Exane Asset Management acquired a new position in Tapestry Inc (NYSE:TPR) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,368 shares of the luxury accessories retailer’s stock, valued at approximately $215,000.
A number of other hedge funds have also recently modified their holdings of TPR. FMR LLC grew its position in Tapestry by 19.8% in the 2nd quarter. FMR LLC now owns 8,097,454 shares of the luxury accessories retailer’s stock worth $378,232,000 after purchasing an additional 1,335,513 shares in the last quarter. Manning & Napier Group LLC grew its position in Tapestry by 14.6% in the 3rd quarter. Manning & Napier Group LLC now owns 40,362 shares of the luxury accessories retailer’s stock worth $2,028,000 after purchasing an additional 5,147 shares in the last quarter. Bank of Montreal Can grew its position in Tapestry by 4.3% in the 3rd quarter. Bank of Montreal Can now owns 926,535 shares of the luxury accessories retailer’s stock worth $46,576,000 after purchasing an additional 38,149 shares in the last quarter. Scout Investments Inc. bought a new stake in Tapestry in the 3rd quarter worth about $17,990,000. Finally, First Manhattan Co. grew its position in Tapestry by 37.6% in the 3rd quarter. First Manhattan Co. now owns 51,862 shares of the luxury accessories retailer’s stock worth $2,607,000 after purchasing an additional 14,178 shares in the last quarter. 89.44% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, November 19th. Barclays set a $41.00 target price on shares of Tapestry and gave the company a “buy” rating in a research note on Saturday. Needham & Company LLC dropped their target price on shares of Tapestry to $42.00 and set a “buy” rating on the stock in a research note on Friday. Consumer Edge upgraded shares of Tapestry from a “neutral” rating to an “outperform” rating in a research note on Thursday. Finally, Cowen dropped their target price on shares of Tapestry from $62.00 to $42.00 and set an “outperform” rating on the stock in a research note on Friday. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. Tapestry has an average rating of “Buy” and an average target price of $49.93.
Shares of TPR stock opened at $33.86 on Monday. The company has a market cap of $9.81 billion, a P/E ratio of 12.87, a price-to-earnings-growth ratio of 1.15 and a beta of 0.76. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.83 and a current ratio of 2.62. Tapestry Inc has a 12 month low of $31.91 and a 12 month high of $55.50.
Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, February 7th. The luxury accessories retailer reported $1.07 EPS for the quarter, missing the Zacks’ consensus estimate of $1.11 by ($0.04). The business had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.86 billion. Tapestry had a net margin of 12.18% and a return on equity of 23.84%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.07 earnings per share. As a group, research analysts forecast that Tapestry Inc will post 2.62 EPS for the current year.
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Tapestry Company Profile
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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