Watershed Asset Management L.L.C. Purchases Shares of 8,720 Tapestry, Inc. (NYSE:TPR)

Watershed Asset Management L.L.C. acquired a new stake in Tapestry, Inc. (NYSE:TPR) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 8,720 shares of the luxury accessories retailer’s stock, valued at approximately $321,000. Tapestry accounts for about 0.4% of Watershed Asset Management L.L.C.’s portfolio, making the stock its 24th largest position.

Several other institutional investors also recently modified their holdings of the company. FDx Advisors Inc. grew its holdings in Tapestry by 34.5% during the third quarter. FDx Advisors Inc. now owns 8,735 shares of the luxury accessories retailer’s stock worth $251,000 after purchasing an additional 2,240 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in shares of Tapestry by 9.0% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 285,989 shares of the luxury accessories retailer’s stock valued at $10,527,000 after buying an additional 23,532 shares during the last quarter. Lecap Asset Management Ltd. bought a new position in shares of Tapestry during the 4th quarter worth approximately $1,107,000. Assenagon Asset Management S.A. boosted its stake in shares of Tapestry by 189.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 228,045 shares of the luxury accessories retailer’s stock worth $6,556,000 after acquiring an additional 149,268 shares during the period. Finally, FCF Advisors LLC acquired a new position in shares of Tapestry during the 4th quarter worth approximately $1,013,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on TPR shares. TheStreet raised Tapestry from a “c+” rating to a “b-” rating in a report on Tuesday, December 26th. The Goldman Sachs Group raised their target price on shares of Tapestry from $41.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Wells Fargo & Company upped their price target on shares of Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Raymond James increased their price target on shares of Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a report on Tuesday, January 30th. Finally, Telsey Advisory Group restated an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a report on Wednesday, March 27th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.81.

Tapestry Price Performance

Shares of NYSE:TPR traded down $0.87 during trading on Tuesday, reaching $39.44. 6,548,047 shares of the company traded hands, compared to its average volume of 3,794,553. The firm has a market capitalization of $9.05 billion, a PE ratio of 9.96, a PEG ratio of 0.83 and a beta of 1.57. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $48.80. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90. The company’s 50 day moving average is $45.36 and its two-hundred day moving average is $37.82.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.17. The business had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.05 billion. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. Tapestry’s revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.36 earnings per share. As a group, sell-side analysts predict that Tapestry, Inc. will post 4.25 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Friday, March 8th were paid a $0.35 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.40 dividend on an annualized basis and a yield of 3.55%. Tapestry’s dividend payout ratio (DPR) is 35.35%.

About Tapestry

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.