SG Americas Securities LLC Buys 8,880 Shares of Tapestry Inc (TPR)

SG Americas Securities LLC boosted its stake in Tapestry Inc (NYSE:TPR) by 39.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,218 shares of the luxury accessories retailer’s stock after purchasing an additional 8,880 shares during the period. SG Americas Securities LLC’s holdings in Tapestry were worth $1,569,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TPR. Flippin Bruce & Porter Inc. lifted its holdings in Tapestry by 4.8% in the third quarter. Flippin Bruce & Porter Inc. now owns 218,360 shares of the luxury accessories retailer’s stock worth $10,977,000 after acquiring an additional 9,950 shares during the last quarter. ING Groep NV lifted its holdings in Tapestry by 1,962.0% in the third quarter. ING Groep NV now owns 111,039 shares of the luxury accessories retailer’s stock worth $5,582,000 after acquiring an additional 105,654 shares during the last quarter. Poplar Forest Capital LLC lifted its holdings in Tapestry by 1.8% in the third quarter. Poplar Forest Capital LLC now owns 976,015 shares of the luxury accessories retailer’s stock worth $49,064,000 after acquiring an additional 16,928 shares during the last quarter. Cadence Capital Management LLC lifted its holdings in Tapestry by 6.5% in the third quarter. Cadence Capital Management LLC now owns 29,826 shares of the luxury accessories retailer’s stock worth $1,499,000 after acquiring an additional 1,816 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its holdings in Tapestry by 11.4% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 24,223 shares of the luxury accessories retailer’s stock worth $1,218,000 after acquiring an additional 2,475 shares during the last quarter. Hedge funds and other institutional investors own 89.26% of the company’s stock.

NYSE TPR opened at $38.22 on Wednesday. Tapestry Inc has a 12 month low of $36.72 and a 12 month high of $55.50. The company has a current ratio of 2.74, a quick ratio of 1.83 and a debt-to-equity ratio of 0.48. The company has a market cap of $11.28 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.26 and a beta of 0.62.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Tuesday, October 30th. The luxury accessories retailer reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.03. Tapestry had a net margin of 9.00% and a return on equity of 24.73%. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter last year, the business earned $0.42 earnings per share. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. Sell-side analysts predict that Tapestry Inc will post 2.78 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 7th will be paid a dividend of $0.338 per share. This represents a $1.35 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date of this dividend is Thursday, December 6th. This is a positive change from Tapestry’s previous quarterly dividend of $0.34. Tapestry’s dividend payout ratio (DPR) is currently 51.33%.

A number of brokerages have issued reports on TPR. Zacks Investment Research cut shares of Tapestry from a “buy” rating to a “hold” rating in a report on Monday. Nomura set a $50.00 target price on shares of Tapestry and gave the stock a “buy” rating in a report on Monday, November 26th. ValuEngine cut shares of Tapestry from a “hold” rating to a “sell” rating in a report on Wednesday, November 21st. Oppenheimer cut their target price on shares of Tapestry from $65.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, November 16th. Finally, Atlantic Securities upgraded shares of Tapestry from a “neutral” rating to an “overweight” rating in a research note on Wednesday, November 14th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty have given a buy rating to the company’s stock. Tapestry currently has a consensus rating of “Buy” and a consensus target price of $53.07.

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Tapestry Profile

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

Read More: Leveraged Buyout (LBO)

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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