Steel Grove Capital Advisors LLC Reduces Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Steel Grove Capital Advisors LLC lessened its position in shares of Tapestry, Inc. (NYSE:TPR) by 75.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,178 shares of the luxury accessories retailer’s stock after selling 31,922 shares during the quarter. Steel Grove Capital Advisors LLC’s holdings in Tapestry were worth $375,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. FDx Advisors Inc. increased its position in Tapestry by 34.5% during the third quarter. FDx Advisors Inc. now owns 8,735 shares of the luxury accessories retailer’s stock worth $251,000 after buying an additional 2,240 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Tapestry by 189.5% during the third quarter. Assenagon Asset Management S.A. now owns 228,045 shares of the luxury accessories retailer’s stock valued at $6,556,000 after acquiring an additional 149,268 shares during the last quarter. FCF Advisors LLC purchased a new stake in Tapestry during the 4th quarter worth about $1,013,000. BlackRock Inc. raised its stake in Tapestry by 1.3% in the 2nd quarter. BlackRock Inc. now owns 16,365,540 shares of the luxury accessories retailer’s stock valued at $700,445,000 after purchasing an additional 210,261 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in Tapestry by 60.1% in the 4th quarter. Pacer Advisors Inc. now owns 3,108,486 shares of the luxury accessories retailer’s stock valued at $114,423,000 after purchasing an additional 1,167,231 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Stock Up 1.5 %

Shares of TPR traded up $0.72 during mid-day trading on Thursday, reaching $47.40. 1,992,195 shares of the stock traded hands, compared to its average volume of 3,655,988. The stock has a fifty day simple moving average of $44.15 and a 200 day simple moving average of $35.96. Tapestry, Inc. has a 12-month low of $25.99 and a 12-month high of $48.80. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90. The firm has a market cap of $10.87 billion, a price-to-earnings ratio of 11.92, a P/E/G ratio of 0.93 and a beta of 1.57.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.17. The firm had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.05 billion. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.36 EPS. Sell-side analysts expect that Tapestry, Inc. will post 4.25 EPS for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were paid a dividend of $0.35 per share. The ex-dividend date was Thursday, March 7th. This represents a $1.40 dividend on an annualized basis and a yield of 2.95%. Tapestry’s dividend payout ratio (DPR) is presently 35.35%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. Jefferies Financial Group lowered Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a research note on Thursday, February 29th. Evercore ISI raised shares of Tapestry from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $30.00 to $50.00 in a research note on Monday, February 5th. Morgan Stanley reissued an “equal weight” rating and set a $38.00 price objective on shares of Tapestry in a research note on Tuesday, December 12th. Finally, TheStreet raised Tapestry from a “c+” rating to a “b-” rating in a research report on Tuesday, December 26th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.81.

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.