King Luther Capital Management Corp Sells 20,561 Shares of Tapestry, Inc. (NYSE:TPR)

King Luther Capital Management Corp reduced its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 53.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,728 shares of the luxury accessories retailer's stock after selling 20,561 shares during the period. King Luther Capital Management Corp's holdings in Tapestry were worth $1,158,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of TPR. 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 worth $38,000 after purchasing an additional 252 shares in the last quarter. Brooklyn Investment Group bought a new stake in Tapestry during the third quarter worth about $47,000. Transamerica Financial Advisors Inc. increased its holdings in shares of Tapestry by 159,100.0% during the third quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer's stock worth $75,000 after buying an additional 1,591 shares in the last quarter. UMB Bank n.a. raised its stake in shares of Tapestry by 72.9% in the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer's stock valued at $77,000 after acquiring an additional 496 shares during the last quarter. Finally, True Wealth Design LLC acquired a new position in shares of Tapestry in the 3rd quarter worth approximately $83,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Trading Up 1.0 %

NYSE TPR traded up $0.69 on Monday, reaching $71.15. The company had a trading volume of 4,586,630 shares, compared to its average volume of 3,718,090. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85. The stock has a market cap of $14.73 billion, a price-to-earnings ratio of 20.62, a PEG ratio of 2.01 and a beta of 1.57. The stock's 50 day moving average is $76.73 and its 200-day moving average is $60.86.

Remove Ads

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating analysts' consensus estimates 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 period in the previous year, the firm posted $1.63 earnings per share. Equities analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

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 issued a $0.35 dividend. The ex-dividend date is Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 1.97%. Tapestry's dividend payout ratio (DPR) is presently 40.58%.

Insider Transactions at Tapestry

In other news, CFO Scott A. Roe sold 25,727 shares of the firm's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the sale, the chief financial officer now owns 146,587 shares of the company's stock, valued at $12,688,570.72. This trade represents a 14.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Todd Kahn sold 21,107 shares of Tapestry stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $84.00, for a total value of $1,772,988.00. Following the transaction, the chief executive officer now owns 176,985 shares in the company, valued at $14,866,740. This trade represents a 10.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,537 shares of company stock valued at $5,730,589 over the last three months. 1.18% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

TPR has been the subject of a number of recent analyst reports. Raymond James reaffirmed an "outperform" rating and set a $88.00 price target (up from $79.00) on shares of Tapestry in a report on Friday, February 7th. Guggenheim raised their target price on Tapestry from $70.00 to $90.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Daiwa America upgraded shares of Tapestry to a "hold" rating in a research report on Monday, November 18th. BMO Capital Markets increased their price objective on shares of Tapestry from $55.00 to $60.00 and gave the stock a "market perform" rating in a report on Monday, November 18th. Finally, Redburn Atlantic raised shares of Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 target price for the company in a research note on Tuesday, February 18th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $78.53.

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.