MMA Asset Management LLC Reduces Stock Position in Tapestry, Inc. (NYSE:TPR)

MMA Asset Management LLC lessened its holdings in Tapestry, Inc. (NYSE:TPR) by 40.7% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 14,381 shares of the luxury accessories retailer’s stock after selling 9,876 shares during the period. MMA Asset Management LLC’s holdings in Tapestry were worth $940,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TPR. Erste Asset Management GmbH bought a new position in shares of Tapestry in the 3rd quarter worth approximately $64,016,000. WT Asset Management Ltd bought a new stake in Tapestry during the 4th quarter worth approximately $42,762,000. Bank of Montreal Can raised its stake in Tapestry by 76.6% during the 3rd quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock worth $59,641,000 after acquiring an additional 539,793 shares during the period. Allianz Asset Management GmbH raised its stake in Tapestry by 16.4% during the 4th quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer’s stock worth $138,596,000 after acquiring an additional 298,409 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Tapestry by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after acquiring an additional 272,007 shares during the period. Institutional investors own 90.77% of the company’s stock.

Tapestry Stock Up 1.3 %

NYSE TPR opened at $85.38 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The company has a fifty day moving average of $74.79 and a two-hundred day moving average of $58.26. The firm has a market capitalization of $17.67 billion, a price-to-earnings ratio of 24.75, a PEG ratio of 2.01 and a beta of 1.58. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same quarter in the prior year, the business earned $1.63 earnings per share. On average, analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders 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 dividend on an annualized basis and a yield of 1.64%. Tapestry’s dividend payout ratio is presently 40.58%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. JPMorgan Chase & Co. raised their target price on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Robert W. Baird increased their price objective on shares of Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Guggenheim increased their price objective on shares of Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 7th. Telsey Advisory Group increased their price objective on shares of Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a report on Monday, February 3rd. Finally, Evercore ISI increased their price objective on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a report on Monday, January 27th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and an average target price of $78.53.

Insiders Place Their Bets

In related news, CEO Todd Kahn sold 21,107 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00. Following the sale, the chief executive officer now owns 176,985 shares in the company, valued at $14,866,740. This represents a 10.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the transaction, the general counsel now directly owns 38,609 shares of the company’s stock, valued at $3,397,592. The trade was a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is owned by corporate insiders.

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.