Entropy Technologies LP Sells 13,428 Shares of Tapestry, Inc. (NYSE:TPR)

Key Points

• Entropy Technologies LP has reduced its stake in Tapestry, Inc. by 35.6%, now holding 24,242 shares worth approximately $1.71 million.
• Tapestry, Inc. reported earnings of $1.03 per share for the last quarter, surpassing estimates and showing a 6.9% increase in revenue year-over-year.
• Analysts have adjusted their price targets for Tapestry, with UBS setting a new target of $112.00 and Goldman Sachs raising theirs to $93.00.

Entropy Technologies LP cut its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 35.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,242 shares of the luxury accessories retailer's stock after selling 13,428 shares during the period. Entropy Technologies LP's holdings in Tapestry were worth $1,707,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Atlas Capital Advisors Inc. lifted its position in Tapestry by 166.5% during the 1st quarter. Atlas Capital Advisors Inc. now owns 3,377 shares of the luxury accessories retailer's stock valued at $238,000 after purchasing an additional 2,110 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Tapestry during the 1st quarter valued at about $1,736,000. Donoghue Forlines LLC acquired a new position in Tapestry during the 1st quarter valued at about $2,211,000. Townsquare Capital LLC lifted its position in Tapestry by 13.6% during the 1st quarter. Townsquare Capital LLC now owns 12,438 shares of the luxury accessories retailer's stock valued at $876,000 after purchasing an additional 1,488 shares during the period. Finally, Zions Bancorporation National Association UT acquired a new position in Tapestry during the 1st quarter valued at about $131,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Barclays reiterated an "overweight" rating and issued a $105.00 price target (up from $98.00) on shares of Tapestry in a research report on Friday, July 11th. The Goldman Sachs Group increased their price target on shares of Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Citigroup increased their price target on shares of Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Morgan Stanley increased their price target on shares of Tapestry from $90.00 to $115.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, Bank of America downgraded shares of Tapestry from a "buy" rating to a "neutral" rating and increased their price target for the company from $95.00 to $115.00 in a research report on Tuesday, July 29th. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $101.56.

Tapestry Stock Up 2.8%

NYSE TPR traded up $2.97 during trading hours on Tuesday, reaching $110.93. 3,803,535 shares of the company's stock were exchanged, compared to its average volume of 3,995,746. The company has a market capitalization of $23.04 billion, a price-to-earnings ratio of 29.19, a price-to-earnings-growth ratio of 2.18 and a beta of 1.51. Tapestry, Inc. has a one year low of $37.47 and a one year high of $113.08. The company's 50-day moving average is $95.40 and its two-hundred day moving average is $82.11. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76.

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.