Shellback Capital LP Has $41.36 Million Position in Tapestry, Inc. (NYSE:TPR)

Shellback Capital LP decreased its position in shares of Tapestry, Inc. (NYSE:TPR) by 4.3% during the 2nd quarter, HoldingsChannel reports. The fund owned 966,594 shares of the luxury accessories retailer’s stock after selling 43,406 shares during the period. Tapestry comprises approximately 3.0% of Shellback Capital LP’s portfolio, making the stock its 4th largest holding. Shellback Capital LP’s holdings in Tapestry were worth $41,361,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of TPR. Balyasny Asset Management L.P. bought a new position in Tapestry in the fourth quarter valued at about $102,531,000. Capital Research Global Investors increased its stake in shares of Tapestry by 77.2% in the fourth quarter. Capital Research Global Investors now owns 5,748,737 shares of the luxury accessories retailer’s stock valued at $211,611,000 after buying an additional 2,504,135 shares during the period. Pacer Advisors Inc. raised its holdings in Tapestry by 53.1% in the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock valued at $257,623,000 after buying an additional 2,087,586 shares during the last quarter. Clearbridge Investments LLC bought a new position in Tapestry in the 1st quarter valued at approximately $54,055,000. Finally, AQR Capital Management LLC boosted its position in Tapestry by 235.9% during the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after buying an additional 1,051,743 shares during the period. Institutional investors own 90.77% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on TPR shares. Evercore ISI decreased their price target on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Wells Fargo & Company lowered their target price on Tapestry from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, August 16th. JPMorgan Chase & Co. reduced their price target on Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. Argus restated a “buy” rating and set a $52.00 price objective on shares of Tapestry in a research report on Tuesday, June 18th. Finally, UBS Group cut their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and a consensus target price of $47.07.

Tapestry Price Performance

Tapestry stock opened at $47.00 on Friday. The stock’s 50 day moving average price is $40.81 and its two-hundred day moving average price is $41.99. The stock has a market capitalization of $10.80 billion, a price-to-earnings ratio of 12.43, a PEG ratio of 1.64 and a beta of 1.54. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14. Tapestry, Inc. has a 52-week low of $25.99 and a 52-week high of $48.80.

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

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Shareholders 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 annualized dividend and a yield of 2.98%. Tapestry’s payout ratio is currently 37.04%.

Tapestry 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.