Daiwa Securities Group Inc. Has $395,000 Position in Tapestry, Inc. (NYSE:TPR)

Daiwa Securities Group Inc. grew its stake in Tapestry, Inc. (NYSE:TPR) by 22.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,239 shares of the luxury accessories retailer’s stock after acquiring an additional 1,691 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Tapestry were worth $395,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Fidelis Capital Partners LLC bought a new stake in shares of Tapestry in the 1st quarter valued at about $35,000. BNP Paribas acquired a new position in Tapestry during the 1st quarter worth approximately $38,000. Massmutual Trust Co. FSB ADV boosted its position in Tapestry by 54.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after acquiring an additional 328 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Tapestry by 3,778.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock worth $46,000 after acquiring an additional 1,209 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in Tapestry by 111.9% during the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after acquiring an additional 556 shares during the last quarter. 90.77% of the stock is owned by institutional investors.

Tapestry Trading Up 1.2 %

TPR opened at $43.26 on Tuesday. Tapestry, Inc. has a fifty-two week low of $25.99 and a fifty-two week high of $48.80. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. The firm has a market capitalization of $9.94 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 1.55 and a beta of 1.54. The company’s 50 day moving average price is $40.55 and its two-hundred day moving average price is $42.08.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating 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 company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the prior year, the firm posted $0.95 EPS. The company’s quarterly revenue was down 1.8% on a year-over-year basis. As a group, research analysts predict that Tapestry, Inc. will post 4.47 earnings per share for the current year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Friday, September 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.24%. Tapestry’s payout ratio is presently 37.04%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on TPR shares. JPMorgan Chase & Co. lowered their target price on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. UBS Group decreased their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Wells Fargo & Company decreased their price objective on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, August 16th. Citigroup decreased their price objective on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Finally, Evercore ISI decreased their price objective on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.07.

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.