Trexquant Investment LP Has $6.91 Million Position in Tapestry, Inc. (NYSE:TPR)

Trexquant Investment LP grew its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 155.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 105,740 shares of the luxury accessories retailer's stock after purchasing an additional 64,359 shares during the period. Trexquant Investment LP's holdings in Tapestry were worth $6,908,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Apollon Wealth Management LLC acquired a new position in Tapestry in the fourth quarter worth approximately $328,000. Charles Schwab Investment Management Inc. grew its position 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 worth $522,471,000 after acquiring an additional 382,856 shares in the last quarter. Decker Retirement Planning Inc. acquired a new position in shares of Tapestry during the 4th quarter worth $3,437,000. Principal Financial Group Inc. raised its holdings in shares of Tapestry by 14.6% during the 4th quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer's stock valued at $20,195,000 after purchasing an additional 39,298 shares in the last quarter. Finally, Pzena Investment Management LLC acquired a new stake in shares of Tapestry in the 4th quarter valued at $18,737,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Tapestry news, CEO Todd Kahn sold 7,786 shares of the company's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $87.59, for a total transaction of $681,975.74. Following the sale, the chief executive officer now directly owns 201,531 shares of the company's stock, valued at approximately $17,652,100.29. This represents a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Scott A. Roe sold 25,727 shares of the firm's stock in a transaction that occurred on 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 directly owns 146,587 shares of the company's stock, valued at approximately $12,688,570.72. The trade was a 14.93 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,537 shares of company stock worth $5,730,589. Company insiders own 1.18% of the company's stock.

Remove Ads

Wall Street Analysts Forecast Growth

TPR has been the topic of several analyst reports. Evercore ISI increased their target price on shares of Tapestry from $68.00 to $74.00 and gave the stock an "outperform" rating in a research report on Monday, January 27th. Morgan Stanley reissued an "equal weight" rating and issued a $65.00 price objective on shares of Tapestry in a research note on Tuesday, January 21st. StockNews.com cut Tapestry from a "buy" rating to a "hold" rating in a research report on Tuesday. Guggenheim increased their price target on Tapestry from $70.00 to $90.00 and gave the company a "buy" rating in a report on Friday, February 7th. Finally, Wells Fargo & Company boosted their price objective on shares of Tapestry from $75.00 to $90.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $78.53.

Tapestry Stock Performance

Shares of NYSE:TPR traded up $6.70 during trading on Wednesday, hitting $67.30. 12,485,325 shares of the stock were exchanged, compared to its average volume of 4,151,008. The company's fifty day simple moving average is $76.20 and its 200-day simple moving average is $64.44. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The company has a market capitalization of $13.93 billion, a price-to-earnings ratio of 19.51, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, topping 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 quarter in the prior year, the company earned $1.63 EPS. Sell-side analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend was Thursday, March 6th. Tapestry's payout ratio is 40.58%.

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.