Van ECK Associates Corp Boosts Stake in Tapestry, Inc. (NYSE:TPR)

Van ECK Associates Corp boosted its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 34.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 92,920 shares of the luxury accessories retailer's stock after acquiring an additional 23,760 shares during the quarter. Van ECK Associates Corp's holdings in Tapestry were worth $3,420,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in TPR. Bell Investment Advisors Inc lifted its holdings in shares of Tapestry by 718.1% in the third quarter. Bell Investment Advisors Inc now owns 949 shares of the luxury accessories retailer's stock valued at $27,000 after buying an additional 833 shares during the period. Allworth Financial LP boosted its position in shares of Tapestry by 62.0% during 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 in the last quarter. AllSquare Wealth Management LLC grew its stake 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 worth $47,000 after purchasing an additional 423 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in Tapestry by 56.9% during the third 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. Finally, Wolverine Asset Management LLC bought a new stake in Tapestry during the third quarter worth approximately $63,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Stock Performance

NYSE TPR traded down $0.49 during trading on Tuesday, hitting $38.99. The company's stock had a trading volume of 5,202,608 shares, compared to its average volume of 3,828,067. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $48.80. The firm has a 50 day moving average price of $44.12 and a 200 day moving average price of $38.55. The firm has a market cap of $8.94 billion, a P/E ratio of 9.97, a price-to-earnings-growth ratio of 0.81 and a beta of 1.61. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 EPS for the quarter, beating the consensus estimate of $1.46 by $0.17. The firm had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.05 billion. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The company's revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.36 EPS. Equities research analysts forecast that Tapestry, Inc. will post 4.23 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Friday, March 8th were given 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 dividend yield of 3.59%. Tapestry's dividend payout ratio (DPR) is presently 35.35%.

Wall Street Analysts Forecast Growth

TPR has been the topic of a number of recent research reports. Wells Fargo & Company lifted their target price on Tapestry from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Friday, February 2nd. Evercore ISI raised shares of Tapestry from an "in-line" rating to an "outperform" rating and raised their price objective for the stock from $30.00 to $50.00 in a research note on Monday, February 5th. OTR Global reissued a "mixed" rating on shares of Tapestry in a research note on Wednesday, April 17th. Raymond James raised their target price on Tapestry from $40.00 to $44.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 30th. Finally, Jefferies Financial Group downgraded Tapestry from a "buy" rating to a "hold" rating and set a $50.00 price objective for the company. in a research note on Thursday, February 29th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $47.81.

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.