Retirement Systems of Alabama Cuts Stake in Tapestry, Inc. (NYSE:TPR)

Retirement Systems of Alabama lessened its position in shares of Tapestry, Inc. (NYSE:TPR) by 3.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,510 shares of the luxury accessories retailer’s stock after selling 1,901 shares during the quarter. Retirement Systems of Alabama’s holdings in Tapestry were worth $1,859,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Bell Investment Advisors Inc grew its holdings in Tapestry by 718.1% during 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 holdings in Tapestry by 35.1% during the 3rd quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock valued at $47,000 after buying an additional 423 shares in the last quarter. Parkside Financial Bank & Trust grew its holdings in Tapestry by 56.9% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,843 shares of the luxury accessories retailer’s stock valued at $53,000 after buying an additional 668 shares in the last quarter. Allworth Financial LP grew its holdings in 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 buying an additional 620 shares in the last quarter. Finally, Wolverine Asset Management LLC purchased a new position in Tapestry during the 3rd quarter valued at approximately $63,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TPR. The Goldman Sachs Group raised their price objective on Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Jefferies Financial Group lowered 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. Wells Fargo & Company raised their price objective on Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Evercore ISI raised Tapestry from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $30.00 to $50.00 in a research note on Monday, February 5th. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a research note on Wednesday, March 27th. Six equities research 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 currently has a consensus rating of “Moderate Buy” and an average target price of $47.81.

Tapestry Trading Down 0.0 %

Shares of NYSE TPR opened at $38.98 on Thursday. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90. The business has a fifty day simple moving average of $43.78 and a two-hundred day simple moving average of $38.63. The firm has a market cap of $8.94 billion, a PE ratio of 9.84, a price-to-earnings-growth ratio of 0.81 and a beta of 1.61. Tapestry, Inc. has a twelve month low of $25.99 and a twelve month high of $48.80.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.17. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The business had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same period last year, the business posted $1.36 EPS. The business’s revenue was up 2.5% compared to the same quarter last year. Analysts expect that Tapestry, Inc. will post 4.23 earnings per share for the current fiscal year.

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.