Magnolia Capital Advisors LLC Makes New Investment in Tapestry, Inc. (NYSE:TPR)

Magnolia Capital Advisors LLC acquired a new position in Tapestry, Inc. (NYSE:TPR) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 6,901 shares of the luxury accessories retailer’s stock, valued at approximately $295,000.

A number of other hedge funds also recently modified their holdings of the company. Capital Research Global Investors lifted its position in shares of Tapestry by 8.5% in the 1st quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock worth $296,212,000 after acquiring an additional 489,933 shares during the period. Pacer Advisors Inc. lifted its position 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 acquiring an additional 2,087,586 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Tapestry by 4.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after buying an additional 165,406 shares during the period. Balyasny Asset Management L.P. bought a new position in shares of Tapestry during the 4th quarter worth approximately $102,531,000. Finally, Bank of New York Mellon Corp lifted its position in shares of Tapestry by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock worth $116,928,000 after buying an additional 46,760 shares during the period. Institutional investors own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on TPR shares. JPMorgan Chase & Co. cut their target price on Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a research report on Friday, August 16th. Citigroup cut their target price on Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research report on Wednesday, September 25th. Telsey Advisory Group restated an “outperform” rating and set a $54.00 target price on shares of Tapestry in a research report on Thursday, August 15th. Finally, Wells Fargo & Company cut their price objective on Tapestry from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, August 16th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and an average price target of $47.07.

Tapestry Stock Down 2.0 %

NYSE TPR opened at $46.98 on Tuesday. The stock has a fifty day moving average of $41.05 and a 200-day moving average of $41.92. The stock has a market capitalization of $10.79 billion, a P/E ratio of 12.43, a price-to-earnings-growth ratio of 1.64 and a beta of 1.54. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $48.80. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating the consensus estimate of $0.88 by $0.04. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period last year, the firm earned $0.95 EPS. On average, equities research analysts forecast that Tapestry, Inc. will post 4.47 EPS for the current year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were issued a $0.35 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.98%. Tapestry’s dividend payout ratio is presently 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.