Quarry LP Increases Stake in Tapestry, Inc. (NYSE:TPR)

Quarry LP boosted its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 486.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,726 shares of the luxury accessories retailer's stock after buying an additional 9,728 shares during the period. Quarry LP's holdings in Tapestry were worth $551,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in TPR. Redwood Investment Management LLC boosted its position in shares of Tapestry by 0.4% during the 3rd quarter. Redwood Investment Management LLC now owns 47,407 shares of the luxury accessories retailer's stock valued at $2,269,000 after acquiring an additional 204 shares during the last quarter. Lebenthal Global Advisors LLC lifted its position in Tapestry by 2.8% during the third quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer's stock valued at $367,000 after purchasing an additional 215 shares during the last quarter. OneDigital Investment Advisors LLC grew its stake in shares of Tapestry by 3.0% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 7,520 shares of the luxury accessories retailer's stock worth $353,000 after buying an additional 218 shares in the last quarter. Mather Group LLC. increased its holdings in shares of Tapestry by 12.9% in the 2nd quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer's stock worth $104,000 after buying an additional 249 shares during the last quarter. Finally, Summit Trail Advisors LLC raised its position in shares of Tapestry by 1.6% during the 3rd quarter. Summit Trail Advisors LLC now owns 16,273 shares of the luxury accessories retailer's stock valued at $765,000 after buying an additional 251 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.96, for a total value 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. The trade was a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.18% of the stock is currently owned by company insiders.

Tapestry Stock Up 0.2 %

NYSE TPR traded up $0.13 during midday trading on Thursday, hitting $63.96. 1,754,138 shares of the company traded hands, compared to its average volume of 3,450,610. Tapestry, Inc. has a 52 week low of $32.27 and a 52 week high of $65.30. The company's 50-day simple moving average is $50.99 and its 200-day simple moving average is $44.75. The company has a market cap of $14.91 billion, a PE ratio of 18.45, a price-to-earnings-growth ratio of 2.23 and a beta of 1.60. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38.

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 given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry's payout ratio is currently 40.46%.

Analyst Ratings Changes

Several brokerages have weighed in on TPR. Wells Fargo & Company boosted their price objective on Tapestry from $65.00 to $75.00 and gave the stock an "overweight" rating in a research note on Friday, November 15th. TD Cowen downgraded Tapestry from a "buy" rating to a "hold" rating and set a $52.00 target price on the stock. in a research report on Tuesday, October 29th. StockNews.com lowered shares of Tapestry from a "buy" rating to a "hold" rating in a research note on Monday, October 28th. Telsey Advisory Group increased their target price on shares of Tapestry from $58.00 to $67.00 and gave the company an "outperform" rating in a research note on Friday, November 15th. Finally, Raymond James reiterated an "outperform" rating and set a $57.00 price target (up from $55.00) on shares of Tapestry in a report on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Tapestry has an average rating of "Moderate Buy" and an average 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.