Foster & Motley Inc. Grows Stake in Tapestry, Inc. (NYSE:TPR)

Foster & Motley Inc. grew its holdings in Tapestry, Inc. (NYSE:TPR) by 111.4% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 30,159 shares of the luxury accessories retailer’s stock after acquiring an additional 15,895 shares during the quarter. Foster & Motley Inc.’s holdings in Tapestry were worth $1,417,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Lebenthal Global Advisors LLC raised its stake in shares of Tapestry by 2.8% during the 3rd quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock worth $367,000 after buying an additional 215 shares in the last quarter. Mather Group LLC. increased its stake in Tapestry by 12.9% in the 2nd quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock valued at $104,000 after purchasing an additional 249 shares in the last quarter. Legend Financial Advisors Inc. increased its stake in Tapestry by 1.9% in the 2nd quarter. Legend Financial Advisors Inc. now owns 13,570 shares of the luxury accessories retailer’s stock valued at $581,000 after purchasing an additional 257 shares in the last quarter. Empirical Finance LLC increased its stake in Tapestry by 3.3% in the 1st quarter. Empirical Finance LLC now owns 8,742 shares of the luxury accessories retailer’s stock valued at $415,000 after purchasing an additional 276 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Tapestry by 4.8% in the 3rd quarter. GAMMA Investing LLC now owns 6,095 shares of the luxury accessories retailer’s stock valued at $286,000 after purchasing an additional 280 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analyst Upgrades and Downgrades

TPR has been the subject of several research analyst reports. Bank of America raised their price objective on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. TD Cowen downgraded Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a research report on Tuesday, October 29th. Evercore ISI raised their price target on Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Telsey Advisory Group reissued an “outperform” rating and set a $54.00 price target on shares of Tapestry in a research report on Thursday, August 15th. Finally, JPMorgan Chase & Co. raised their price target on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Tapestry Price Performance

TPR stock opened at $49.76 on Thursday. Tapestry, Inc. has a 52-week low of $27.02 and a 52-week high of $51.96. The stock has a market capitalization of $11.58 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 1.75 and a beta of 1.53. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. The stock’s fifty day simple moving average is $44.65 and its 200-day simple moving average is $42.27.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. Equities research analysts expect that Tapestry, Inc. will post 4.46 EPS for the current year.

Tapestry Announces Dividend

The company also recently announced 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 yield of 2.81%. The ex-dividend date of this dividend was Friday, September 6th. Tapestry’s payout ratio is currently 39.89%.

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.