Poplar Forest Capital LLC Trims Stock Holdings in Tapestry Inc (NYSE:TPR)

Poplar Forest Capital LLC lowered its position in Tapestry Inc (NYSE:TPR) by 5.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,234,340 shares of the luxury accessories retailer’s stock after selling 74,837 shares during the quarter. Tapestry makes up approximately 2.8% of Poplar Forest Capital LLC’s portfolio, making the stock its 22nd biggest position. Poplar Forest Capital LLC owned approximately 0.43% of Tapestry worth $39,166,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Yorktown Management & Research Co Inc raised its stake in shares of Tapestry by 66.4% during the second quarter. Yorktown Management & Research Co Inc now owns 60,400 shares of the luxury accessories retailer’s stock worth $1,916,000 after purchasing an additional 24,100 shares during the last quarter. Icon Advisers Inc. Co. raised its stake in shares of Tapestry by 210.5% during the second quarter. Icon Advisers Inc. Co. now owns 25,700 shares of the luxury accessories retailer’s stock worth $815,000 after purchasing an additional 17,424 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Tapestry by 16.1% during the second quarter. Envestnet Asset Management Inc. now owns 347,528 shares of the luxury accessories retailer’s stock worth $11,027,000 after purchasing an additional 48,220 shares during the last quarter. Candriam Luxembourg S.C.A. raised its stake in shares of Tapestry by 16.9% during the second quarter. Candriam Luxembourg S.C.A. now owns 24,160 shares of the luxury accessories retailer’s stock worth $763,000 after purchasing an additional 3,487 shares during the last quarter. Finally, Stephens Inc. AR grew its holdings in Tapestry by 3.0% during the second quarter. Stephens Inc. AR now owns 11,983 shares of the luxury accessories retailer’s stock worth $380,000 after acquiring an additional 347 shares during the period. Institutional investors own 87.42% of the company’s stock.

Tapestry stock traded up $0.51 during trading hours on Friday, hitting $19.96. The stock had a trading volume of 13,891,500 shares, compared to its average volume of 4,838,665. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.79 and a quick ratio of 1.86. The stock has a market capitalization of $5.64 billion, a price-to-earnings ratio of 7.77, a PEG ratio of 0.64 and a beta of 0.88. Tapestry Inc has a 1-year low of $18.54 and a 1-year high of $52.49. The stock’s fifty day moving average is $29.33 and its two-hundred day moving average is $31.72.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a return on equity of 21.64% and a net margin of 10.68%. Tapestry’s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.60 earnings per share. As a group, sell-side analysts anticipate that Tapestry Inc will post 2.67 EPS for the current year.

A number of research analysts recently weighed in on the company. Robert W. Baird set a $43.00 price objective on Tapestry and gave the stock a “buy” rating in a report on Monday, August 12th. Canaccord Genuity reaffirmed a “buy” rating and set a $41.00 price objective on shares of Tapestry in a report on Friday, May 10th. Cowen reaffirmed a “buy” rating and set a $22.00 price objective (down previously from $34.00) on shares of Tapestry in a report on Friday. Piper Jaffray Companies lowered Tapestry from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $40.00 to $23.00 in a report on Friday. Finally, Credit Suisse Group lowered Tapestry from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $38.00 to $22.00 in a report on Thursday. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seventeen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $38.00.

In related news, Director Annabelle Yu Long sold 3,229 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $28.93, for a total transaction of $93,414.97. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Darrell Cavens acquired 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were bought at an average cost of $30.01 per share, for a total transaction of $210,070.00. The disclosure for this purchase can be found here. 0.70% of the stock is currently owned by corporate insiders.

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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