Poplar Forest Capital LLC Buys 45,756 Shares of Tapestry, Inc. (NYSE:TPR)

Poplar Forest Capital LLC increased its stake in shares of Tapestry, Inc. (NYSE:TPR) by 14.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 364,598 shares of the luxury accessories retailer’s stock after acquiring an additional 45,756 shares during the quarter. Tapestry comprises approximately 2.3% of Poplar Forest Capital LLC’s holdings, making the stock its 21st largest holding. Poplar Forest Capital LLC owned 0.16% of Tapestry worth $17,129,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Lebenthal Global Advisors LLC raised its stake in shares of Tapestry by 2.8% in the 3rd quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock valued at $367,000 after buying an additional 215 shares in the last quarter. Mather Group LLC. grew its holdings in shares of Tapestry by 12.9% in the 2nd quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock worth $104,000 after purchasing an additional 249 shares during the last quarter. Legend Financial Advisors Inc. grew its holdings in shares of Tapestry by 1.9% in the 2nd quarter. Legend Financial Advisors Inc. now owns 13,570 shares of the luxury accessories retailer’s stock worth $581,000 after purchasing an additional 257 shares during the last quarter. Empirical Finance LLC grew its holdings in shares of Tapestry by 3.3% in the 1st quarter. Empirical Finance LLC now owns 8,742 shares of the luxury accessories retailer’s stock worth $415,000 after purchasing an additional 276 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Tapestry by 4.8% in the 3rd quarter. GAMMA Investing LLC now owns 6,095 shares of the luxury accessories retailer’s stock worth $286,000 after purchasing an additional 280 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Tapestry Price Performance

NYSE TPR opened at $49.76 on Thursday. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. Tapestry, Inc. has a 12-month low of $27.02 and a 12-month high of $51.96. The company has a market capitalization of $11.58 billion, a PE ratio of 14.18, a price-to-earnings-growth ratio of 1.75 and a beta of 1.53. The firm’s 50 day moving average is $44.83 and its 200-day moving average is $42.32.

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

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.81%. Tapestry’s dividend payout ratio is presently 39.89%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TPR. The Goldman Sachs Group upped their target price on shares of Tapestry from $47.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, October 21st. UBS Group reduced their target price on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. JPMorgan Chase & Co. raised their target price on shares of Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Evercore ISI raised their target price on shares of Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Finally, StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.75.

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.