Ingalls & Snyder LLC Lowers Stock Holdings in Tapestry Inc (NYSE:TPR)
Ingalls & Snyder LLC cut its holdings in Tapestry Inc (NYSE:TPR) by 34.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 311,717 shares of the luxury accessories retailer’s stock after selling 166,633 shares during the period. Ingalls & Snyder LLC owned 0.11% of Tapestry worth $8,407,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the business. St. Johns Investment Management Company LLC purchased a new stake in Tapestry in the 3rd quarter valued at about $26,000. Bourgeon Capital Management LLC acquired a new stake in shares of Tapestry in the third quarter worth approximately $26,000. NumerixS Investment Technologies Inc acquired a new stake in shares of Tapestry in the second quarter worth approximately $50,000. CSat Investment Advisory L.P. grew its holdings in Tapestry by 106.7% in the second quarter. CSat Investment Advisory L.P. now owns 1,827 shares of the luxury accessories retailer’s stock valued at $58,000 after purchasing an additional 943 shares during the period. Finally, FNY Investment Advisers LLC purchased a new stake in Tapestry in the fourth quarter valued at approximately $59,000. Institutional investors own 89.67% of the company’s stock.
A number of equities analysts have weighed in on TPR shares. UBS Group downgraded shares of Tapestry from a “buy” rating to a “neutral” rating and set a $25.00 price target on the stock. in a research note on Monday, October 14th. HSBC cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $27.00 price objective for the company. in a research note on Monday, October 28th. Barclays initiated coverage on Tapestry in a report on Tuesday, November 12th. They set an “equal weight” rating and a $27.00 price objective for the company. Zacks Investment Research lowered Tapestry from a “hold” rating to a “sell” rating and set a $28.00 target price on the stock. in a research report on Monday, October 28th. Finally, Wells Fargo & Co reiterated a “buy” rating on shares of Tapestry in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Tapestry currently has a consensus rating of “Hold” and a consensus target price of $31.00.
Shares of TPR stock traded up $0.11 during mid-day trading on Wednesday, reaching $28.74. The company’s stock had a trading volume of 1,021,068 shares, compared to its average volume of 3,336,511. The company’s 50 day simple moving average is $26.60 and its 200-day simple moving average is $26.39. Tapestry Inc has a 12-month low of $18.54 and a 12-month high of $39.63. The company has a quick ratio of 1.09, a current ratio of 1.82 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $7.83 billion, a PE ratio of 11.18, a price-to-earnings-growth ratio of 1.12 and a beta of 1.01.
Tapestry (NYSE:TPR) last issued its earnings results on Tuesday, November 5th. The luxury accessories retailer reported $0.40 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.03. Tapestry had a net margin of 9.01% and a return on equity of 21.17%. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter last year, the firm posted $0.48 EPS. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, research analysts anticipate that Tapestry Inc will post 2.51 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 6th were paid a $0.338 dividend. This represents a $1.35 dividend on an annualized basis and a dividend yield of 4.71%. The ex-dividend date was Thursday, December 5th. Tapestry’s dividend payout ratio is presently 52.53%.
Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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