GAMMA Investing LLC Acquires 280 Shares of Tapestry, Inc. (NYSE:TPR)

by · The Markets Daily

GAMMA Investing LLC boosted its holdings in Tapestry, Inc. (NYSE:TPR – Free Report) by 4.8% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,095 shares of the luxury accessories retailer’s stock after acquiring an additional 280 shares during the quarter. GAMMA Investing LLC’s holdings in Tapestry were worth $286,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brevan Howard Capital Management LP bought a new position in shares of Tapestry in the fourth quarter worth approximately $1,142,000. Gotham Asset Management LLC raised its position in shares of Tapestry by 41.0% during the 4th quarter. Gotham Asset Management LLC now owns 394,527 shares of the luxury accessories retailer’s stock valued at $14,523,000 after buying an additional 114,704 shares in the last quarter. Winslow Asset Management Inc. lifted its holdings in shares of Tapestry by 14.7% during the 4th quarter. Winslow Asset Management Inc. now owns 109,021 shares of the luxury accessories retailer’s stock worth $4,013,000 after acquiring an additional 13,962 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Tapestry by 41.2% in 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 acquiring an additional 371,724 shares in the last quarter. Finally, ICA Group Wealth Management LLC bought a new position in Tapestry in the fourth quarter valued at $109,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Stock Performance

Shares of NYSE:TPR opened at $44.41 on Friday. 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 company has a 50-day moving average price of $41.92 and a 200-day moving average price of $41.91. The company has a market cap of $10.20 billion, a price-to-earnings ratio of 11.75, a price-to-earnings-growth ratio of 1.64 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 – Get Free Report) last released its quarterly earnings results 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. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. Tapestry’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.95 EPS. As a group, equities analysts anticipate that Tapestry, Inc. will post 4.47 EPS for the current year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.15%. The ex-dividend date was Friday, September 6th. Tapestry’s dividend payout ratio (DPR) is currently 37.04%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on TPR shares. Citigroup dropped their price target on Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a research note on Thursday, August 15th. JPMorgan Chase & Co. reduced their price target on shares of 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 objective on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Finally, Wells Fargo & Company reduced their target price on shares of Tapestry from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.07.

Check Out Our Latest Research Report on TPR

Tapestry Company Profile

(Free Report)

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.

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