Kendall Capital Management Boosts Stake in Tapestry, Inc. (NYSE:TPR)

Kendall Capital Management raised its position in Tapestry, Inc. (NYSE:TPR) by 1.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 17,980 shares of the luxury accessories retailer’s stock after purchasing an additional 315 shares during the period. Kendall Capital Management’s holdings in Tapestry were worth $1,175,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC raised its stake in shares of Tapestry by 78.0% in the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after purchasing an additional 252 shares in the last quarter. Brooklyn Investment Group acquired a new stake in shares of Tapestry in the 3rd quarter valued at about $47,000. UMB Bank n.a. raised its stake in shares of Tapestry by 72.9% in the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock valued at $77,000 after purchasing an additional 496 shares in the last quarter. Parkside Financial Bank & Trust raised its stake in shares of Tapestry by 13.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer’s stock valued at $104,000 after purchasing an additional 182 shares in the last quarter. Finally, Transamerica Financial Advisors Inc. raised its stake in shares of Tapestry by 159,100.0% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock valued at $75,000 after purchasing an additional 1,591 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Trading Down 3.5 %

Tapestry stock opened at $75.00 on Friday. The firm has a 50 day simple moving average of $76.22 and a 200-day simple moving average of $59.67. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The stock has a market capitalization of $15.53 billion, a PE ratio of 21.74, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same quarter in the previous year, the business earned $1.63 earnings per share. As a group, equities research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date is Thursday, March 6th. Tapestry’s payout ratio is 40.58%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Redburn Atlantic upgraded shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective on the stock in a research note on Tuesday, February 18th. Barclays increased their price objective on shares of Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. UBS Group increased their price objective on shares of Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Robert W. Baird increased their price objective on shares of Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Finally, The Goldman Sachs Group increased their price objective on shares of Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Insider Buying and Selling

In related news, General Counsel David E. Howard sold 11,917 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the sale, the general counsel now owns 38,609 shares in the company, valued at approximately $3,397,592. This represents a 23.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the completion of the sale, the chief financial officer now owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. This trade represents a 14.93 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,537 shares of company stock worth $5,730,589. Corporate insiders own 1.18% of the company’s stock.

About Tapestry

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 handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.