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

Poplar Forest Capital LLC boosted its stake in shares of Tapestry, Inc. (NYSE:TPR) by 14.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 364,598 shares of the luxury accessories retailer’s stock after purchasing an additional 45,756 shares during the quarter. Tapestry comprises approximately 2.3% of Poplar Forest Capital LLC’s investment portfolio, making the stock its 21st biggest position. Poplar Forest Capital LLC’s holdings in Tapestry were worth $17,129,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Lebenthal Global Advisors LLC lifted its holdings in shares of Tapestry by 2.8% during the third quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock worth $367,000 after buying an additional 215 shares in the last quarter. Mather Group LLC. lifted its holdings in shares of Tapestry by 12.9% during the second quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock worth $104,000 after buying an additional 249 shares in the last quarter. Legend Financial Advisors Inc. lifted its holdings in shares of Tapestry by 1.9% during the second quarter. Legend Financial Advisors Inc. now owns 13,570 shares of the luxury accessories retailer’s stock worth $581,000 after buying an additional 257 shares in the last quarter. Empirical Finance LLC lifted its holdings in shares of Tapestry by 3.3% during the first quarter. Empirical Finance LLC now owns 8,742 shares of the luxury accessories retailer’s stock worth $415,000 after buying an additional 276 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Tapestry by 4.8% during the third quarter. GAMMA Investing LLC now owns 6,095 shares of the luxury accessories retailer’s stock worth $286,000 after buying an additional 280 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Bank of America lifted their target price on Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Evercore ISI boosted their price target on Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. UBS Group dropped their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. Wells Fargo & Company boosted their target price on Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Citigroup boosted their target price on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $51.75.

Tapestry Price Performance

Shares of 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 twelve month low of $27.02 and a twelve month high of $51.96. The stock’s 50 day moving average is $44.83 and its 200-day moving average is $42.32. The firm has a market capitalization of $11.58 billion, a price-to-earnings ratio of 14.18, a PEG ratio of 1.75 and a beta of 1.53.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. Tapestry’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 earnings per share. Sell-side analysts forecast that Tapestry, Inc. will post 4.46 EPS for the current fiscal year.

Tapestry Dividend Announcement

The business also recently declared 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. This represents a $1.40 dividend on an annualized basis and a yield of 2.81%. Tapestry’s payout ratio is currently 39.89%.

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.