Watershed Asset Management L.L.C. Acquires Shares of 8,720 Tapestry, Inc. (NYSE:TPR)

Watershed Asset Management L.L.C. bought a new stake in shares of Tapestry, Inc. (NYSE:TPR) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 8,720 shares of the luxury accessories retailer’s stock, valued at approximately $321,000. Tapestry accounts for 0.4% of Watershed Asset Management L.L.C.’s holdings, making the stock its 24th largest position.

Other institutional investors and hedge funds have also modified their holdings of the company. Bell Investment Advisors Inc grew its stake in shares of Tapestry by 718.1% in the 3rd 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 in the last quarter. AllSquare Wealth Management LLC grew its position in Tapestry by 35.1% in the third quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock worth $47,000 after acquiring an additional 423 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in shares of Tapestry by 56.9% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,843 shares of the luxury accessories retailer’s stock worth $53,000 after purchasing an additional 668 shares during the last quarter. Allworth Financial LP raised its holdings 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. Finally, Wolverine Asset Management LLC acquired a new stake in shares of Tapestry in the 3rd quarter valued at $63,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on TPR shares. Telsey Advisory Group reissued an “outperform” rating and set a $54.00 target price on shares of Tapestry in a research report on Wednesday, March 27th. 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 note on Thursday, February 29th. The Goldman Sachs Group boosted their target price on Tapestry from $41.00 to $47.00 and gave the stock a “buy” rating in a report on Friday, February 9th. Wells Fargo & Company increased their price target on Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. Finally, StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.81.

Tapestry Stock Performance

TPR traded down $0.87 on Tuesday, hitting $39.44. 6,548,047 shares of the stock traded hands, compared to its average volume of 3,794,553. The business has a fifty day moving average price of $45.36 and a two-hundred day moving average price of $37.82. 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 firm has a market capitalization of $9.05 billion, a PE ratio of 9.96, a P/E/G ratio of 0.83 and a beta of 1.57. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $48.80.

Tapestry (NYSE:TPR) last announced 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. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. Tapestry’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.36 EPS. On average, research analysts predict that Tapestry, Inc. will post 4.25 EPS for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date of this dividend was Thursday, March 7th. Tapestry’s payout ratio is 35.35%.

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.