Empowered Funds LLC Trims Stake in Tapestry, Inc. (NYSE:TPR)

Empowered Funds LLC reduced its position in shares of Tapestry, Inc. (NYSE:TPR) by 14.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,874 shares of the luxury accessories retailer’s stock after selling 29,617 shares during the period. Empowered Funds LLC owned approximately 0.07% of Tapestry worth $11,359,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in TPR. Waldron Private Wealth LLC bought a new position in Tapestry in the third quarter valued at $25,000. Brooklyn Investment Group bought a new position in shares of Tapestry during the 3rd quarter valued at about $47,000. Deseret Mutual Benefit Administrators raised its holdings in shares of Tapestry by 68.2% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock valued at $70,000 after buying an additional 605 shares in the last quarter. Transamerica Financial Advisors Inc. lifted its position in Tapestry by 159,100.0% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock worth $75,000 after buying an additional 1,591 shares during the last quarter. Finally, UMB Bank n.a. boosted 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 worth $77,000 after buying an additional 496 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the transaction, the vice president now directly owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.18% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have commented on the stock. Citigroup lifted their price target on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Evercore ISI boosted their price target on shares of Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a research note on Monday, January 27th. Daiwa America upgraded shares of Tapestry to a “hold” rating in a research report on Monday, November 18th. Telsey Advisory Group lifted their price objective on Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a report on Monday, February 3rd. Finally, UBS Group increased their target price on Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Friday. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $73.17.

Tapestry Stock Down 2.3 %

Shares of NYSE TPR opened at $80.28 on Friday. The firm has a fifty day simple moving average of $68.08 and a two-hundred day simple moving average of $53.36. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $87.87. The company has a current ratio of 1.58, a quick ratio of 4.38 and a debt-to-equity ratio of 1.78. The firm has a market capitalization of $18.71 billion, a PE ratio of 23.27, a price-to-earnings-growth ratio of 2.30 and a beta of 1.58.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 in the prior year, the company earned $1.63 earnings per share. Equities analysts expect that Tapestry, Inc. will post 4.7 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be given 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 dividend yield of 1.74%. Tapestry’s dividend payout ratio is presently 40.58%.

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.