Lecap Asset Management Ltd. Takes $1.55 Million Position in Tapestry, Inc. (NYSE:TPR)

Lecap Asset Management Ltd. purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 33,031 shares of the luxury accessories retailer’s stock, valued at approximately $1,552,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Capital Research Global Investors grew its stake in shares of Tapestry by 8.5% in the 1st quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock worth $296,212,000 after acquiring an additional 489,933 shares in the last quarter. Pacer Advisors Inc. grew its position 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 purchasing an additional 2,087,586 shares in the last quarter. Dimensional Fund Advisors LP increased its stake 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 last quarter. Bank of New York Mellon Corp lifted its position 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 buying an additional 46,760 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Tapestry by 235.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after buying an additional 1,051,743 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TPR has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price target on Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. The Goldman Sachs Group increased their price target on shares of Tapestry from $47.00 to $52.00 and gave the company a “buy” rating in a research report on Monday. Wells Fargo & Company dropped their target price on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. Telsey Advisory Group restated an “outperform” rating and set a $54.00 price target on shares of Tapestry in a research note on Thursday, August 15th. Finally, StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research note on Wednesday, September 25th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.43.

Tapestry Price Performance

TPR stock opened at $43.54 on Thursday. The firm has a 50 day moving average of $43.12 and a 200-day moving average of $41.81. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. The firm has a market capitalization of $10.00 billion, a P/E ratio of 11.52, a price-to-earnings-growth ratio of 1.67 and a beta of 1.53. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $1.58 billion. During the same quarter in the prior year, the firm posted $0.95 earnings per share. The business’s quarterly revenue was down 1.8% on a year-over-year basis. As a group, sell-side analysts predict that Tapestry, Inc. will post 4.47 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 6th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend was Friday, September 6th. Tapestry’s payout ratio is 37.04%.

Tapestry Profile

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.