Tapestry Inc (TPR) Position Increased by First Manhattan Co.
First Manhattan Co. boosted its position in shares of Tapestry Inc (NYSE:TPR) by 37.6% during the 3rd quarter, Holdings Channel reports. The firm owned 51,862 shares of the luxury accessories retailer’s stock after purchasing an additional 14,178 shares during the period. First Manhattan Co.’s holdings in Tapestry were worth $2,607,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. LifePlan Financial Group Inc purchased a new stake in Tapestry during the 2nd quarter valued at about $142,000. Twin Tree Management LP grew its position in Tapestry by 128.9% during the 2nd quarter. Twin Tree Management LP now owns 3,394 shares of the luxury accessories retailer’s stock valued at $159,000 after purchasing an additional 15,144 shares during the last quarter. NEXT Financial Group Inc purchased a new stake in Tapestry during the 3rd quarter valued at about $179,000. MUFG Americas Holdings Corp grew its position in Tapestry by 70.6% during the 2nd quarter. MUFG Americas Holdings Corp now owns 4,350 shares of the luxury accessories retailer’s stock valued at $203,000 after purchasing an additional 1,800 shares during the last quarter. Finally, Gideon Capital Advisors Inc. purchased a new stake in Tapestry during the 2nd quarter valued at about $208,000. 90.04% of the stock is currently owned by institutional investors.
In other news, insider Ian Bickley sold 48,071 shares of the stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $52.13, for a total value of $2,505,941.23. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Ivan Menezes sold 2,068 shares of the stock in a transaction that occurred on Friday, August 31st. The stock was sold at an average price of $50.70, for a total transaction of $104,847.60. The disclosure for this sale can be found here. Insiders sold a total of 50,602 shares of company stock worth $2,633,939 in the last quarter. Company insiders own 0.70% of the company’s stock.
Tapestry (NYSE:TPR) last issued its quarterly earnings data on Tuesday, August 14th. The luxury accessories retailer reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.03. Tapestry had a net margin of 6.76% and a return on equity of 24.76%. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.47 billion. During the same quarter in the prior year, the business earned $0.50 EPS. The business’s quarterly revenue was up 30.9% on a year-over-year basis. On average, equities research analysts forecast that Tapestry Inc will post 2.77 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 7th were paid a $0.3375 dividend. This represents a $1.35 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend was Thursday, September 6th. Tapestry’s dividend payout ratio (DPR) is presently 51.33%.
Several analysts recently commented on the stock. KeyCorp increased their price objective on shares of Tapestry from $59.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, August 15th. Zacks Investment Research raised shares of Tapestry from a “sell” rating to a “hold” rating in a research report on Friday, August 17th. Loop Capital set a $59.00 price objective on shares of Tapestry and gave the company a “buy” rating in a research report on Tuesday, August 14th. Jefferies Financial Group reaffirmed a “hold” rating and set a $52.00 price target on shares of Tapestry in a report on Wednesday, August 15th. Finally, Canaccord Genuity raised their price target on shares of Tapestry from $55.00 to $63.00 and gave the company an “outperform” rating in a report on Wednesday, August 15th. Ten analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Tapestry presently has a consensus rating of “Buy” and a consensus price target of $56.16.
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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