City Center Advisors LLC Has $497,000 Stake in Tapestry, Inc. (NYSE:TPR)

City Center Advisors LLC trimmed its position in Tapestry, Inc. (NYSE:TPR) by 17.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,604 shares of the luxury accessories retailer’s stock after selling 1,603 shares during the period. City Center Advisors LLC’s holdings in Tapestry were worth $497,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Pacer Advisors Inc. lifted its position in Tapestry by 53.1% during the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after buying an additional 2,087,586 shares in the last quarter. Erste Asset Management GmbH bought a new stake in Tapestry during the third quarter worth about $64,016,000. AQR Capital Management LLC boosted its position in Tapestry by 235.9% during the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after purchasing an additional 1,051,743 shares during the last quarter. Bank of Montreal Can grew its stake in Tapestry by 76.6% in the third quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock valued at $59,641,000 after purchasing an additional 539,793 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Tapestry by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after purchasing an additional 272,007 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TPR has been the topic of several analyst reports. Telsey Advisory Group upped their price target on shares of Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. BMO Capital Markets upped their target price on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, November 18th. Raymond James reiterated an “outperform” rating and set a $57.00 price target (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. UBS Group upped their price objective on Tapestry from $57.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday. Finally, StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $64.76.

Tapestry Trading Down 1.9 %

TPR stock opened at $67.25 on Monday. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $69.09. The company has a market capitalization of $15.67 billion, a PE ratio of 19.44, a price-to-earnings-growth ratio of 1.80 and a beta of 1.58. The company’s 50-day simple moving average is $61.02 and its 200 day simple moving average is $49.03. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were given a dividend of $0.35 per share. The ex-dividend date was Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.08%. Tapestry’s payout ratio is presently 40.46%.

Insider Transactions at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the transaction, the vice president now owns 35,003 shares in the company, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.18% of the company’s stock.

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.