Tapestry, Inc. (NYSE:TPR) Stock Position Decreased by Handelsinvest Investeringsforvaltning

Handelsinvest Investeringsforvaltning cut its position in shares of Tapestry, Inc. (NYSE:TPR) by 34.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,621 shares of the luxury accessories retailer’s stock after selling 2,918 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Tapestry were worth $267,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TPR. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Tapestry during the 4th quarter valued at about $117,000. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Tapestry by 9.0% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 285,989 shares of the luxury accessories retailer’s stock valued at $10,527,000 after acquiring an additional 23,532 shares during the last quarter. Lecap Asset Management Ltd. acquired a new position in shares of Tapestry during the 4th quarter valued at about $1,107,000. Goldman Sachs Group Inc. increased its holdings in shares of Tapestry by 41.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,272,950 shares of the luxury accessories retailer’s stock valued at $46,857,000 after acquiring an additional 371,724 shares during the last quarter. Finally, FCF Advisors LLC acquired a new position in shares of Tapestry during the 4th quarter valued at about $1,013,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Price Performance

TPR traded down $0.37 during trading on Wednesday, hitting $40.17. The company’s stock had a trading volume of 97,772 shares, compared to its average volume of 3,471,957. The firm’s 50 day moving average price is $41.60 and its two-hundred day moving average price is $41.92. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80. The stock has a market capitalization of $9.23 billion, a price-to-earnings ratio of 10.72, a price-to-earnings-growth ratio of 0.93 and a beta of 1.59.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 EPS for the quarter, beating the consensus estimate of $0.67 by $0.14. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period last year, the firm earned $0.78 EPS. Sell-side analysts forecast that Tapestry, Inc. will post 4.22 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 24th. Stockholders of record on Friday, June 7th were paid a $0.35 dividend. The ex-dividend date was Friday, June 7th. This represents a $1.40 annualized dividend and a dividend yield of 3.49%. Tapestry’s dividend payout ratio (DPR) is currently 37.04%.

Insider Activity

In other news, VP Manesh Dadlani sold 2,500 shares of Tapestry stock in a transaction on Friday, May 24th. The stock was sold at an average price of $42.23, for a total value of $105,575.00. Following the completion of the sale, the vice president now directly owns 37,173 shares of the company’s stock, valued at approximately $1,569,815.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TPR. Telsey Advisory Group reissued an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a report on Thursday, May 9th. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a report on Thursday, May 23rd. Robert W. Baird lowered their target price on Tapestry from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. OTR Global reiterated a “mixed” rating on shares of Tapestry in a research report on Wednesday, April 17th. Finally, Argus reiterated a “buy” rating and issued a $52.00 price objective on shares of Tapestry in a research report on Tuesday, June 18th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.53.

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.