-earnings ratio of 11.26, a price-to-earnings-growth ratio of 1.55 and a beta of 1.54. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. The firm has a 50 day simple moving average of $40.56 and a 200-day simple moving average of $41.96. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $48.80.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. On average, analysts expect that Tapestry, Inc. will post 4.47 EPS for the current year.

Tapestry Announces Dividend

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

Analyst Ratings Changes

TPR has been the topic of a number of research analyst reports. Evercore ISI dropped their price target on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. UBS Group dropped their target price on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Telsey Advisory Group restated an “outperform” rating and set a $54.00 price target on shares of Tapestry in a research report on Thursday, August 15th. Argus reiterated a “buy” rating and issued a $52.00 price objective on shares of Tapestry in a report on Tuesday, June 18th. Finally, Citigroup reduced their target price on Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Tapestry has a consensus rating of “Moderate Buy” and a consensus target price of $47.07.

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.