Algert Global LLC Trims Stock Position in Tapestry, Inc. (NYSE:TPR)

Algert Global LLC trimmed its stake in Tapestry, Inc. (NYSE:TPR) by 51.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,414 shares of the luxury accessories retailer’s stock after selling 41,366 shares during the period. Algert Global LLC’s holdings in Tapestry were worth $1,644,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Maverick Capital Ltd. boosted its holdings in shares of Tapestry by 243.6% during the 2nd quarter. Maverick Capital Ltd. now owns 105,150 shares of the luxury accessories retailer’s stock valued at $4,499,000 after buying an additional 74,552 shares in the last quarter. DoubleLine ETF Adviser LP bought a new stake in Tapestry in the 2nd quarter worth approximately $260,000. AQR Capital Management LLC grew its position in Tapestry by 235.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after purchasing an additional 1,051,743 shares during the period. Abich Financial Wealth Management LLC bought a new stake in Tapestry in the 2nd quarter worth approximately $69,000. Finally, AlTi Global Inc. bought a new stake in Tapestry in the 2nd quarter worth approximately $4,286,000. Institutional investors own 90.77% of the company’s stock.

Tapestry Stock Down 0.2 %

TPR opened at $45.75 on Friday. The firm has a 50-day simple moving average of $41.27 and a two-hundred day simple moving average of $41.94. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $48.80. The company has a market capitalization of $10.51 billion, a PE ratio of 12.04, a price-to-earnings-growth ratio of 1.64 and a beta of 1.54. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39.

Tapestry (NYSE:TPR) last released 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 net margin of 12.23% and a return on equity of 37.22%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. The business’s revenue was down 1.8% on a year-over-year basis. Analysts forecast that Tapestry, Inc. will post 4.47 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date was Friday, September 6th. Tapestry’s payout ratio is 37.04%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on TPR shares. Argus restated a “buy” rating and issued a $52.00 price objective on shares of Tapestry in a research note on Tuesday, June 18th. Evercore ISI reduced their price objective on Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. Citigroup reduced their price objective on Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Telsey Advisory Group restated an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a research note on Thursday, August 15th. Finally, StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research note on Wednesday, September 25th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.07.

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.