Tapestry, Inc. (NYSE:TPR) Shares Sold by Pitcairn Co.

Pitcairn Co. reduced its position in Tapestry, Inc. (NYSE:TPR) by 9.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,884 shares of the luxury accessories retailer’s stock after selling 617 shares during the quarter. Pitcairn Co.’s holdings in Tapestry were worth $279,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Franklin Resources Inc. grew its holdings in shares of Tapestry by 0.9% in the fourth quarter. Franklin Resources Inc. now owns 5,954,829 shares of the luxury accessories retailer’s stock valued at $219,197,000 after purchasing an additional 54,647 shares in the last quarter. Capital Research Global Investors grew its stake in shares of Tapestry by 77.2% in the fourth 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 in the last quarter. Ninety One UK Ltd increased its position in shares of Tapestry by 12.7% during the fourth quarter. Ninety One UK Ltd now owns 5,321,308 shares of the luxury accessories retailer’s stock worth $195,877,000 after acquiring an additional 597,715 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Tapestry by 4.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,305,257 shares of the luxury accessories retailer’s stock valued at $121,671,000 after acquiring an additional 140,347 shares in the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in Tapestry in the fourth quarter valued at $102,531,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 2,500 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were 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 owns 37,173 shares of the company’s stock, valued at $1,569,815.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.93% of the stock is currently owned by corporate insiders.

Tapestry Stock Down 0.5 %

Shares of NYSE:TPR opened at $39.65 on Friday. The stock has a market cap of $9.11 billion, a P/E ratio of 10.49, a P/E/G ratio of 0.81 and a beta of 1.59. The company has a debt-to-equity ratio of 2.77, a current ratio of 6.59 and a quick ratio of 5.98. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $48.80. The firm has a fifty day moving average price of $42.05 and a 200 day moving average price of $42.39.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.14. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The firm had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the prior year, the company earned $0.78 EPS. The firm’s revenue was down 2.0% on a year-over-year basis. Sell-side analysts predict that Tapestry, Inc. will post 4.24 EPS for the current year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 24th. Investors of record on Friday, June 7th were issued a dividend of $0.35 per share. The ex-dividend date was Friday, June 7th. This represents a $1.40 annualized dividend and a dividend yield of 3.53%. Tapestry’s payout ratio is currently 37.04%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Wells Fargo & Company cut their price target on Tapestry from $55.00 to $52.00 and set an “overweight” rating on the stock in a report on Wednesday. Robert W. Baird reduced their target price on shares of Tapestry from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Bernstein Bank boosted their price target on shares of Tapestry from $46.00 to $48.00 in a report on Thursday, May 9th. JPMorgan Chase & Co. reduced their price objective on shares of Tapestry from $56.00 to $54.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research report on Thursday, May 9th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.06.

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.