Portland Hill Asset Management Ltd Has $6.67 Million Position in Tapestry Inc (NYSE:TPR)

Portland Hill Asset Management Ltd reduced its position in Tapestry Inc (NYSE:TPR) by 23.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 204,303 shares of the luxury accessories retailer’s stock after selling 63,054 shares during the period. Tapestry comprises approximately 4.8% of Portland Hill Asset Management Ltd’s holdings, making the stock its 8th largest position. Portland Hill Asset Management Ltd owned approximately 0.07% of Tapestry worth $6,670,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in TPR. Bessemer Group Inc. increased its position in shares of Tapestry by 2.6% during the 4th quarter. Bessemer Group Inc. now owns 14,369 shares of the luxury accessories retailer’s stock valued at $485,000 after purchasing an additional 364 shares during the last quarter. First Allied Advisory Services Inc. grew its position in shares of Tapestry by 18.5% in the 4th quarter. First Allied Advisory Services Inc. now owns 7,906 shares of the luxury accessories retailer’s stock worth $268,000 after buying an additional 1,237 shares during the last quarter. Paradigm Asset Management Co. LLC lifted its stake in shares of Tapestry by 7.2% in the 3rd quarter. Paradigm Asset Management Co. LLC now owns 10,400 shares of the luxury accessories retailer’s stock valued at $523,000 after purchasing an additional 700 shares during the period. Royal London Asset Management Ltd. purchased a new position in shares of Tapestry in the 4th quarter valued at approximately $4,300,000. Finally, Martingale Asset Management L P lifted its stake in shares of Tapestry by 253.8% in the 3rd quarter. Martingale Asset Management L P now owns 26,235 shares of the luxury accessories retailer’s stock valued at $1,319,000 after purchasing an additional 18,820 shares during the period. 91.45% of the stock is currently owned by institutional investors and hedge funds.

NYSE:TPR opened at $31.20 on Friday. The company has a current ratio of 2.62, a quick ratio of 1.94 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $9.05 billion, a P/E ratio of 11.86, a PEG ratio of 1.16 and a beta of 0.70. Tapestry Inc has a 12 month low of $30.05 and a 12 month high of $54.35.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, February 7th. The luxury accessories retailer reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.04). The firm had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Tapestry had a return on equity of 23.84% and a net margin of 12.18%. Tapestry’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.07 earnings per share. On average, equities research analysts anticipate that Tapestry Inc will post 2.6 EPS for the current year.

TPR has been the subject of several recent analyst reports. Zacks Investment Research cut Tapestry from a “buy” rating to a “hold” rating in a research note on Thursday, April 18th. UBS Group cut their price target on Tapestry from $52.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. KeyCorp cut their price target on Tapestry from $62.00 to $42.00 and set an “overweight” rating for the company in a report on Friday, February 8th. They noted that the move was a valuation call. MKM Partners cut their price target on Tapestry to $52.00 in a report on Monday, February 11th. Finally, Guggenheim reissued a “buy” rating and set a $52.00 price target on shares of Tapestry in a report on Tuesday, January 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $48.50.

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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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