Gibraltar Capital Management Inc. boosted its stake in Tapestry, Inc. (NYSE:TPR – Get Rating) by 4.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,877 shares of the luxury accessories retailer's stock after acquiring an additional 507 shares during the period. Gibraltar Capital Management Inc.'s holdings in Tapestry were worth $332,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Brown Brothers Harriman & Co. boosted its holdings in shares of Tapestry by 340.7% during the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer's stock valued at $25,000 after buying an additional 511 shares in the last quarter. Capital Analysts LLC bought a new stake in shares of Tapestry during the 1st quarter valued at $28,000. AllSquare Wealth Management LLC bought a new stake in shares of Tapestry during the 1st quarter valued at $39,000. CVA Family Office LLC raised its position in shares of Tapestry by 1,606.7% in the 2nd quarter. CVA Family Office LLC now owns 1,280 shares of the luxury accessories retailer's stock worth $39,000 after purchasing an additional 1,205 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in shares of Tapestry by 955.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer's stock worth $41,000 after purchasing an additional 994 shares during the last quarter. Institutional investors own 90.77% of the company's stock.
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Insider Activity at Tapestry
In other Tapestry news, insider Thomas A. Glaser sold 39,503 shares of the company's stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $35.38, for a total value of $1,397,616.14. Following the completion of the transaction, the insider now directly owns 243,321 shares in the company, valued at approximately $8,608,696.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Tapestry news, VP Manesh Dadlani sold 2,005 shares of the company's stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $36.81, for a total value of $73,804.05. Following the completion of the transaction, the vice president now directly owns 33,681 shares in the company, valued at approximately $1,239,797.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas A. Glaser sold 39,503 shares of the company's stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $35.38, for a total value of $1,397,616.14. Following the completion of the transaction, the insider now owns 243,321 shares of the company's stock, valued at $8,608,696.98. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,110 shares of company stock worth $1,677,854. 0.73% of the stock is owned by company insiders.
Tapestry Stock Performance
Shares of NYSE:TPR traded down $1.04 during mid-day trading on Monday, reaching $28.62. 149,704 shares of the company traded hands, compared to its average volume of 3,933,813. The company's 50 day moving average price is $34.33 and its 200-day moving average price is $33.72. The firm has a market cap of $6.90 billion, a PE ratio of 9.11, a PEG ratio of 0.62 and a beta of 1.32. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.75 and a quick ratio of 1.08. Tapestry, Inc. has a 52 week low of $26.39 and a 52 week high of $47.05.
Tapestry (NYSE:TPR – Get Rating) last announced its quarterly earnings data on Thursday, August 18th. The luxury accessories retailer reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.77 by $0.01. The company had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.64 billion. Tapestry had a return on equity of 34.37% and a net margin of 12.81%. The firm's revenue was up .6% on a year-over-year basis. During the same period in the previous year, the company posted $0.74 EPS. On average, equities analysts expect that Tapestry, Inc. will post 3.85 EPS for the current fiscal year.
Tapestry Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 26th. Investors of record on Friday, September 9th will be paid a dividend of $0.30 per share. The ex-dividend date is Thursday, September 8th. This is an increase from Tapestry's previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.19%. Tapestry's payout ratio is 37.97%.
Analysts Set New Price Targets
Several research firms have recently issued reports on TPR. Barclays lifted their price target on Tapestry from $39.00 to $43.00 and gave the stock an "overweight" rating in a research report on Monday, August 22nd. Evercore ISI lifted their price target on Tapestry to $55.00 in a research report on Monday, August 22nd. UBS Group lifted their price target on Tapestry from $31.00 to $37.00 and gave the stock a "neutral" rating in a research report on Friday, August 19th. Credit Suisse Group boosted their target price on Tapestry to $49.00 in a research report on Monday, August 22nd. Finally, Wells Fargo & Company decreased their target price on Tapestry from $45.00 to $40.00 and set an "overweight" rating for the company in a research report on Thursday, July 7th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.44.
Tapestry Company Profile
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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 accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.
Further Reading
- Get a free copy of the StockNews.com research report on Tapestry (TPR)
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