Lombard Odier Asset Management USA Corp Cuts Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Lombard Odier Asset Management USA Corp reduced its stake in Tapestry, Inc. (NYSE:TPR) by 38.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,233 shares of the luxury accessories retailer’s stock after selling 7,100 shares during the period. Lombard Odier Asset Management USA Corp’s holdings in Tapestry were worth $481,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Public Sector Pension Investment Board boosted its stake in shares of Tapestry by 13.2% in the 2nd quarter. Public Sector Pension Investment Board now owns 38,919 shares of the luxury accessories retailer’s stock valued at $1,665,000 after buying an additional 4,528 shares during the period. Steel Grove Capital Advisors LLC lifted its stake in Tapestry by 3.2% in the second quarter. Steel Grove Capital Advisors LLC now owns 42,718 shares of the luxury accessories retailer’s stock worth $1,828,000 after acquiring an additional 1,308 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Tapestry by 509.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 14,026 shares of the luxury accessories retailer’s stock worth $562,000 after acquiring an additional 11,725 shares in the last quarter. ProShare Advisors LLC grew its holdings in Tapestry by 35.1% during the 2nd quarter. ProShare Advisors LLC now owns 50,645 shares of the luxury accessories retailer’s stock worth $2,167,000 after acquiring an additional 13,163 shares in the last quarter. Finally, Westwood Holdings Group Inc. increased its position in shares of Tapestry by 41.5% in the 2nd quarter. Westwood Holdings Group Inc. now owns 541,896 shares of the luxury accessories retailer’s stock valued at $23,188,000 after purchasing an additional 158,927 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on TPR. Telsey Advisory Group reiterated an “outperform” rating and set a $54.00 target price on shares of Tapestry in a research note on Thursday, August 15th. Wells Fargo & Company dropped their price objective on Tapestry from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. StockNews.com cut Tapestry from a “buy” rating to a “hold” rating in a research note on Tuesday, September 17th. UBS Group dropped their price target on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Finally, Citigroup reduced their price objective on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.07.

Tapestry Price Performance

Shares of NYSE:TPR opened at $42.57 on Monday. Tapestry, Inc. has a one year low of $25.99 and a one year high of $48.80. The stock has a market capitalization of $9.78 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 1.55 and a beta of 1.54. The company has a 50-day simple moving average of $40.56 and a 200-day simple moving average of $41.96. 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 posted its quarterly earnings data 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. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the business earned $0.95 EPS. The firm’s revenue was down 1.8% compared to the same quarter last year. On average, analysts predict that Tapestry, Inc. will post 4.47 EPS for the current year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Friday, September 6th will be given a $0.35 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a yield of 3.29%. Tapestry’s dividend payout ratio (DPR) is 37.04%.

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.