L2 Asset Management LLC Takes Position in Tapestry, Inc. $TPR

L2 Asset Management LLC purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 59,310 shares of the luxury accessories retailer’s stock, valued at approximately $8,682,000. Tapestry makes up 0.9% of L2 Asset Management LLC’s portfolio, making the stock its 25th largest position.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Cetera Trust Company N.A acquired a new position in Tapestry in the second quarter valued at approximately $26,000. Acumen Wealth Advisors LLC bought a new position in Tapestry in the fourth quarter valued at approximately $28,000. Triumph Capital Management acquired a new stake in Tapestry during the 3rd quarter worth $29,000. Keating Financial Advisory Services Inc. acquired a new stake in Tapestry during the 2nd quarter worth $31,000. Finally, Virtus Advisers LLC bought a new stake in shares of Tapestry during the 2nd quarter valued at $32,000. 90.77% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,761 shares of Tapestry stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the transaction, the chief executive officer directly owned 666,149 shares in the company, valued at approximately $88,244,758.03. The trade was a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.32% of the company’s stock.

Tapestry Stock Up 1.5%

Shares of NYSE:TPR opened at $132.16 on Tuesday. The company has a 50 day moving average price of $144.75 and a two-hundred day moving average price of $144.91. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. The company has a market capitalization of $26.35 billion, a PE ratio of 18.13, a PEG ratio of 1.65 and a beta of 1.43. Tapestry, Inc. has a 52 week low of $93.00 and a 52 week high of $164.80.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.04. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The company had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same period last year, the firm posted $1.04 earnings per share. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Analysts forecast that Tapestry, Inc. will post 7.94 earnings per share for the current year.

Tapestry Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be issued a dividend of $0.4625 per share. This is a boost from Tapestry’s previous quarterly dividend of $0.40. This represents a $1.85 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, September 4th. Tapestry’s dividend payout ratio is presently 21.95%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TPR. Daiwa Securities Group raised Tapestry from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 17th. UBS Group lifted their price objective on Tapestry from $230.00 to $232.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Robert W. Baird upped their price objective on Tapestry from $160.00 to $165.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Sanford C. Bernstein reissued a “market perform” rating and issued a $185.00 target price (up from $180.00) on shares of Tapestry in a research note on Friday, August 14th. Finally, Morgan Stanley reduced their target price on Tapestry from $164.00 to $159.00 and set an “overweight” rating on the stock in a report on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $175.12.

Tapestry Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.