Tapestry, Inc. (NYSE:TPR) Shares Sold by Commerce Bank

Commerce Bank lowered its stake in shares of Tapestry, Inc. (NYSE:TPR) by 56.1% in the third quarter, HoldingsChannel.com reports. The firm owned 9,092 shares of the luxury accessories retailer’s stock after selling 11,620 shares during the period. Commerce Bank’s holdings in Tapestry were worth $427,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Waldron Private Wealth LLC purchased a new position in shares of Tapestry during the third quarter worth $25,000. Massmutual Trust Co. FSB ADV grew its position in Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after acquiring an additional 328 shares in the last quarter. Blue Trust Inc. increased its stake in Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after purchasing an additional 556 shares during the period. MUFG Securities EMEA plc lifted its position in shares of Tapestry by 34.9% during the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after purchasing an additional 317 shares in the last quarter. Finally, Chilton Capital Management LLC purchased a new position in shares of Tapestry in the second quarter valued at approximately $53,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Trading Up 0.3 %

NYSE:TPR opened at $61.06 on Wednesday. The company has a market capitalization of $14.23 billion, a PE ratio of 17.64, a P/E/G ratio of 2.04 and a beta of 1.53. Tapestry, Inc. has a 52-week low of $30.20 and a 52-week high of $61.44. The stock’s 50 day moving average price is $48.37 and its 200 day moving average price is $43.75. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be issued a $0.35 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.29%. Tapestry’s payout ratio is 40.46%.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the transaction, the vice president now directly owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.18% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on TPR shares. Daiwa America upgraded shares of Tapestry to a “hold” rating in a report on Monday, November 18th. Guggenheim lifted their target price on Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a report on Friday, November 15th. Wells Fargo & Company upped their price target on Tapestry from $65.00 to $75.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. UBS Group decreased their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. Finally, Bank of America upped their target price on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $57.78.

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.