Greenleaf Trust Increases Stake in Tapestry, Inc. (NYSE:TPR)

Greenleaf Trust increased its position in shares of Tapestry, Inc. (NYSE:TPR) by 23.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 7,311 shares of the luxury accessories retailer’s stock after buying an additional 1,392 shares during the quarter. Greenleaf Trust’s holdings in Tapestry were worth $343,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Capital Research Global Investors increased its holdings in Tapestry by 8.5% in the 1st quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock worth $296,212,000 after acquiring an additional 489,933 shares in the last quarter. Pacer Advisors Inc. raised its stake in Tapestry by 53.1% in the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock valued at $257,623,000 after purchasing an additional 2,087,586 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Tapestry by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after buying an additional 165,406 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Tapestry by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock valued at $116,928,000 after buying an additional 46,760 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Tapestry by 235.9% in the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after buying an additional 1,051,743 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Stock Up 13.5 %

Shares of NYSE:TPR opened at $50.49 on Friday. Tapestry, Inc. has a fifty-two week low of $25.99 and a fifty-two week high of $51.58. The firm’s 50-day simple moving average is $43.54 and its 200-day simple moving average is $41.89. The company has a market cap of $11.60 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 1.67 and a beta of 1.53. 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 (NYSE:TPR) last issued its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $1.58 billion. During the same period in the previous year, the firm earned $0.95 EPS. The business’s revenue was down 1.8% on a year-over-year basis. As a group, equities research analysts predict that Tapestry, Inc. will post 4.47 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 6th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date was Friday, September 6th. Tapestry’s dividend payout ratio is currently 37.04%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on TPR shares. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a report on Wednesday, September 25th. Wells Fargo & Company increased their price objective on Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday. UBS Group cut their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Evercore ISI lifted their target price on shares of Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a report on Friday. Finally, Bank of America raised their target price on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $51.73.

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.