Daiwa Securities Group Inc. Increases Position in Tapestry Inc (NYSE:TPR)

Daiwa Securities Group Inc. lifted its holdings in shares of Tapestry Inc (NYSE:TPR) by 17.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 54,653 shares of the luxury accessories retailer’s stock after acquiring an additional 8,281 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Tapestry were worth $1,423,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. St. Johns Investment Management Company LLC purchased a new stake in shares of Tapestry during the third quarter worth about $26,000. NumerixS Investment Technologies Inc purchased a new stake in shares of Tapestry during the second quarter worth about $50,000. Avestar Capital LLC increased its position in shares of Tapestry by 34.5% during the second quarter. Avestar Capital LLC now owns 1,626 shares of the luxury accessories retailer’s stock worth $51,000 after acquiring an additional 417 shares during the last quarter. CSat Investment Advisory L.P. increased its position in shares of Tapestry by 106.7% during the second quarter. CSat Investment Advisory L.P. now owns 1,827 shares of the luxury accessories retailer’s stock worth $58,000 after acquiring an additional 943 shares during the last quarter. Finally, Stonebridge Capital Advisors LLC bought a new stake in Tapestry in the second quarter valued at about $61,000. 88.23% of the stock is currently owned by institutional investors and hedge funds.

Shares of TPR stock opened at $26.68 on Tuesday. The company has a quick ratio of 1.94, a current ratio of 1.82 and a debt-to-equity ratio of 1.15. The business has a 50 day moving average of $25.86 and a two-hundred day moving average of $27.67. Tapestry Inc has a 52 week low of $18.54 and a 52 week high of $42.43. The company has a market cap of $7.76 billion, a P/E ratio of 10.38, a PEG ratio of 1.14 and a beta of 1.02.

Tapestry (NYSE:TPR) last issued its earnings results on Tuesday, November 5th. The luxury accessories retailer reported $0.40 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.03. Tapestry had a return on equity of 21.17% and a net margin of 9.01%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the previous year, the firm posted $0.48 earnings per share. Tapestry’s quarterly revenue was down 1.7% compared to the same quarter last year. Analysts expect that Tapestry Inc will post 2.52 EPS for the current fiscal year.

Several analysts recently weighed in on the company. Piper Jaffray Companies lowered Tapestry from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $40.00 to $23.00 in a report on Friday, August 16th. ValuEngine lowered Tapestry from a “hold” rating to a “sell” rating in a report on Friday, November 1st. Bank of America set a $28.00 price objective on Tapestry and gave the company a “buy” rating in a report on Wednesday, September 4th. Robert W. Baird set a $43.00 price objective on Tapestry and gave the company a “buy” rating in a report on Monday, August 12th. Finally, UBS Group lowered Tapestry from a “buy” rating to a “neutral” rating and set a $25.00 price objective for the company. in a report on Monday, October 14th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and fifteen have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $33.13.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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