SWS Partners purchased a new position in shares of Tapestry Inc (NYSE:TPR) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 73,299 shares of the luxury accessories retailer’s stock, valued at approximately $2,139,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. St. Johns Investment Management Company LLC purchased a new stake in Tapestry during the 3rd quarter worth about $26,000. Bourgeon Capital Management LLC purchased a new stake in Tapestry during the 3rd quarter worth about $26,000. NumerixS Investment Technologies Inc purchased a new stake in Tapestry during the 2nd quarter worth about $50,000. Avestar Capital LLC increased its position in shares of Tapestry by 34.5% during the second quarter. Avestar Capital LLC now owns 1,626 shares of the luxury accessories retailer’s stock worth $51,000 after purchasing an additional 417 shares in the last quarter. Finally, CSat Investment Advisory L.P. increased its position in shares of Tapestry by 106.7% during the second quarter. CSat Investment Advisory L.P. now owns 1,827 shares of the luxury accessories retailer’s stock worth $58,000 after purchasing an additional 943 shares in the last quarter. 89.69% of the stock is owned by institutional investors.
In other news, insider Sarah Dunn sold 32,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $26.78, for a total transaction of $856,960.00. Following the sale, the insider now owns 62,131 shares of the company’s stock, valued at approximately $1,663,868.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.10% of the stock is owned by insiders.
Tapestry (NYSE:TPR) last announced its quarterly earnings results on Tuesday, November 5th. The luxury accessories retailer reported $0.40 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.03. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.38 billion. Tapestry had a return on equity of 21.17% and a net margin of 9.01%. The company’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.48 EPS. Equities analysts predict that Tapestry Inc will post 2.51 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.338 per share. This represents a $1.35 annualized dividend and a dividend yield of 5.29%. The ex-dividend date is Thursday, December 5th. Tapestry’s dividend payout ratio (DPR) is 52.53%.
A number of analysts have recently commented on the company. MKM Partners reiterated a “neutral” rating and set a $21.00 target price (down previously from $52.00) on shares of Tapestry in a research report on Friday, August 16th. UBS Group cut Tapestry from a “buy” rating to a “neutral” rating and set a $25.00 target price on the stock. in a research report on Monday, October 14th. Bank of America set a $28.00 target price on Tapestry and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Zacks Investment Research cut Tapestry from a “hold” rating to a “sell” rating and set a $28.00 target price on the stock. in a research report on Monday, October 28th. Finally, Telsey Advisory Group cut Tapestry from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 15th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $31.00.
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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