Tapestry, Inc. (NYSE:TPR) Stake Trimmed by Meeder Asset Management Inc.

Meeder Asset Management Inc. lowered its stake in Tapestry, Inc. (NYSE:TPR) by 57.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,155 shares of the luxury accessories retailer’s stock after selling 2,855 shares during the quarter. Meeder Asset Management Inc.’s holdings in Tapestry were worth $102,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Balyasny Asset Management L.P. acquired a new stake in Tapestry during the 4th quarter worth about $102,531,000. Capital Research Global Investors boosted its position in Tapestry by 77.2% during the 4th quarter. Capital Research Global Investors now owns 5,748,737 shares of the luxury accessories retailer’s stock worth $211,611,000 after acquiring an additional 2,504,135 shares during the period. Norges Bank acquired a new stake in Tapestry during the 4th quarter worth about $79,352,000. Fiera Capital Corp acquired a new stake in Tapestry during the 4th quarter worth about $52,121,000. Finally, Pacer Advisors Inc. boosted its position in Tapestry by 60.1% during the 4th quarter. Pacer Advisors Inc. now owns 3,108,486 shares of the luxury accessories retailer’s stock worth $114,423,000 after acquiring an additional 1,167,231 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Stock Performance

NYSE TPR traded down $1.42 during trading on Monday, hitting $42.48. The company’s stock had a trading volume of 2,064,005 shares, compared to its average volume of 3,421,181. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77. The firm has a 50 day moving average price of $41.97 and a 200 day moving average price of $42.22. The firm has a market cap of $9.76 billion, a P/E ratio of 11.24, a price-to-earnings-growth ratio of 0.89 and a beta of 1.59. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $48.80.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 EPS for the quarter, topping the consensus estimate of $0.67 by $0.14. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.50 billion. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.78 EPS. Equities research analysts forecast that Tapestry, Inc. will post 4.24 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 24th. Stockholders of record on Friday, June 7th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date was Friday, June 7th. Tapestry’s dividend payout ratio is presently 37.04%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Bernstein Bank raised their price objective on Tapestry from $46.00 to $48.00 in a research report on Thursday, May 9th. Robert W. Baird reduced their price target on Tapestry from $52.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, May 10th. Telsey Advisory Group reiterated an “outperform” rating and set a $54.00 price target on shares of Tapestry in a report on Thursday, May 9th. OTR Global reiterated a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Finally, StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a report on Wednesday, July 10th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Tapestry has a consensus rating of “Moderate Buy” and an average target price of $48.53.

Insider Activity

In other news, VP Manesh Dadlani sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $42.23, for a total transaction of $105,575.00. Following the sale, the vice president now directly owns 37,173 shares in the company, valued at $1,569,815.79. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.93% of the stock is currently owned by company insiders.

Tapestry Company Profile

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.