SG Americas Securities LLC lowered its stake in shares of Tapestry Inc (NYSE:TPR) by 21.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,338 shares of the luxury accessories retailer’s stock after selling 6,262 shares during the quarter. SG Americas Securities LLC’s holdings in Tapestry were worth $1,043,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Baird Financial Group Inc. boosted its stake in shares of Tapestry by 1.5% during the 1st quarter. Baird Financial Group Inc. now owns 73,131 shares of the luxury accessories retailer’s stock valued at $3,847,000 after buying an additional 1,096 shares during the last quarter. Natixis Advisors L.P. lifted its stake in Tapestry by 7.1% during the first quarter. Natixis Advisors L.P. now owns 18,630 shares of the luxury accessories retailer’s stock worth $980,000 after purchasing an additional 1,236 shares during the last quarter. Systematic Financial Management LP lifted its stake in Tapestry by 16.4% in the first quarter. Systematic Financial Management LP now owns 8,850 shares of the luxury accessories retailer’s stock valued at $466,000 after buying an additional 1,250 shares during the last quarter. Westpac Banking Corp lifted its stake in Tapestry by 0.4% in the second quarter. Westpac Banking Corp now owns 342,103 shares of the luxury accessories retailer’s stock valued at $15,980,000 after buying an additional 1,300 shares during the last quarter. Finally, CIBC World Markets Inc. lifted its stake in Tapestry by 24.5% in the first quarter. CIBC World Markets Inc. now owns 7,042 shares of the luxury accessories retailer’s stock valued at $370,000 after buying an additional 1,387 shares during the last quarter. 90.56% of the stock is owned by institutional investors.
A number of equities research analysts have issued reports on TPR shares. Susquehanna Bancshares reiterated a “positive” rating and issued a $50.00 target price on shares of Tapestry in a research note on Thursday, June 7th. UBS Group initiated coverage on Tapestry in a report on Thursday, June 21st. They set a “buy” rating and a $62.00 price target on the stock. Goldman Sachs Group initiated coverage on Tapestry in a report on Monday, June 25th. They set a “buy” rating and a $56.00 price target on the stock. Guggenheim reissued a “buy” rating and set a $60.00 price target on shares of Tapestry in a report on Tuesday, July 3rd. Finally, Wells Fargo & Co set a $56.00 target price on Tapestry and gave the stock a “buy” rating in a report on Monday, July 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eighteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $56.71.
In related news, insider Ian Bickley sold 48,071 shares of the business’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $52.13, for a total value of $2,505,941.23. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ivan Menezes sold 2,068 shares of the business’s stock in a transaction on Friday, August 31st. The stock was sold at an average price of $50.70, for a total value of $104,847.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,602 shares of company stock worth $2,633,939. 0.98% of the stock is currently owned by company insiders.
Shares of TPR stock opened at $49.96 on Friday. The company has a current ratio of 2.59, a quick ratio of 1.87 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $14.44 billion, a P/E ratio of 19.00, a P/E/G ratio of 1.55 and a beta of 0.44. Tapestry Inc has a twelve month low of $38.70 and a twelve month high of $55.50.
Tapestry (NYSE:TPR) last issued its quarterly earnings results on Tuesday, August 14th. The luxury accessories retailer reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.03. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.47 billion. Tapestry had a return on equity of 24.76% and a net margin of 6.76%. The company’s revenue for the quarter was up 30.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.50 EPS. research analysts forecast that Tapestry Inc will post 2.76 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 7th will be given a dividend of $0.3375 per share. This represents a $1.35 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date is Thursday, September 6th. Tapestry’s dividend payout ratio is presently 51.33%.
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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