Princeton Global Asset Management LLC Buys 15,581 Shares of Tapestry, Inc. (NYSE:TPR)

Princeton Global Asset Management LLC raised its stake in Tapestry, Inc. (NYSE:TPR) by 19.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 93,936 shares of the luxury accessories retailer’s stock after buying an additional 15,581 shares during the period. Princeton Global Asset Management LLC’s holdings in Tapestry were worth $4,413,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Lebenthal Global Advisors LLC grew its position in shares of Tapestry by 2.8% in the 3rd quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock valued at $367,000 after buying an additional 215 shares during the last quarter. Mather Group LLC. boosted its position in shares of Tapestry by 12.9% during the 2nd quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock valued at $104,000 after purchasing an additional 249 shares in the last quarter. Legend Financial Advisors Inc. boosted its position in shares of Tapestry by 1.9% during the 2nd quarter. Legend Financial Advisors Inc. now owns 13,570 shares of the luxury accessories retailer’s stock valued at $581,000 after purchasing an additional 257 shares in the last quarter. Empirical Finance LLC boosted its position in shares of Tapestry by 3.3% during the 1st quarter. Empirical Finance LLC now owns 8,742 shares of the luxury accessories retailer’s stock valued at $415,000 after purchasing an additional 276 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Tapestry by 4.8% during the 3rd quarter. GAMMA Investing LLC now owns 6,095 shares of the luxury accessories retailer’s stock valued at $286,000 after purchasing an additional 280 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

Tapestry Stock Performance

Shares of Tapestry stock opened at $46.97 on Friday. The business has a 50 day moving average price of $44.31 and a 200-day moving average price of $42.13. Tapestry, Inc. has a 52 week low of $26.95 and a 52 week high of $51.96. The company has a market cap of $10.93 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 1.80 and a beta of 1.53. 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 (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. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the company earned $0.95 earnings per share. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. Equities analysts anticipate that Tapestry, Inc. will post 4.46 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 6th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend was Friday, September 6th. Tapestry’s payout ratio is currently 39.89%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TPR. The Goldman Sachs Group upped their target price on Tapestry from $47.00 to $52.00 and gave the company a “buy” rating in a research report on Monday, October 21st. UBS Group cut their target price on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Bank of America upped their price target on Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Citigroup upped their price target on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Wells Fargo & Company upped their price target on Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $51.75.

About Tapestry

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.