Strs Ohio Cuts Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Strs Ohio lowered its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 7.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 450,000 shares of the luxury accessories retailer's stock after selling 37,518 shares during the period. Strs Ohio owned about 0.20% of Tapestry worth $16,564,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Vontobel Holding Ltd. grew its holdings in shares of Tapestry by 30.3% in the fourth quarter. Vontobel Holding Ltd. now owns 16,199 shares of the luxury accessories retailer's stock worth $596,000 after acquiring an additional 3,767 shares during the period. Lecap Asset Management Ltd. purchased a new position in Tapestry during the fourth quarter valued at $1,107,000. Louisiana State Employees Retirement System purchased a new position in Tapestry during the fourth quarter valued at $512,000. Ingalls & Snyder LLC lifted its position in Tapestry by 27.1% during the fourth quarter. Ingalls & Snyder LLC now owns 12,070 shares of the luxury accessories retailer's stock valued at $444,000 after purchasing an additional 2,572 shares in the last quarter. Finally, Custom Index Systems LLC purchased a new position in Tapestry during the fourth quarter valued at $372,000. Institutional investors own 90.77% of the company's stock.

Tapestry Price Performance

Shares of NYSE:TPR traded down $0.37 during mid-day trading on Wednesday, reaching $40.49. The stock had a trading volume of 4,343,320 shares, compared to its average volume of 3,760,673. The company has a current ratio of 6.25, a quick ratio of 5.68 and a debt-to-equity ratio of 2.90. The company has a market cap of $9.29 billion, a P/E ratio of 10.22, a price-to-earnings-growth ratio of 0.84 and a beta of 1.57. Tapestry, Inc. has a 1 year low of $25.99 and a 1 year high of $48.80. The business's 50 day moving average price is $45.56 and its 200 day moving average price is $37.38.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings data on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.17. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The company had revenue of $2.08 billion for the quarter, compared to analysts' expectations of $2.05 billion. During the same period in the previous year, the firm posted $1.36 earnings per share. The firm's revenue for the quarter was up 2.5% on a year-over-year basis. Research analysts expect that Tapestry, Inc. will post 4.25 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.40 annualized dividend and a yield of 3.46%. Tapestry's payout ratio is currently 35.35%.

Analyst Ratings Changes

Several equities analysts recently weighed in on TPR shares. The Goldman Sachs Group lifted their target price on Tapestry from $41.00 to $47.00 and gave the company a "buy" rating in a research report on Friday, February 9th. Raymond James lifted their target price on Tapestry from $40.00 to $44.00 and gave the company an "outperform" rating in a research report on Tuesday, January 30th. StockNews.com downgraded Tapestry from a "buy" rating to a "hold" rating in a research report on Wednesday, April 10th. Evercore ISI upgraded Tapestry from an "in-line" rating to an "outperform" rating and boosted their price objective for the company from $30.00 to $50.00 in a research report on Monday, February 5th. Finally, Jefferies Financial Group downgraded Tapestry from a "buy" rating to a "hold" rating and set a $50.00 price objective on the stock. in a research report on Thursday, February 29th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $47.81.

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.