Horizon Investments LLC raised its stake in shares of Tapestry Inc (NYSE:TPR) by 174.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 103,036 shares of the luxury accessories retailer’s stock after purchasing an additional 65,452 shares during the quarter. Horizon Investments LLC’s holdings in Tapestry were worth $3,348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently made changes to their positions in the business. Bessemer Group Inc. lifted its stake in 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 acquiring an additional 364 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Tapestry by 20.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 95,224 shares of the luxury accessories retailer’s stock valued at $3,094,000 after purchasing an additional 16,255 shares during the last quarter. First Allied Advisory Services Inc. increased its position in shares of Tapestry by 18.5% during the 4th quarter. First Allied Advisory Services Inc. now owns 7,906 shares of the luxury accessories retailer’s stock valued at $268,000 after purchasing an additional 1,237 shares during the last quarter. Pennsylvania Trust Co purchased a new stake in shares of Tapestry during the 1st quarter valued at about $14,426,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Tapestry by 178.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 324,534 shares of the luxury accessories retailer’s stock valued at $10,544,000 after purchasing an additional 208,123 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.
Several equities research analysts recently issued reports on the stock. Standpoint Research raised shares of Tapestry from a “hold” rating to a “buy” rating in a report on Thursday, May 9th. ValuEngine downgraded Tapestry from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 14th. TheStreet downgraded Tapestry from a “b-” rating to a “c+” rating in a research report on Thursday, March 7th. UBS Group increased their target price on Tapestry from $50.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Finally, Zacks Investment Research upgraded Tapestry from a “sell” rating to a “hold” rating and set a $38.00 target price for the company in a research report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $46.84.
TPR stock traded up $0.21 during midday trading on Monday, reaching $29.75. The company’s stock had a trading volume of 16,049 shares, compared to its average volume of 4,442,461. The company has a quick ratio of 1.86, a current ratio of 2.67 and a debt-to-equity ratio of 0.45. Tapestry Inc has a 1 year low of $27.93 and a 1 year high of $54.35. The firm has a market cap of $8.57 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 1.07 and a beta of 0.79.
Tapestry (NYSE:TPR) last released its earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. Tapestry had a return on equity of 22.08% and a net margin of 11.78%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the firm posted $0.54 earnings per share. The business’s revenue was up .7% compared to the same quarter last year. Research analysts expect that Tapestry Inc will post 2.58 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 7th will be paid a $0.3375 dividend. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $1.35 dividend on an annualized basis and a yield of 4.54%. Tapestry’s payout ratio is 51.33%.
In other news, Director Annabelle Yu Long sold 3,229 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $28.93, for a total transaction of $93,414.97. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Darrell Cavens purchased 7,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were purchased at an average price of $30.01 per share, for a total transaction of $210,070.00. The disclosure for this purchase can be found here. Company insiders own 0.70% of the company’s stock.
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Tapestry Company Profile
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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