AlphaQuest LLC Decreases Holdings in Tapestry, Inc. (NYSE:TPR)

AlphaQuest LLC cut its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 93.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,942 shares of the luxury accessories retailer’s stock after selling 40,621 shares during the quarter. AlphaQuest LLC’s holdings in Tapestry were worth $192,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Venturi Wealth Management LLC increased its position in shares of Tapestry by 78.0% during the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after purchasing an additional 252 shares during the last quarter. Brooklyn Investment Group purchased a new stake in shares of Tapestry during the 3rd quarter valued at $47,000. UMB Bank n.a. increased its position in shares of Tapestry by 72.9% during the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock valued at $77,000 after purchasing an additional 496 shares during the last quarter. Parkside Financial Bank & Trust increased its position in shares of Tapestry by 13.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer’s stock valued at $104,000 after purchasing an additional 182 shares during the last quarter. Finally, Transamerica Financial Advisors Inc. increased its holdings in Tapestry by 159,100.0% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock worth $75,000 after acquiring an additional 1,591 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Raymond James reissued an “outperform” rating and issued a $88.00 price objective (up previously from $79.00) on shares of Tapestry in a report on Friday, February 7th. Barclays lifted their price objective on Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. UBS Group lifted their price objective on Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, Wells Fargo & Company lifted their price objective on Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.53.

Insiders Place Their Bets

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the sale, the general counsel now owns 38,609 shares of the company’s stock, valued at $3,397,592. This represents a 23.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total value of $2,226,929.12. Following the completion of the sale, the chief financial officer now directly owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. This represents a 14.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,537 shares of company stock valued at $5,730,589 over the last quarter. 1.18% of the stock is owned by corporate insiders.

Tapestry Stock Up 1.1 %

Shares of NYSE TPR opened at $70.48 on Monday. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The firm has a market capitalization of $14.59 billion, a price-to-earnings ratio of 20.43, a PEG ratio of 2.01 and a beta of 1.57. The business has a 50-day moving average of $76.73 and a 200-day moving average of $60.86.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same quarter last year, the business earned $1.63 earnings per share. Sell-side analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.99%. The ex-dividend date is Thursday, March 6th. Tapestry’s dividend payout ratio is currently 40.58%.

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.