Grantham Mayo Van Otterloo & Co. LLC cut its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 67.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 50,473 shares of the luxury accessories retailer's stock after selling 102,876 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC's holdings in Tapestry were worth $3,297,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Venturi Wealth Management LLC lifted its position in 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 acquiring an additional 252 shares during the period. UMB Bank n.a. lifted its holdings in shares of Tapestry by 72.9% during the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer's stock worth $77,000 after purchasing an additional 496 shares during the period. Brown Brothers Harriman & Co. boosted its position in Tapestry by 1,792.1% in the fourth quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer's stock valued at $78,000 after buying an additional 1,129 shares during the last quarter. Atlas Capital Advisors Inc. increased its holdings in Tapestry by 527.2% in the 4th quarter. Atlas Capital Advisors Inc. now owns 1,267 shares of the luxury accessories retailer's stock worth $83,000 after buying an additional 1,065 shares during the period. Finally, Resona Asset Management Co. Ltd. purchased a new position in Tapestry during the 4th quarter worth approximately $95,000. Institutional investors and hedge funds own 90.77% of the company's stock.
Tapestry Price Performance
NYSE TPR traded down $0.52 during mid-day trading on Friday, hitting $63.40. The stock had a trading volume of 5,317,849 shares, compared to its average volume of 4,158,686. The firm's 50 day moving average is $75.82 and its 200 day moving average is $64.82. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The stock has a market capitalization of $13.13 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 2.01 and a beta of 1.37. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85.
Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data 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 return on equity of 44.00% and a net margin of 11.74%. During the same quarter last year, the company earned $1.63 EPS. Equities research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.
Tapestry Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were given a $0.35 dividend. The ex-dividend date was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.21%. Tapestry's dividend payout ratio is currently 40.58%.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on the stock. Raymond James reissued an "outperform" rating and set a $88.00 target price (up previously from $79.00) on shares of Tapestry in a report on Friday, February 7th. JPMorgan Chase & Co. upped their target price on Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Wells Fargo & Company lifted their price target on Tapestry from $75.00 to $90.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Jefferies Financial Group boosted their price target on Tapestry from $80.00 to $83.00 and gave the company a "buy" rating in a report on Tuesday, January 28th. Finally, UBS Group raised their price objective on shares of Tapestry from $70.00 to $80.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $77.63.
Get Our Latest Stock Analysis on Tapestry
Insider Activity
In other news, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the sale, the general counsel now directly owns 38,609 shares of the company's stock, valued at approximately $3,397,592. The trade was a 23.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of the stock in a transaction dated 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 directly owns 146,587 shares in the company, 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. Insiders have sold a total of 66,537 shares of company stock valued at $5,730,589 in the last quarter. Insiders own 1.18% of the company's stock.
About Tapestry
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Free Report)
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.
Further Reading
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