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

Amalgamated Bank cut its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 39.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,196 shares of the luxury accessories retailer's stock after selling 29,294 shares during the quarter. Amalgamated Bank's holdings in Tapestry were worth $2,123,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Pacer Advisors Inc. boosted its position in Tapestry by 53.1% in the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer's stock worth $257,623,000 after purchasing an additional 2,087,586 shares during the last quarter. Clearbridge Investments LLC bought a new position in shares of Tapestry in the first quarter worth about $54,055,000. AQR Capital Management LLC raised its stake in shares of Tapestry by 235.9% in the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer's stock worth $61,578,000 after buying an additional 1,051,743 shares during the period. Coronation Fund Managers Ltd. raised its stake in shares of Tapestry by 265.1% in the second quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer's stock worth $44,700,000 after buying an additional 758,539 shares during the period. Finally, Swedbank AB raised its stake in shares of Tapestry by 206.5% in the second quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer's stock worth $42,782,000 after buying an additional 673,655 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. JPMorgan Chase & Co. raised their price objective on Tapestry from $51.00 to $66.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. UBS Group decreased their price objective on Tapestry from $42.00 to $40.00 and set a "neutral" rating on the stock in a research note on Friday, August 16th. StockNews.com downgraded Tapestry from a "buy" rating to a "hold" rating in a research note on Monday, October 28th. Wells Fargo & Company lifted their target price on Tapestry from $50.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, October 25th. Finally, The Goldman Sachs Group lifted their target price on Tapestry from $47.00 to $52.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $54.00.

Tapestry Trading Down 0.8 %

TPR traded down $0.40 during trading hours on Tuesday, reaching $51.12. 2,213,577 shares of the company's stock traded hands, compared to its average volume of 3,296,612. The firm has a 50-day moving average price of $45.49 and a 200 day moving average price of $42.59. Tapestry, Inc. has a 52-week low of $27.91 and a 52-week high of $52.76. The company has a quick ratio of 4.66, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The firm has a market capitalization of $11.91 billion, a PE ratio of 14.67, a PEG ratio of 1.94 and a beta of 1.53.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, topping the consensus estimate of $0.88 by $0.04. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period in the previous year, the company posted $0.95 EPS. The business's revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, sell-side analysts predict that Tapestry, Inc. will post 4.54 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry's payout ratio is 40.46%.

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.