Renaissance Technologies LLC Has $9.99 Million Position in Tapestry, Inc. (NYSE:TPR)

Renaissance Technologies LLC lessened its position in Tapestry, Inc. (NYSE:TPR) by 50.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 233,500 shares of the luxury accessories retailer’s stock after selling 239,500 shares during the quarter. Renaissance Technologies LLC owned approximately 0.10% of Tapestry worth $9,991,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position in shares of Tapestry by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after purchasing an additional 165,406 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Tapestry by 14.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 512,739 shares of the luxury accessories retailer’s stock worth $21,940,000 after buying an additional 62,802 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of Tapestry by 25.1% during the 2nd quarter. Federated Hermes Inc. now owns 81,618 shares of the luxury accessories retailer’s stock worth $3,492,000 after buying an additional 16,387 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Tapestry by 16.9% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 11,273 shares of the luxury accessories retailer’s stock valued at $464,000 after acquiring an additional 1,631 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its position in shares of Tapestry by 2.8% in the second quarter. Oppenheimer & Co. Inc. now owns 33,477 shares of the luxury accessories retailer’s stock valued at $1,432,000 after acquiring an additional 906 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Wells Fargo & Company decreased their price target on Tapestry from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, August 16th. UBS Group decreased their target price on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. Argus reaffirmed a “buy” rating and set a $52.00 price target on shares of Tapestry in a research report on Tuesday, June 18th. Evercore ISI decreased their price objective on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Finally, StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a report on Tuesday, September 17th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and an average target price of $47.07.

Tapestry Stock Performance

NYSE:TPR opened at $44.12 on Tuesday. The stock has a 50 day simple moving average of $40.59 and a 200 day simple moving average of $41.94. The stock has a market cap of $10.14 billion, a P/E ratio of 11.67, a PEG ratio of 1.55 and a beta of 1.54. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $48.80. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the previous year, the business posted $0.95 earnings per share. Tapestry’s quarterly revenue was down 1.8% on a year-over-year basis. Research analysts anticipate that Tapestry, Inc. will post 4.47 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 6th were given a $0.35 dividend. The ex-dividend date was Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.17%. Tapestry’s payout ratio is 37.04%.

Tapestry 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.