Poplar Forest Capital LLC Has $49.06 Million Holdings in Tapestry Inc (TPR)

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Poplar Forest Capital LLC boosted its stake in shares of Tapestry Inc (NYSE:TPR) by 1.8% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 976,015 shares of the luxury accessories retailer’s stock after acquiring an additional 16,928 shares during the period. Tapestry accounts for 3.7% of Poplar Forest Capital LLC’s holdings, making the stock its 13th biggest position. Poplar Forest Capital LLC’s holdings in Tapestry were worth $49,064,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of TPR. Principal Financial Group Inc. increased its position in shares of Tapestry by 0.5% during the first quarter. Principal Financial Group Inc. now owns 429,776 shares of the luxury accessories retailer’s stock worth $22,610,000 after purchasing an additional 2,003 shares in the last quarter. DnB Asset Management AS acquired a new position in shares of Tapestry during the second quarter worth $1,898,000. IFM Investors Pty Ltd increased its position in shares of Tapestry by 43.0% during the second quarter. IFM Investors Pty Ltd now owns 13,994 shares of the luxury accessories retailer’s stock worth $654,000 after purchasing an additional 4,206 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of Tapestry by 37.3% during the second quarter. State of Alaska Department of Revenue now owns 181,774 shares of the luxury accessories retailer’s stock worth $8,488,000 after purchasing an additional 49,350 shares in the last quarter. Finally, Gateway Investment Advisers LLC acquired a new position in shares of Tapestry during the second quarter worth $575,000. 90.13% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts have recently issued reports on TPR shares. Needham & Company LLC raised Tapestry from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, October 16th. They noted that the move was a valuation call. Evercore ISI downgraded Tapestry to a “hold” rating in a research report on Monday, October 15th. Loop Capital downgraded Tapestry from a “buy” rating to a “hold” rating and cut their target price for the company from $59.00 to $45.00 in a research report on Monday, October 15th. Goldman Sachs Group set a $61.00 target price on Tapestry and gave the company a “buy” rating in a research report on Wednesday, August 15th. Finally, Canaccord Genuity cut their target price on Tapestry to $55.00 and set a “buy” rating on the stock in a research report on Monday, August 13th. Ten analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $54.50.

In other news, insider Ian Bickley sold 48,071 shares of the stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $52.13, for a total transaction of $2,505,941.23. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ivan Menezes sold 2,068 shares of the stock in a transaction dated Friday, August 31st. The stock was sold at an average price of $50.70, for a total transaction of $104,847.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,602 shares of company stock worth $2,633,939. Corporate insiders own 0.70% of the company’s stock.

Shares of TPR stock traded down $0.34 during mid-day trading on Wednesday, hitting $42.11. 32,794 shares of the stock were exchanged, compared to its average volume of 4,181,499. The company has a quick ratio of 1.83, a current ratio of 2.74 and a debt-to-equity ratio of 0.48. Tapestry Inc has a 52-week low of $39.28 and a 52-week high of $55.50. The firm has a market cap of $12.40 billion, a P/E ratio of 15.99, a PEG ratio of 1.32 and a beta of 0.70.

Tapestry (NYSE:TPR) last posted its earnings results on Tuesday, October 30th. The luxury accessories retailer reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.03. Tapestry had a net margin of 9.00% and a return on equity of 24.73%. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the prior year, the company posted $0.42 EPS. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, analysts anticipate that Tapestry Inc will post 2.78 earnings per share for the current fiscal year.

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About Tapestry

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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