Tapestry, Inc. (NYSE:TPR) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lessened its position in Tapestry, Inc. (NYSE:TPR) by 9.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 51,328 shares of the luxury accessories retailer’s stock after selling 5,391 shares during the period. Mutual of America Capital Management LLC’s holdings in Tapestry were worth $3,614,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Ballentine Partners LLC acquired a new stake in shares of Tapestry in the 1st quarter worth $217,000. Fortem Financial Group LLC lifted its stake in shares of Tapestry by 38.7% in the 1st quarter. Fortem Financial Group LLC now owns 16,550 shares of the luxury accessories retailer’s stock worth $1,165,000 after acquiring an additional 4,619 shares during the period. SteelPeak Wealth LLC acquired a new stake in shares of Tapestry in the 1st quarter worth $2,211,000. Genus Capital Management Inc. lifted its stake in shares of Tapestry by 178.5% in the 1st quarter. Genus Capital Management Inc. now owns 32,885 shares of the luxury accessories retailer’s stock worth $2,315,000 after acquiring an additional 74,795 shares during the period. Finally, Cerity Partners LLC lifted its stake in shares of Tapestry by 40.4% in the 1st quarter. Cerity Partners LLC now owns 173,122 shares of the luxury accessories retailer’s stock worth $12,190,000 after acquiring an additional 49,781 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Transactions at Tapestry

In other news, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the sale, the chief executive officer directly owned 116,062 shares in the company, valued at $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the sale, the vice president owned 40,922 shares of the company’s stock, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.18% of the company’s stock.

Analyst Upgrades and Downgrades

TPR has been the subject of several recent analyst reports. Raymond James Financial restated an “outperform” rating and issued a $115.00 target price (up previously from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. Cowen reiterated a “buy” rating on shares of Tapestry in a research note on Thursday. Telsey Advisory Group reiterated an “outperform” rating and issued a $92.00 price objective on shares of Tapestry in a research note on Friday, May 9th. Barclays reiterated an “overweight” rating and issued a $105.00 price objective (up previously from $98.00) on shares of Tapestry in a research note on Friday, July 11th. Finally, Morgan Stanley raised their price objective on shares of Tapestry from $90.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Four investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and a consensus price target of $99.72.

Tapestry Stock Performance

Shares of NYSE TPR opened at $108.99 on Friday. The company has a market cap of $22.64 billion, a PE ratio of 28.68, a price-to-earnings-growth ratio of 2.19 and a beta of 1.51. Tapestry, Inc. has a 12 month low of $37.13 and a 12 month high of $113.08. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. The company has a 50-day simple moving average of $94.16 and a 200-day simple moving average of $81.56.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.14. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.81 earnings per share. On average, equities analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current year.

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.