Gallacher Capital Management LLC Buys Shares of 16,482 Tapestry, Inc. (NYSE:TPR)

Gallacher Capital Management LLC bought a new position in shares of Tapestry, Inc. (NYSE:TPR) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 16,482 shares of the luxury accessories retailer’s stock, valued at approximately $705,000.

A number of other institutional investors and hedge funds have also made changes to their positions in TPR. Fidelis Capital Partners LLC acquired a new stake in Tapestry in the 1st quarter valued at about $35,000. BNP Paribas purchased a new position in shares of Tapestry during the 1st quarter worth approximately $38,000. Massmutual Trust Co. FSB ADV increased its stake in shares of Tapestry by 54.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after purchasing an additional 328 shares in the last quarter. Blue Trust Inc. lifted its stake in Tapestry by 111.9% in the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after buying an additional 556 shares in the last quarter. Finally, MUFG Securities EMEA plc lifted its stake in Tapestry by 34.9% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after buying an additional 317 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have commented on the stock. Evercore ISI lowered their target price 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. Citigroup lowered their price objective on Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lowered their price target on Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a report on Friday, August 16th. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research note on Thursday, August 15th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $46.13.

Tapestry Trading Down 1.6 %

Shares of NYSE TPR opened at $40.36 on Friday. The stock has a market capitalization of $9.27 billion, a P/E ratio of 10.68, a PEG ratio of 1.52 and a beta of 1.54. The stock’s 50 day moving average price is $40.40 and its two-hundred day moving average price is $42.36. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. Tapestry, Inc. has a 52-week low of $25.99 and a 52-week high of $48.80.

Tapestry (NYSE:TPR) last issued its quarterly earnings data 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 firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The firm’s revenue was down 1.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.95 EPS. On average, analysts anticipate that Tapestry, Inc. will post 4.47 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, September 6th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend is Friday, September 6th. 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.