Poplar Forest Capital LLC Cuts Stake in Tapestry, Inc. (NYSE:TPR)

Poplar Forest Capital LLC reduced its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 45.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 441,844 shares of the luxury accessories retailer’s stock after selling 369,827 shares during the period. Tapestry comprises 2.4% of Poplar Forest Capital LLC’s investment portfolio, making the stock its 22nd largest holding. Poplar Forest Capital LLC’s holdings in Tapestry were worth $16,264,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Bell Investment Advisors Inc increased its position in shares of Tapestry by 718.1% in the 3rd 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 during the last quarter. AllSquare Wealth Management LLC increased its position in shares of Tapestry by 35.1% in the 3rd 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 during the last quarter. Parkside Financial Bank & Trust increased its position in shares of Tapestry by 56.9% in the 3rd 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 during the last quarter. Allworth Financial LP increased its position in shares of Tapestry by 62.0% in the 4th 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 during the last quarter. Finally, Wolverine Asset Management LLC purchased a new stake in shares of Tapestry in the 3rd quarter valued at approximately $63,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Price Performance

Shares of TPR traded up $0.58 during mid-day trading on Wednesday, hitting $40.02. The company’s stock had a trading volume of 4,829,289 shares, compared to its average volume of 3,807,653. The firm has a 50-day simple moving average of $45.28 and a 200 day simple moving average of $37.83. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $48.80. The firm has a market capitalization of $9.18 billion, a P/E ratio of 10.11, a P/E/G ratio of 0.83 and a beta of 1.57. The company has a current ratio of 6.25, a quick ratio of 5.68 and a debt-to-equity ratio of 2.90.

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

Tapestry Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TPR. Telsey Advisory Group restated an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a report on Wednesday, March 27th. TheStreet upgraded shares of Tapestry from a “c+” rating to a “b-” rating in a report on Tuesday, December 26th. Jefferies Financial Group cut 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. OTR Global restated a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Finally, StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.81.

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.