North Growth Management Ltd. Purchases 1,000 Shares of Tapestry, Inc. (NYSE:TPR)

North Growth Management Ltd. lifted its holdings in Tapestry, Inc. (NYSE:TPR) by 0.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 290,000 shares of the luxury accessories retailer’s stock after acquiring an additional 1,000 shares during the period. Tapestry makes up approximately 2.6% of North Growth Management Ltd.’s portfolio, making the stock its 12th biggest position. North Growth Management Ltd. owned approximately 0.12% of Tapestry worth $13,617,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Bessemer Group Inc. increased its stake in shares of Tapestry by 1,328.8% in the 1st quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock valued at $1,432,000 after acquiring an additional 28,038 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in Tapestry during the 2nd quarter worth $3,718,000. Lazard Asset Management LLC grew its stake in shares of Tapestry by 611.8% in the 1st quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock worth $3,019,000 after acquiring an additional 54,679 shares in the last quarter. Clearbridge Investments LLC purchased a new stake in shares of Tapestry in the first quarter valued at about $54,055,000. Finally, Oppenheimer & Co. Inc. bought a new position in shares of Tapestry during the first quarter valued at about $1,546,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on TPR. Raymond James reiterated an “outperform” rating and issued a $57.00 price objective (up previously from $55.00) on shares of Tapestry in a research note on Friday. Telsey Advisory Group reaffirmed an “outperform” rating and set a $54.00 price target on shares of Tapestry in a research report on Thursday, November 7th. Wells Fargo & Company boosted their price objective on Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Tapestry Stock Down 1.3 %

Shares of NYSE TPR opened at $51.55 on Tuesday. The company has a current ratio of 4.93, a quick ratio of 4.66 and a debt-to-equity ratio of 2.35. The business has a 50-day moving average of $45.49 and a 200-day moving average of $42.59. The firm has a market capitalization of $12.00 billion, a price-to-earnings ratio of 14.90, a PEG ratio of 1.94 and a beta of 1.53. Tapestry, Inc. has a 12 month low of $27.91 and a 12 month high of $52.76.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. Sell-side analysts expect that Tapestry, Inc. will post 4.54 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 given a $0.35 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.72%. Tapestry’s payout ratio is 40.46%.

Tapestry Company 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.