Cambridge Investment Research Advisors Inc. Takes $320,000 Position in Tapestry (TPR)
Cambridge Investment Research Advisors Inc. purchased a new position in Tapestry (NYSE:TPR) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 7,242 shares of the luxury accessories retailer’s stock, valued at approximately $320,000.
Other hedge funds have also made changes to their positions in the company. Xact Kapitalforvaltning AB bought a new position in Tapestry in the fourth quarter worth $2,594,000. Envestnet Asset Management Inc. bought a new position in Tapestry in the fourth quarter worth $8,020,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new position in Tapestry in the fourth quarter worth $6,114,000. Compagnie Lombard Odier SCmA bought a new position in Tapestry in the fourth quarter worth $308,000. Finally, OLD Mutual Customised Solutions Proprietary Ltd. bought a new position in Tapestry in the fourth quarter worth $824,000. 89.39% of the stock is owned by institutional investors.
A number of research firms have issued reports on TPR. Robert W. Baird set a $60.00 price objective on Tapestry and gave the stock a “buy” rating in a report on Monday. Barclays raised their price target on Tapestry from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Cowen restated a “buy” rating and set a $54.00 price target on shares of Tapestry in a report on Wednesday, January 31st. BMO Capital Markets restated a “hold” rating on shares of Tapestry in a report on Tuesday, February 6th. Finally, ValuEngine upgraded Tapestry from a “hold” rating to a “buy” rating in a report on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $52.13.
Tapestry (NYSE:TPR) last released its quarterly earnings data on Tuesday, February 6th. The luxury accessories retailer reported $1.07 EPS for the quarter, beating the consensus estimate of $0.86 by $0.21. The company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Tapestry had a return on equity of 23.68% and a net margin of 6.14%. Tapestry’s revenue was up 35.1% compared to the same quarter last year. During the same period last year, the firm posted $0.75 earnings per share. equities analysts anticipate that Tapestry will post 2.58 EPS for the current fiscal year.
The company also recently announced a dividend, which was paid on Monday, April 2nd. Shareholders of record on Friday, March 9th were given a $0.3375 dividend. The ex-dividend date of this dividend was Thursday, March 8th. Tapestry’s payout ratio is 62.79%.
In other Tapestry news, CAO Todd Kahn sold 4,357 shares of the firm’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $49.13, for a total value of $214,059.41. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Sarah Dunn sold 6,229 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $48.23, for a total value of $300,424.67. The disclosure for this sale can be found here. Insiders sold 140,551 shares of company stock worth $7,020,158 over the last three months. Insiders own 0.98% of the company’s stock.
Tapestry, Inc provides luxury accessories and lifestyle brands. It offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, belts, sunglasses, watches, novelty accessories, and ready-to-wear for men.
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