Stevens Capital Management LP Takes Position in Tapestry, Inc. (NYSE:TPR)

Stevens Capital Management LP purchased a new stake in shares of Tapestry, Inc. (NYSE:TPR) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 55,214 shares of the luxury accessories retailer’s stock, valued at approximately $2,032,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TPR. Bell Investment Advisors Inc lifted its holdings in shares of Tapestry by 718.1% during the third quarter. Bell Investment Advisors Inc now owns 949 shares of the luxury accessories retailer’s stock valued at $27,000 after purchasing an additional 833 shares in the last quarter. AllSquare Wealth Management LLC lifted its holdings in shares of Tapestry by 35.1% during the third quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock valued at $47,000 after purchasing an additional 423 shares in the last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of Tapestry by 56.9% during the third quarter. Parkside Financial Bank & Trust now owns 1,843 shares of the luxury accessories retailer’s stock valued at $53,000 after purchasing an additional 668 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Tapestry by 62.0% during the fourth quarter. Allworth Financial LP now owns 1,620 shares of the luxury accessories retailer’s stock valued at $60,000 after purchasing an additional 620 shares in the last quarter. Finally, Wolverine Asset Management LLC bought a new position in Tapestry in the third quarter valued at about $63,000. 90.77% of the stock is owned by institutional investors.

Tapestry Price Performance

Shares of NYSE:TPR traded up $0.66 during trading on Friday, hitting $40.05. 3,329,575 shares of the company’s stock were exchanged, compared to its average volume of 3,807,965. The company has a debt-to-equity ratio of 2.90, a current ratio of 6.25 and a quick ratio of 5.68. Tapestry, Inc. has a 52-week low of $25.99 and a 52-week high of $48.80. The business’s 50-day simple moving average is $45.16 and its 200 day simple moving average is $37.84. The company has a market cap of $9.19 billion, a price-to-earnings ratio of 10.16, a PEG ratio of 0.82 and a beta of 1.57.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.17. The firm had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.05 billion. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The firm’s revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the business posted $1.36 earnings per share. As a group, equities analysts predict that Tapestry, Inc. will post 4.23 EPS for the current 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 issued a $0.35 dividend. 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 35.35%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TPR. Evercore ISI raised Tapestry from an “in-line” rating to an “outperform” rating and increased their target price for the company from $30.00 to $50.00 in a report on Monday, February 5th. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. OTR Global reissued a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Raymond James increased their target price on Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a report on Tuesday, January 30th. Finally, The Goldman Sachs Group increased their target price on Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a report on Friday, February 9th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.81.

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.