State of Alaska Department of Revenue Acquires 1,815 Shares of Tapestry, Inc. (NYSE:TPR)

State of Alaska Department of Revenue raised its stake in Tapestry, Inc. (NYSE:TPR) by 7.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 26,701 shares of the luxury accessories retailer’s stock after buying an additional 1,815 shares during the quarter. State of Alaska Department of Revenue’s holdings in Tapestry were worth $1,254,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Valley National Advisers Inc. lifted its position in Tapestry by 10,006.1% in the 3rd quarter. Valley National Advisers Inc. now owns 43,153 shares of the luxury accessories retailer’s stock valued at $2,027,000 after acquiring an additional 42,726 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Tapestry by 218.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 70,947 shares of the luxury accessories retailer’s stock valued at $3,333,000 after purchasing an additional 48,691 shares during the period. PFG Investments LLC bought a new stake in shares of Tapestry in the third quarter valued at about $217,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Tapestry by 15.9% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 159,703 shares of the luxury accessories retailer’s stock valued at $7,656,000 after purchasing an additional 21,868 shares in the last quarter. Finally, Dumont & Blake Investment Advisors LLC boosted its position in shares of Tapestry by 9.7% during the third quarter. Dumont & Blake Investment Advisors LLC now owns 38,062 shares of the luxury accessories retailer’s stock worth $1,788,000 after buying an additional 3,352 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on TPR. The Goldman Sachs Group boosted their target price on Tapestry from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, October 21st. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price for the company. in a report on Tuesday, October 29th. Wells Fargo & Company lifted their price target on shares of Tapestry from $50.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Finally, Bank of America increased their price objective on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.75.

Tapestry Stock Down 1.0 %

TPR stock opened at $46.97 on Monday. Tapestry, Inc. has a 1-year low of $26.95 and a 1-year high of $51.96. The business’s 50 day simple moving average is $44.31 and its 200 day simple moving average is $42.14. 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 $10.93 billion, a PE ratio of 13.38, a PEG ratio of 1.77 and a beta of 1.53.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The company’s revenue was down 1.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 earnings per share. As a group, research analysts anticipate that Tapestry, Inc. will post 4.46 EPS for the current year.

Tapestry Dividend Announcement

The company 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 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend was Friday, September 6th. Tapestry’s dividend payout ratio is presently 39.89%.

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.