Lombard Odier Asset Management Europe Ltd Takes $8.99 Million Position in Tapestry, Inc. (NYSE:TPR)

Lombard Odier Asset Management Europe Ltd purchased a new position in Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, HoldingsChannel reports. The firm purchased 210,000 shares of the luxury accessories retailer’s stock, valued at approximately $8,986,000.

Several other large investors also recently added to or reduced their stakes in the stock. Bessemer Group Inc. boosted its holdings in shares of Tapestry by 1,328.8% in the 1st quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock worth $1,432,000 after purchasing an additional 28,038 shares during the period. Goldman Sachs Group Inc. boosted its stake 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 buying an additional 371,724 shares during the period. Manning & Napier Advisors LLC bought a new position in Tapestry during the second quarter valued at $3,718,000. Lazard Asset Management LLC lifted its holdings in shares of Tapestry by 611.8% in the 1st quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock worth $3,019,000 after acquiring an additional 54,679 shares during the last quarter. Finally, Clearbridge Investments LLC purchased a new position in shares of Tapestry during the 1st quarter worth about $54,055,000. 90.77% of the stock is owned by institutional investors.

Tapestry Stock Performance

Shares of TPR stock opened at $42.57 on Monday. The firm has a market cap of $9.78 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 1.55 and a beta of 1.54. 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 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. The company’s 50 day moving average is $40.56 and its 200 day moving average is $41.96.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The business’s revenue was down 1.8% compared to the same quarter last year. During the same period last year, the business posted $0.95 EPS. On average, sell-side analysts anticipate that Tapestry, Inc. will post 4.47 EPS for the current fiscal year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, September 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date is Friday, September 6th. Tapestry’s dividend payout ratio is currently 37.04%.

Analyst Upgrades and Downgrades

TPR has been the topic of a number of recent analyst reports. Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a research report on Thursday, August 15th. Wells Fargo & Company dropped their price objective on Tapestry from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, August 16th. UBS Group reduced their target price on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. JPMorgan Chase & Co. lowered their target price on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a research note on Friday, August 16th. Finally, Evercore ISI cut their price target on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.