Lighthouse Investment Partners LLC Sells 85,000 Shares of Tapestry, Inc. (NYSE:TPR)

Lighthouse Investment Partners LLC cut its position in shares of Tapestry, Inc. (NYSE:TPR) by 53.1% during the 2nd quarter, Holdings Channel.com reports. The firm owned 75,000 shares of the luxury accessories retailer’s stock after selling 85,000 shares during the period. Lighthouse Investment Partners LLC’s holdings in Tapestry were worth $3,209,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Bessemer Group Inc. grew its position in Tapestry by 1,328.8% during the first quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock valued at $1,432,000 after acquiring an additional 28,038 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Tapestry by 41.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,272,950 shares of the luxury accessories retailer’s stock worth $46,857,000 after purchasing an additional 371,724 shares during the period. Manning & Napier Advisors LLC bought a new stake in Tapestry in the second quarter worth $3,718,000. Lazard Asset Management LLC lifted its stake in Tapestry by 611.8% in the first quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock worth $3,019,000 after purchasing an additional 54,679 shares during the last quarter. Finally, Clearbridge Investments LLC purchased a new stake in Tapestry during the first quarter valued at about $54,055,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on TPR shares. JPMorgan Chase & Co. lowered their target price on Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a research note on Friday, August 16th. UBS Group lowered their price target on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Argus reissued a “buy” rating and issued a $52.00 price target on shares of Tapestry in a report on Tuesday, June 18th. Evercore ISI lowered their price objective on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. Finally, Telsey Advisory Group reiterated an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a research report on Thursday, August 15th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and an average price target of $47.07.

Tapestry Stock Up 2.0 %

NYSE:TPR opened at $47.93 on Friday. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $48.80. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. The firm’s 50-day moving average price is $40.94 and its 200-day moving average price is $42.00. The company has a market capitalization of $11.01 billion, a PE ratio of 12.68, a P/E/G ratio of 1.64 and a beta of 1.54.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.04. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the business earned $0.95 earnings per share. The business’s revenue was down 1.8% on a year-over-year basis. On average, equities analysts predict that Tapestry, Inc. will post 4.47 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were issued a $0.35 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.92%. Tapestry’s payout ratio is currently 37.04%.

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.