Erste Asset Management GmbH Lowers Stake in Tapestry, Inc. (NYSE:TPR)

Erste Asset Management GmbH reduced its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 31.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 940,118 shares of the luxury accessories retailer’s stock after selling 421,700 shares during the period. Erste Asset Management GmbH owned approximately 0.40% of Tapestry worth $61,830,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Venturi Wealth Management LLC grew 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 purchasing an additional 252 shares during the last quarter. Brooklyn Investment Group purchased a new position in Tapestry during the 3rd quarter worth $47,000. Transamerica Financial Advisors Inc. grew its position in Tapestry by 159,100.0% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock worth $75,000 after purchasing an additional 1,591 shares during the last quarter. UMB Bank n.a. grew its position in Tapestry by 72.9% during the 4th 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 last quarter. Finally, True Wealth Design LLC purchased a new position in Tapestry during the 3rd quarter worth $83,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, General Counsel David E. Howard sold 11,917 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of the business’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,537 shares of company stock worth $5,730,589 over the last ninety days. 1.18% of the stock is owned by company insiders.

Tapestry Price Performance

Tapestry stock opened at $71.65 on Thursday. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85. The firm has a 50 day moving average price of $76.57 and a 200 day moving average price of $60.30. The company has a market cap of $14.83 billion, a price-to-earnings ratio of 20.77, a PEG ratio of 2.01 and a beta of 1.57. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) 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 quarter in the prior year, the company earned $1.63 earnings per share. Sell-side analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 1.95%. Tapestry’s dividend payout ratio is currently 40.58%.

Analyst Ratings Changes

Several research firms have recently commented on TPR. Daiwa America upgraded shares of Tapestry to a “hold” rating in a research note on Monday, November 18th. Evercore ISI raised their price objective on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. Guggenheim raised their price objective on shares of Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 7th. BMO Capital Markets raised their price objective on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, November 18th. Finally, StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.53.

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.