Polymer Capital Management HK LTD Buys New Position in Tapestry, Inc. (NYSE:TPR)

Polymer Capital Management HK LTD purchased a new position in Tapestry, Inc. (NYSE:TPR - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 160,342 shares of the luxury accessories retailer's stock, valued at approximately $10,475,000. Tapestry comprises about 1.8% of Polymer Capital Management HK LTD's portfolio, making the stock its 13th biggest position. Polymer Capital Management HK LTD owned approximately 0.07% of Tapestry as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its stake in Tapestry by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock valued at $522,471,000 after buying an additional 382,856 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Tapestry by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock valued at $376,247,000 after acquiring an additional 176,717 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Tapestry by 15.2% in the 4th quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock valued at $270,304,000 after acquiring an additional 546,497 shares during the last quarter. Allianz Asset Management GmbH raised its position in shares of Tapestry by 16.4% during the 4th quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer's stock worth $138,596,000 after acquiring an additional 298,409 shares in the last quarter. Finally, Norges Bank purchased a new stake in Tapestry during the fourth quarter worth approximately $114,199,000. Institutional investors and hedge funds own 90.77% of the company's stock.

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Tapestry Stock Performance

TPR traded down $0.62 during trading on Friday, reaching $63.30. The company's stock had a trading volume of 1,691,636 shares, compared to its average volume of 4,145,545. The company's fifty day moving average price is $76.01 and its 200-day moving average price is $64.57. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $90.85. The company has a market capitalization of $13.10 billion, a price-to-earnings ratio of 18.28, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period in the previous year, the firm earned $1.63 earnings per share. On average, equities analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.21%. The ex-dividend date was Thursday, March 6th. Tapestry's dividend payout ratio (DPR) is 40.58%.

Analysts Set New Price Targets

A number of research firms have weighed in on TPR. Telsey Advisory Group raised their price objective on shares of Tapestry from $74.00 to $83.00 and gave the stock an "outperform" rating in a report on Monday, February 3rd. Barclays cut their price target on shares of Tapestry from $100.00 to $83.00 and set an "overweight" rating on the stock in a research note on Thursday. Jefferies Financial Group upped their price objective on shares of Tapestry from $80.00 to $83.00 and gave the company a "buy" rating in a research note on Tuesday, January 28th. Redburn Atlantic upgraded Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 target price on the stock in a research report on Tuesday, February 18th. Finally, JPMorgan Chase & Co. raised their price target on Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Tapestry presently has an average rating of "Moderate Buy" and an average target price of $77.63.

Insider Activity

In other news, CEO Todd Kahn sold 21,107 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 176,985 shares in the company, valued at $14,866,740. This represents a 10.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total value of $2,226,929.12. Following the transaction, the chief financial officer now owns 146,587 shares of the company's stock, valued at $12,688,570.72. This represents a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,537 shares of company stock worth $5,730,589 over the last 90 days. 1.18% of the stock is currently owned by corporate insiders.

About Tapestry

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.