Poplar Forest Capital LLC Decreases Holdings in Tapestry, Inc. (NYSE:TPR)

Poplar Forest Capital LLC cut its stake in shares of Tapestry, Inc. (NYSE:TPR) by 45.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 441,844 shares of the luxury accessories retailer’s stock after selling 369,827 shares during the period. Tapestry comprises approximately 2.4% of Poplar Forest Capital LLC’s holdings, making the stock its 22nd largest position. Poplar Forest Capital LLC owned approximately 0.19% of Tapestry worth $16,264,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Atria Wealth Solutions Inc. purchased a new stake in Tapestry during the 4th quarter valued at $244,000. Alaska Permanent Fund Corp purchased a new stake in shares of Tapestry in the 4th quarter worth $440,000. Watershed Asset Management L.L.C. purchased a new stake in shares of Tapestry in the 4th quarter worth $321,000. GAMMA Investing LLC purchased a new stake in shares of Tapestry in the 4th quarter worth $110,000. Finally, New York State Common Retirement Fund increased its stake in shares of Tapestry by 81.7% in the 4th quarter. New York State Common Retirement Fund now owns 761,859 shares of the luxury accessories retailer’s stock worth $28,044,000 after purchasing an additional 342,621 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on TPR shares. Wells Fargo & Company upped their price objective on Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. OTR Global reaffirmed a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Evercore ISI raised shares of Tapestry from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $30.00 to $50.00 in a report on Monday, February 5th. TheStreet raised shares of Tapestry from a “c+” rating to a “b-” rating in a report on Tuesday, December 26th. Finally, Jefferies Financial Group downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a report on Thursday, February 29th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.81.

Tapestry Trading Up 1.5 %

Tapestry stock traded up $0.58 during midday trading on Wednesday, reaching $40.02. The stock had a trading volume of 4,829,289 shares, compared to its average volume of 3,807,653. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90. Tapestry, Inc. has a 52-week low of $25.99 and a 52-week high of $48.80. The firm has a market cap of $9.18 billion, a price-to-earnings ratio of 10.11, a price-to-earnings-growth ratio of 0.83 and a beta of 1.57. The company has a fifty day moving average of $45.28 and a 200 day moving average of $37.83.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.17. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same period in the prior year, the company posted $1.36 EPS. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, analysts anticipate that Tapestry, Inc. will post 4.24 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date of this dividend was Thursday, March 7th. Tapestry’s dividend payout ratio (DPR) is presently 35.35%.

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.