OMNI 360 Wealth Inc. Increases Holdings in Tapestry, Inc. (NYSE:TPR)

OMNI 360 Wealth Inc. grew its stake in Tapestry, Inc. (NYSE:TPR) by 12.6% in the third quarter, Holdings Channel reports. The fund owned 12,242 shares of the luxury accessories retailer’s stock after purchasing an additional 1,372 shares during the period. OMNI 360 Wealth Inc.’s holdings in Tapestry were worth $575,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Bessemer Group Inc. increased its position in Tapestry by 1,328.8% during the first quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock worth $1,432,000 after purchasing an additional 28,038 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in Tapestry in the second quarter worth approximately $3,718,000. Lazard Asset Management LLC grew its position in Tapestry by 611.8% in the first 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 during the period. Clearbridge Investments LLC purchased a new stake in Tapestry in the first quarter valued at $54,055,000. Finally, SG Americas Securities LLC raised its position in Tapestry by 174.8% in the first quarter. SG Americas Securities LLC now owns 95,076 shares of the luxury accessories retailer’s stock valued at $4,514,000 after purchasing an additional 60,480 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analyst Upgrades and Downgrades

TPR has been the subject of a number of recent analyst reports. 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. Bank of America increased their price objective on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research report on Wednesday, September 25th. Telsey Advisory Group restated an “outperform” rating and set a $54.00 target price on shares of Tapestry in a report on Thursday, August 15th. Finally, The Goldman Sachs Group boosted their price target on shares of Tapestry from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.73.

Tapestry Stock Up 13.5 %

Shares of NYSE TPR traded up $6.02 during midday trading on Friday, hitting $50.49. 17,253,323 shares of the company’s stock were exchanged, compared to its average volume of 3,241,892. The firm’s fifty day simple moving average is $43.54 and its 200-day simple moving average is $41.88. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. The company has a market cap of $11.60 billion, a PE ratio of 13.36, a P/E/G ratio of 1.67 and a beta of 1.53. Tapestry, Inc. has a twelve month low of $25.99 and a twelve month high of $51.58.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.04. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The company’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 EPS. Research analysts predict that Tapestry, Inc. will post 4.47 EPS for the current fiscal year.

Tapestry Dividend Announcement

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

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.