Fred Alger Management Inc. purchased a new stake in Tapestry Inc (NYSE:TPR) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 26,323 shares of the luxury accessories retailer’s stock, valued at approximately $1,164,000.
Several other hedge funds also recently made changes to their positions in the company. New Mexico Educational Retirement Board increased its stake in shares of Tapestry by 4.2% in the 4th quarter. New Mexico Educational Retirement Board now owns 27,198 shares of the luxury accessories retailer’s stock valued at $1,203,000 after acquiring an additional 1,100 shares during the last quarter. Hexavest Inc. bought a new stake in shares of Tapestry in the 4th quarter valued at about $106,000. First Dallas Securities Inc. bought a new stake in shares of Tapestry in the 4th quarter valued at about $108,000. Dupont Capital Management Corp bought a new stake in shares of Tapestry in the 4th quarter valued at about $110,000. Finally, Cerebellum GP LLC bought a new stake in shares of Tapestry in the 4th quarter valued at about $118,000. 89.28% of the stock is owned by institutional investors.
A number of brokerages have recently commented on TPR. Loop Capital began coverage on Tapestry in a research note on Thursday, March 8th. They issued a “buy” rating and a $57.00 price target for the company. Credit Suisse Group began coverage on Tapestry in a research note on Monday. They issued an “outperform” rating and a $60.00 price target for the company. Barclays upped their price target on Tapestry from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Cowen reaffirmed a “buy” rating and issued a $54.00 price target on shares of Tapestry in a research note on Wednesday, January 31st. Finally, BMO Capital Markets reissued a “hold” rating on shares of Tapestry in a research note on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. Tapestry has an average rating of “Buy” and an average target price of $50.75.
Tapestry (NYSE:TPR) last issued its quarterly earnings results on Tuesday, February 6th. The luxury accessories retailer reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.21. The company had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Tapestry had a net margin of 6.14% and a return on equity of 23.68%. The business’s quarterly revenue was up 35.1% on a year-over-year basis. During the same period last year, the business earned $0.75 EPS. equities research analysts predict that Tapestry Inc will post 2.58 earnings per share for the current fiscal year.
The firm also recently declared a dividend, which will be paid on Monday, April 2nd. Stockholders of record on Friday, March 9th will be paid a dividend of $0.3375 per share. The ex-dividend date of this dividend is Thursday, March 8th. Tapestry’s dividend payout ratio is currently 60.81%.
In other news, CAO Todd Kahn sold 4,357 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $49.13, for a total value of $214,059.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sarah Dunn sold 6,229 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $48.23, for a total value of $300,424.67. The disclosure for this sale can be found here. Insiders have sold a total of 140,551 shares of company stock valued at $7,020,158 over the last ninety days. Company insiders own 0.98% of the company’s stock.
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Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.
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