AQR Capital Management LLC Increases Position in Tapestry, Inc. (NYSE:TPR)

AQR Capital Management LLC increased its position in shares of Tapestry, Inc. (NYSE:TPR) by 235.9% during the second quarter, Holdings Channel reports. The fund owned 1,497,514 shares of the luxury accessories retailer’s stock after acquiring an additional 1,051,743 shares during the quarter. AQR Capital Management LLC’s holdings in Tapestry were worth $61,578,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Capital Research Global Investors boosted its holdings in shares of Tapestry by 8.5% during the first quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock worth $296,212,000 after purchasing an additional 489,933 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Tapestry by 53.1% in the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after buying an additional 2,087,586 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Tapestry by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock valued at $151,965,000 after buying an additional 165,406 shares during the period. Balyasny Asset Management L.P. acquired a new position in shares of Tapestry during the 4th quarter valued at about $102,531,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Tapestry by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock worth $116,928,000 after acquiring an additional 46,760 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Up 2.0 %

NYSE:TPR opened at $47.93 on Friday. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14. The company has a market capitalization of $11.01 billion, a price-to-earnings ratio of 12.68, a price-to-earnings-growth ratio of 1.64 and a beta of 1.54. Tapestry, Inc. has a one year low of $25.99 and a one year high of $48.80. The stock has a 50-day simple moving average of $40.94 and a 200 day simple moving average of $42.00.

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

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Friday, September 6th were issued a $0.35 dividend. The ex-dividend date was Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.92%. Tapestry’s dividend payout ratio is currently 37.04%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on TPR shares. Argus restated a “buy” rating and issued a $52.00 target price on shares of Tapestry in a report on Tuesday, June 18th. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. cut their target price on Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. Evercore ISI lowered their price target on Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Finally, Telsey Advisory Group restated an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a report on Thursday, August 15th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average 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.