Monimus Capital Management LP Invests $3.22 Million in Tapestry, Inc. (NYSE:TPR)

Monimus Capital Management LP acquired a new position in shares of Tapestry, Inc. (NYSE:TPR) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 49,227 shares of the luxury accessories retailer’s stock, valued at approximately $3,216,000. Tapestry accounts for 3.0% of Monimus Capital Management LP’s portfolio, making the stock its 12th biggest position.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Venturi Wealth Management LLC increased its stake in Tapestry by 78.0% in the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after acquiring an additional 252 shares during the period. Brooklyn Investment Group bought a new stake in Tapestry in the third quarter valued at about $47,000. Transamerica Financial Advisors Inc. increased its stake in Tapestry by 159,100.0% in the third quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock valued at $75,000 after acquiring an additional 1,591 shares during the period. UMB Bank n.a. increased its stake in Tapestry by 72.9% in the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock valued at $77,000 after acquiring an additional 496 shares during the period. Finally, True Wealth Design LLC bought a new stake in Tapestry in the third quarter valued at about $83,000. Institutional investors own 90.77% of the company’s stock.

Tapestry Trading Up 1.1 %

Shares of NYSE TPR opened at $70.48 on Friday. The company’s 50 day simple moving average is $76.73 and its 200 day simple moving average is $60.57. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The firm has a market capitalization of $14.59 billion, a P/E ratio of 20.43, a P/E/G ratio of 2.01 and a beta of 1.57. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05.

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

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 1.99%. Tapestry’s dividend payout ratio is currently 40.58%.

Insider Activity at Tapestry

In other Tapestry news, CEO Todd Kahn sold 7,786 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $87.59, for a total value of $681,975.74. Following the completion of the sale, the chief executive officer now owns 201,531 shares of the company’s stock, valued at approximately $17,652,100.29. This represents a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the completion of the sale, the chief financial officer now directly owns 146,587 shares of the company’s stock, valued at $12,688,570.72. The trade was a 14.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,537 shares of company stock worth $5,730,589 over the last ninety days. Company insiders own 1.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Raymond James reissued an “outperform” rating and issued a $88.00 target price (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Evercore ISI upped their target price 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. Morgan Stanley restated an “equal weight” rating and issued a $65.00 price target on shares of Tapestry in a research report on Tuesday, January 21st. Finally, Telsey Advisory Group boosted their price target on shares of Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $78.53.

About Tapestry

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.