Steel Grove Capital Advisors LLC Sells 31,922 Shares of Tapestry, Inc. (NYSE:TPR)

Steel Grove Capital Advisors LLC lessened its stake in Tapestry, Inc. (NYSE:TPR) by 75.8% in the 4th quarter, HoldingsChannel reports. 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 reporting period.

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on TPR. Wells Fargo & Company lifted their price objective on Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Evercore ISI raised shares of Tapestry from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $30.00 to $50.00 in a report on Monday, February 5th. The Goldman Sachs Group increased their price target on Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Jefferies Financial Group downgraded Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a report on Thursday, February 29th. Finally, Raymond James raised their target price on Tapestry from $40.00 to $44.00 and gave the stock an “outperform” rating in a report on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.81.

Tapestry Stock Up 1.5 %

Tapestry stock traded up $0.72 during midday trading on Thursday, reaching $47.40. The stock had a trading volume of 1,992,195 shares, compared to its average volume of 3,655,988. The stock has a market capitalization of $10.87 billion, a P/E ratio of 11.92, a price-to-earnings-growth ratio of 0.93 and a beta of 1.57. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $48.80. The firm’s fifty day simple moving average is $44.15 and its 200-day simple moving average is $35.96. The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, February 8th. The luxury accessories retailer reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.17. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same quarter in the previous year, the firm posted $1.36 earnings per share. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, 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. Stockholders of record on Friday, March 8th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.95%. Tapestry’s dividend payout ratio is 35.35%.

Tapestry 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.