Engineers Gate Manager LP Acquires 400,628 Shares of Tapestry, Inc. $TPR

Engineers Gate Manager LP boosted its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 557.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 472,467 shares of the luxury accessories retailer’s stock after purchasing an additional 400,628 shares during the period. Tapestry makes up 0.9% of Engineers Gate Manager LP’s investment portfolio, making the stock its 7th largest holding. Engineers Gate Manager LP’s holdings in Tapestry were worth $69,160,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Cetera Trust Company N.A purchased a new stake in shares of Tapestry in the second quarter valued at about $26,000. Acumen Wealth Advisors LLC purchased a new position in shares of Tapestry during the fourth quarter worth about $28,000. Triumph Capital Management purchased a new position in shares of Tapestry during the third quarter worth about $29,000. Keating Financial Advisory Services Inc. acquired a new position in Tapestry in the 2nd quarter valued at about $31,000. Finally, Virtus Advisers LLC acquired a new position in Tapestry in the 2nd quarter valued at about $32,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Trading Down 3.8%

Shares of TPR stock opened at $117.50 on Wednesday. The business’s fifty day moving average price is $139.63 and its 200 day moving average price is $142.83. Tapestry, Inc. has a 1-year low of $93.00 and a 1-year high of $164.80. The firm has a market capitalization of $23.43 billion, a PE ratio of 16.12, a P/E/G ratio of 1.55 and a beta of 1.42. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.04. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The firm had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter in the prior year, the business posted $1.04 earnings per share. Tapestry’s revenue was up 8.9% compared to the same quarter last year. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, sell-side analysts forecast that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.

Tapestry Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be given a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, September 4th. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. Tapestry’s payout ratio is 25.38%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TPR. Telsey Advisory Group increased their price objective on Tapestry from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Morgan Stanley cut their price target on Tapestry from $164.00 to $159.00 and set an “overweight” rating for the company in a research note on Friday, August 14th. Zacks Research downgraded Tapestry from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 22nd. Wall Street Zen lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Finally, UBS Group reissued a “buy” rating on shares of Tapestry in a research note on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Tapestry has a consensus rating of “Moderate Buy” and a consensus price target of $175.12.

Insider Buying and Selling at Tapestry

In other Tapestry news, CEO Joanne Crevoiserat sold 27,761 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total value of $3,677,499.67. Following the sale, the chief executive officer owned 666,149 shares of the company’s stock, valued at $88,244,758.03. This represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is currently owned by corporate insiders.

Tapestry Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.