Tapestry, Inc. (NYSE:TPR) Stake Reduced by Amalgamated Bank

Amalgamated Bank reduced its stake in shares of Tapestry, Inc. (NYSE:TPRGet Rating) by 5.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 91,164 shares of the luxury accessories retailer’s stock after selling 5,434 shares during the quarter. Amalgamated Bank’s holdings in Tapestry were worth $3,387,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in Tapestry by 31.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 61,235 shares of the luxury accessories retailer’s stock worth $2,275,000 after buying an additional 14,759 shares during the last quarter. GSA Capital Partners LLP boosted its position in Tapestry by 74.2% during the 4th quarter. GSA Capital Partners LLP now owns 15,379 shares of the luxury accessories retailer’s stock worth $624,000 after acquiring an additional 6,550 shares during the period. Cullen Frost Bankers Inc. boosted its position in Tapestry by 314.3% during the 1st quarter. Cullen Frost Bankers Inc. now owns 5,800 shares of the luxury accessories retailer’s stock worth $215,000 after acquiring an additional 4,400 shares during the period. Ausdal Financial Partners Inc. boosted its position in Tapestry by 17.7% during the 1st quarter. Ausdal Financial Partners Inc. now owns 18,654 shares of the luxury accessories retailer’s stock worth $693,000 after acquiring an additional 2,800 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Tapestry by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,035,577 shares of the luxury accessories retailer’s stock worth $82,645,000 after acquiring an additional 9,632 shares during the period. 90.77% of the stock is currently owned by institutional investors.

Tapestry Stock Performance

Shares of TPR stock opened at $30.95 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.75 and a quick ratio of 1.08. Tapestry, Inc. has a fifty-two week low of $26.39 and a fifty-two week high of $47.05. The stock’s 50-day moving average is $34.36 and its two-hundred day moving average is $33.76. The firm has a market cap of $7.47 billion, a P/E ratio of 9.79, a PEG ratio of 0.67 and a beta of 1.32.

Tapestry (NYSE:TPRGet Rating) last issued its earnings results on Thursday, August 18th. The luxury accessories retailer reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.01. Tapestry had a return on equity of 34.37% and a net margin of 12.81%. The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same period in the prior year, the firm posted $0.74 EPS. The business’s revenue was up .6% compared to the same quarter last year. Analysts predict that Tapestry, Inc. will post 3.85 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 26th. Shareholders of record on Friday, September 9th will be given a $0.30 dividend. This is a positive change from Tapestry’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 3.88%. The ex-dividend date of this dividend is Thursday, September 8th. Tapestry’s dividend payout ratio is presently 37.97%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TPR. Morgan Stanley reduced their price target on Tapestry from $40.00 to $39.00 and set an “equal weight” rating for the company in a research report on Friday, August 19th. Evercore ISI boosted their price target on Tapestry to $55.00 in a research report on Monday, August 22nd. Jefferies Financial Group upgraded Tapestry from a “hold” rating to a “buy” rating and upped their price objective for the company from $30.00 to $45.00 in a report on Wednesday, June 15th. Robert W. Baird upped their price objective on Tapestry to $45.00 in a report on Monday, August 22nd. Finally, UBS Group upped their price objective on Tapestry from $31.00 to $37.00 and gave the company a “neutral” rating in a report on Friday, August 19th. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.44.

Insiders Place Their Bets

In other news, insider Thomas A. Glaser sold 39,503 shares of the stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $35.38, for a total transaction of $1,397,616.14. Following the transaction, the insider now owns 243,321 shares of the company’s stock, valued at approximately $8,608,696.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, VP Manesh Dadlani sold 2,005 shares of the stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $36.81, for a total transaction of $73,804.05. Following the transaction, the vice president now owns 33,681 shares of the company’s stock, valued at approximately $1,239,797.61. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Thomas A. Glaser sold 39,503 shares of the stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $35.38, for a total value of $1,397,616.14. Following the transaction, the insider now directly owns 243,321 shares in the company, valued at approximately $8,608,696.98. The disclosure for this sale can be found here. Insiders have sold a total of 47,110 shares of company stock valued at $1,677,854 in the last three months. Insiders own 1.40% of the company’s stock.

Tapestry Company Profile

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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 accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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