American Trust Makes New Investment in Tapestry, Inc. (NYSE:TPR)

American Trust purchased a new stake in Tapestry, Inc. (NYSE:TPRGet Rating) during the first quarter, according to its most recent filing with the SEC. The firm purchased 6,560 shares of the luxury accessories retailer’s stock, valued at approximately $244,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brown Brothers Harriman & Co. grew its stake in Tapestry by 340.7% during the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock worth $25,000 after buying an additional 511 shares during the last quarter. Capital Analysts LLC purchased a new position in Tapestry during the 1st quarter worth $28,000. AllSquare Wealth Management LLC acquired a new stake in Tapestry during the 1st quarter worth about $39,000. Canada Pension Plan Investment Board lifted its position in Tapestry by 955.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock worth $41,000 after acquiring an additional 994 shares during the period. Finally, Bay Harbor Wealth Management LLC acquired a new stake in Tapestry during the 1st quarter worth about $42,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 2,005 shares of the firm’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $36.81, for a total value of $73,804.05. Following the completion of the sale, the vice president now owns 33,681 shares in the company, valued at $1,239,797.61. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, VP Manesh Dadlani sold 2,005 shares of Tapestry stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $36.81, for a total transaction of $73,804.05. Following the completion of the sale, 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 legal filing with the SEC, which is available through this hyperlink. Also, insider Thomas A. Glaser sold 39,503 shares of Tapestry stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $35.38, for a total transaction of $1,397,616.14. Following the sale, 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. Insiders sold a total of 47,110 shares of company stock worth $1,677,854 over the last 90 days. Company insiders own 1.40% of the company’s stock.

Tapestry Price Performance

Shares of TPR opened at $32.55 on Monday. Tapestry, Inc. has a fifty-two week low of $26.39 and a fifty-two week high of $47.05. The company has a market capitalization of $7.85 billion, a price-to-earnings ratio of 10.30, a price-to-earnings-growth ratio of 0.68 and a beta of 1.32. The firm has a 50-day simple moving average of $34.28 and a 200-day simple moving average of $33.82. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.08 and a current ratio of 1.75.

Tapestry (NYSE:TPRGet Rating) last announced its earnings results on Thursday, August 18th. The luxury accessories retailer reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.01. Tapestry had a net margin of 12.81% and a return on equity of 34.37%. The business had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the prior year, the firm earned $0.74 earnings per share. The business’s quarterly revenue was up .6% compared to the same quarter last year. On average, equities research analysts anticipate that Tapestry, Inc. will post 3.85 earnings per share for the current year.

Tapestry Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 26th. Investors of record on Friday, September 9th will be given a $0.30 dividend. The ex-dividend date is Thursday, September 8th. This represents a $1.20 dividend on an annualized basis and a yield of 3.69%. This is an increase from Tapestry’s previous quarterly dividend of $0.25. Tapestry’s dividend payout ratio (DPR) is presently 37.97%.

Analyst Ratings Changes

A number of analysts have commented on TPR shares. Jefferies Financial Group raised Tapestry from a “hold” rating to a “buy” rating and lifted their price target for the stock from $30.00 to $45.00 in a research report on Wednesday, June 15th. Morgan Stanley decreased their price objective on Tapestry from $40.00 to $39.00 and set an “equal weight” rating for the company in a report on Friday, August 19th. Credit Suisse Group boosted their price objective on Tapestry to $49.00 in a report on Monday, August 22nd. Evercore ISI lifted their price target on Tapestry to $55.00 in a research note on Monday, August 22nd. Finally, Cowen lifted their price target on Tapestry from $40.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, August 19th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.44.

Tapestry Profile

(Get Rating)

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.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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