Van ECK Associates Corp Has $4.44 Million Position in Tapestry, Inc. (NYSE:TPR)

Van ECK Associates Corp cut its holdings in Tapestry, Inc. (NYSE:TPR) by 1.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 103,691 shares of the luxury accessories retailer’s stock after selling 1,670 shares during the period. Van ECK Associates Corp’s holdings in Tapestry were worth $4,437,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in TPR. Benjamin F. Edwards & Company Inc. bought a new position in Tapestry in the 4th quarter worth approximately $117,000. Bessemer Group Inc. grew its stake in shares of Tapestry by 1,328.8% in the first quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock worth $1,432,000 after acquiring an additional 28,038 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Tapestry by 41.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,272,950 shares of the luxury accessories retailer’s stock worth $46,857,000 after acquiring an additional 371,724 shares during the period. Manning & Napier Advisors LLC acquired a new position in Tapestry during the 2nd quarter valued at $3,718,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Tapestry by 4.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,305,257 shares of the luxury accessories retailer’s stock valued at $121,671,000 after purchasing an additional 140,347 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Telsey Advisory Group restated an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a report on Thursday, August 15th. Citigroup lowered their price target on Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Bernstein Bank raised their price objective on Tapestry from $46.00 to $48.00 in a research report on Thursday, May 9th. Argus restated a “buy” rating and set a $52.00 price objective on shares of Tapestry in a research report on Tuesday, June 18th. Finally, Robert W. Baird reduced their target price on Tapestry from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $46.13.

Tapestry Price Performance

NYSE:TPR opened at $41.57 on Wednesday. The firm has a market cap of $9.55 billion, a PE ratio of 11.00, a price-to-earnings-growth ratio of 1.52 and a beta of 1.59. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80. The company’s 50-day moving average price is $40.47 and its two-hundred day moving average price is $42.44. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. The company’s revenue was down 1.8% on a year-over-year basis. On average, equities analysts anticipate that Tapestry, Inc. will post 4.47 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, September 6th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Friday, September 6th. Tapestry’s dividend payout ratio is 37.04%.

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.