Norden Group LLC Takes $297,000 Position in Tapestry, Inc. (NYSE:TPR)

Norden Group LLC bought a new stake in shares of Tapestry, Inc. (NYSE:TPRFree Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,248 shares of the luxury accessories retailer’s stock, valued at approximately $297,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TPR. Sei Investments Co. lifted its position in Tapestry by 44.6% during the third quarter. Sei Investments Co. now owns 688,778 shares of the luxury accessories retailer’s stock valued at $19,803,000 after acquiring an additional 212,333 shares during the last quarter. Toroso Investments LLC lifted its position in Tapestry by 72.0% during the third quarter. Toroso Investments LLC now owns 28,733 shares of the luxury accessories retailer’s stock valued at $826,000 after acquiring an additional 12,024 shares during the last quarter. Penserra Capital Management LLC raised its holdings in shares of Tapestry by 2,017.7% in the third quarter. Penserra Capital Management LLC now owns 31,532 shares of the luxury accessories retailer’s stock worth $905,000 after buying an additional 30,043 shares during the last quarter. Comerica Bank purchased a new position in shares of Tapestry in the third quarter worth $8,061,000. Finally, Deutsche Bank AG raised its holdings in shares of Tapestry by 19.1% in the third quarter. Deutsche Bank AG now owns 1,141,621 shares of the luxury accessories retailer’s stock worth $32,822,000 after buying an additional 183,003 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Stock Up 4.4 %

TPR stock opened at $41.91 on Tuesday. The stock has a market capitalization of $9.63 billion, a P/E ratio of 11.09, a P/E/G ratio of 0.81 and a beta of 1.59. The firm has a 50-day simple moving average of $41.64 and a 200-day simple moving average of $42.03. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $48.80.

Tapestry (NYSE:TPRGet Free Report) last announced its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.14. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the prior year, the company earned $0.78 EPS. Tapestry’s revenue was down 2.0% compared to the same quarter last year. Equities analysts forecast that Tapestry, Inc. will post 4.24 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 24th. Investors of record on Friday, June 7th were paid a dividend of $0.35 per share. The ex-dividend date was Friday, June 7th. This represents a $1.40 annualized dividend and a yield of 3.34%. Tapestry’s dividend payout ratio is presently 37.04%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. OTR Global reaffirmed a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. JPMorgan Chase & Co. reduced their target price on shares of Tapestry from $56.00 to $54.00 and set an “overweight” rating for the company in a report on Friday, May 10th. Bernstein Bank boosted their target price on shares of Tapestry from $46.00 to $48.00 in a research report on Thursday, May 9th. Telsey Advisory Group restated an “outperform” rating and set a $54.00 target price on shares of Tapestry in a research report on Thursday, May 9th. Finally, Argus restated a “buy” rating and set a $52.00 target price on shares of Tapestry in a research report on Tuesday, June 18th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.53.

Read Our Latest Report on TPR

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 2,500 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $42.23, for a total transaction of $105,575.00. Following the completion of the sale, the vice president now owns 37,173 shares of the company’s stock, valued at approximately $1,569,815.79. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.93% of the stock is owned by corporate insiders.

Tapestry Profile

(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.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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