International Assets Investment Management LLC Expands Portfolio with Tapestry, Inc. Acquisition
July 5, 2023 – International Assets Investment Management LLC, a prominent institutional investor, has recently announced the acquisition of a new position in Tapestry, Inc. (NYSE:TPR), adding to its diverse portfolio of investments. The luxury accessories retailer’s stock has been valued at approximately $195,000.
According to the company’s most recent 13F filing with the Securities and Exchange Commission, International Assets Investment Management LLC acquired 4,530 shares of Tapestry, Inc., further solidifying their presence in the luxury goods sector. This move showcases their confidence in Tapestry’s growth prospects and commitment to diversify their investment holdings.
Tapestry (NYSE:TPR) has recently reported its quarterly earnings results on May 11th, impressing analysts and surpassing consensus estimates. The luxury accessories retailer posted earnings per share (EPS) of $0.78 for the quarter, beating analysts’ expectations by an impressive margin of $0.19.
Furthermore, Tapestry exhibited a strong net margin of 13.51% and a remarkable return on equity of 39.88%. With revenue reaching $1.51 billion during the quarter – surpassing consensus estimates of $1.44 billion – Tapestry demonstrated its ability to generate substantial growth despite challenging market conditions.
Operating across various regions including the United States, Japan, Greater China, and internationally, Tapestry offers a wide range of luxury accessories and branded lifestyle products through its distinct segments: Coach, Kate Spade, and Stuart Weitzman.
The company specializes in women’s accessories such as handbags that include wallets, money pieces, wristlets, cosmetic cases as well as novelty items like address books and travel accessories alongside key rings and charms.
As Tapestry continues to expand its product offerings and penetrate new markets worldwide, this strategic acquisition by International Assets Investment Management LLC positions them as a key player in the luxury accessories retail industry.
Looking ahead, equities research analysts anticipate that Tapestry, Inc. will post 3.88 earnings per share for the current year, reflecting positive sentiment from industry experts and investors alike. As the luxury sector continues to thrive, Tapestry’s commitment to excellence places it at the forefront for future success and growth.
International Assets Investment Management LLC’s acquisition of Tapestry, Inc. showcases their forward-thinking approach by recognizing the potential in this market segment. Their decision to augment their holdings with Tapestry demonstrates their ability to identify promising investment opportunities and diversify their portfolio effectively.
With global markets continuously evolving, International Assets Investment Management LLC remains committed to staying at the cutting edge of acquisitions within industries that hold substantial growth potential. The acquisition of Tapestry reaffirms their position as a leading institution committed to creating value for its shareholders through strategic investment decisions.
In conclusion, International Assets Investment Management LLC’s recent acquisition of Tapestry, Inc. represents a definitive move into the lucrative luxury accessories market. With impressive financial performance and expanding product offerings, Tapestry is poised for continued success in the months and years ahead.
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Luxury Accessories Retailer Tapestry Experiences Surge in Institutional Investors’ Holdings
Luxury Accessories Retailer Tapestry Experiences Surge in Institutional Investors’ Holdings
Date: July 5, 2023
Tapestry, Inc., a prominent provider of luxury accessories and branded lifestyle products, has witnessed a significant increase in institutional investors’ holdings. This development comes as Allworth Financial LP, Brown Brothers Harriman & Co., Alpha Paradigm Partners LLC, GPS Wealth Strategies Group LLC, and Truvestments Capital LLC have all made adjustments to their stakes in the company.
For instance, Allworth Financial LP raised its stake in Tapestry by an astonishing 196.8% during the first quarter. As a result, Allworth Financial LP now owns 659 shares valued at $28,000 after acquiring an additional 437 shares in the previous quarter. Similarly, Brown Brothers Harriman & Co. saw a substantial growth of 340.7% in its stake during the same period. They currently hold 661 shares worth $25,000 after purchasing an additional 511 shares.
In another development, Alpha Paradigm Partners LLC purchased a new stake worth $26,000 from Tapestry during the third quarter. Likewise, GPS Wealth Strategies Group LLC also made a fresh investment of $41,000 in the company during the first quarter. Lastly, Truvestments Capital LLC bought a new position worth $28,000 from Tapestry during the third quarter.
These investment activities indicate strong confidence among hedge funds and other institutional investors toward Tapestry’s future prospects and performance. As of now, approximately 92.63% of the company’s stock is owned by such entities.
On Wednesday, July 5th, Tapestry’s NYSE-listed stock (TPR) opened at $43.53 per share. With a current ratio of 1.94 and quick ratio of 1.12 reflective of good liquidity ratios for the company; it also boasts a debt-to-equity ratio of 0.73, signifying a well-managed and balanced financial structure. Over the past twelve months, its stock has ranged from a low of $27.53 to a high of $47.48.
Tapestry maintains a solid market capitalization of $10.09 billion with price-to-earnings ratio (P/E) standing at 11.83 and the price/earnings to growth ratio (PEG) at 0.88, indicating attractive valuation metrics within the industry sector. The company’s beta is also noteworthy at 1.46, suggesting that it is more volatile than the overall market.
As a global enterprise, Tapestry operates in three key segments: Coach, Kate Spade, and Stuart Weitzman, providing luxury accessories for women including handbags, wallets, time management tools, travel accessories, and key rings. Its vast range of offerings caters to diverse consumer preferences and represents an array of renowned lifestyle brands.
In addition to its successful business operations, Tapestry recently announced a quarterly dividend payment on June 26th to investors who were recorded as shareholders on June 9th. The dividend amounted to $0.30 per share and reflects an annualized dividend of $1.20 with a yield of 2.76%. Notably, Tapestry’s dividend payout ratio stands at 32.
A number of financial institutions have weighed in on Tapestry’s performance and prospects. Barclays raised their target price for the company from $45 to $47 per share while UBS Group adjusted their target price downwards from $44 to $42 but maintained a “neutral” rating for the stock in their report dated March 29th.
Sanford C. Bernstein upgraded Tapestry’s rating from “market perform” to “outperform”, increasing their price target from $50 to $55 per share in a subsequent report published on May 15th.
According to data derived from Bloomberg.com, Tapestry currently holds an average rating of “Moderate Buy” with three investment analysts giving a hold rating and fourteen issuing a buy rating. The average price target for the stock is reported at $48.50.
The surge in institutional investors’ holdings coupled with favorable ratings and target prices from reputable financial institutions bodes well for Tapestry’s future growth prospects and positions it as a top choice within the luxury accessories industry.