Summit Global Investments Buys Shares of 29,375 Tapestry, Inc. (NYSE:TPR)

Summit Global Investments acquired a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 29,375 shares of the luxury accessories retailer's stock, valued at approximately $1,919,000.

A number of other large investors have also recently made changes to their positions in TPR. Checchi Capital Advisers LLC raised its stake in Tapestry by 1.9% in the 4th quarter. Checchi Capital Advisers LLC now owns 8,878 shares of the luxury accessories retailer's stock worth $580,000 after acquiring an additional 163 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in Tapestry by 0.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 19,303 shares of the luxury accessories retailer's stock worth $1,261,000 after buying an additional 170 shares during the period. Parkside Financial Bank & Trust raised its position in Tapestry by 13.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer's stock worth $104,000 after buying an additional 182 shares during the last quarter. E Fund Management Co. Ltd. lifted its stake in Tapestry by 1.6% during the 4th quarter. E Fund Management Co. Ltd. now owns 12,744 shares of the luxury accessories retailer's stock valued at $833,000 after acquiring an additional 200 shares during the period. Finally, Valley National Advisers Inc. boosted its holdings in shares of Tapestry by 0.5% in the 4th quarter. Valley National Advisers Inc. now owns 43,355 shares of the luxury accessories retailer's stock valued at $2,831,000 after acquiring an additional 202 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

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Insiders Place Their Bets

In other news, General Counsel David E. Howard sold 11,917 shares of the business's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the transaction, the general counsel now directly owns 38,609 shares in the company, valued at $3,397,592. The trade was a 23.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total value of $2,226,929.12. Following the completion of the sale, the chief financial officer now directly owns 146,587 shares of the company's stock, valued at approximately $12,688,570.72. This represents a 14.93 % 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 in the last 90 days. 1.18% of the stock is owned by insiders.

Tapestry Price Performance

Shares of NYSE TPR traded down $0.90 during trading on Thursday, hitting $72.78. The company had a trading volume of 2,470,751 shares, compared to its average volume of 3,822,697. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The stock has a fifty day simple moving average of $77.61 and a two-hundred day simple moving average of $62.52. The firm has a market capitalization of $15.07 billion, a price-to-earnings ratio of 21.10, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping the consensus estimate 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 quarter last year, the company posted $1.63 earnings per share. On average, research analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were issued a $0.35 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.92%. Tapestry's payout ratio is currently 40.58%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Jefferies Financial Group raised their target price on shares of Tapestry from $80.00 to $83.00 and gave the stock a "buy" rating in a report on Tuesday, January 28th. Raymond James reiterated an "outperform" rating and set a $88.00 price objective (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Morgan Stanley reissued an "equal weight" rating and issued a $65.00 price objective on shares of Tapestry in a report on Tuesday, January 21st. Telsey Advisory Group raised their target price on Tapestry from $74.00 to $83.00 and gave the stock an "outperform" rating in a report on Monday, February 3rd. Finally, Redburn Atlantic raised Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price target for the company in a report on Tuesday, February 18th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $78.53.

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.