Xponance Inc. Reduces Holdings in Tapestry, Inc. (NYSE:TPR)

Xponance Inc. lowered its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 39.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,211 shares of the luxury accessories retailer's stock after selling 30,205 shares during the quarter. Xponance Inc.'s holdings in Tapestry were worth $3,084,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Erste Asset Management GmbH bought a new stake in Tapestry during the third quarter worth $64,016,000. WT Asset Management Ltd bought a new stake in Tapestry in the fourth quarter worth about $42,762,000. Raymond James Financial Inc. purchased a new position in Tapestry in the fourth quarter valued at about $38,180,000. Bank of Montreal Can grew its position in shares of Tapestry by 76.6% during the 3rd quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer's stock valued at $59,641,000 after acquiring an additional 539,793 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Tapestry by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock worth $522,471,000 after purchasing an additional 382,856 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Trading Down 1.3 %

Shares of TPR traded down $1.02 during mid-day trading on Tuesday, reaching $74.70. The company's stock had a trading volume of 3,072,239 shares, compared to its average volume of 3,830,592. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85. The stock has a market cap of $15.46 billion, a PE ratio of 21.65, a P/E/G ratio of 2.01 and a beta of 1.57. The company's fifty day moving average price is $77.35 and its two-hundred day moving average price is $62.20. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

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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 the consensus estimate 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 prior year, the firm earned $1.63 earnings per share. On average, analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently disclosed 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 of this dividend was Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 1.87%. Tapestry's payout ratio is currently 40.58%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Morgan Stanley reissued an "equal weight" rating and set a $65.00 price objective on shares of Tapestry in a report on Tuesday, January 21st. UBS Group lifted their price objective on Tapestry from $70.00 to $80.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. Telsey Advisory Group upped their price objective on shares of Tapestry from $74.00 to $83.00 and gave the company an "outperform" rating in a report on Monday, February 3rd. Robert W. Baird lifted their target price on shares of Tapestry from $93.00 to $100.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. Finally, Redburn Atlantic raised shares of Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price target on the stock in a research report on Tuesday, February 18th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $78.53.

Insider Activity

In related news, CEO Todd Kahn sold 21,107 shares of the business's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the transaction, the chief executive officer now owns 176,985 shares in the company, valued at $14,866,740. The trade was a 10.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Scott A. Roe sold 25,727 shares of the 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 completion of the sale, the chief financial officer now owns 146,587 shares of the company's stock, valued at approximately $12,688,570.72. This trade represents a 14.93 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is currently owned by company insiders.

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.