Denali Advisors LLC Purchases New Position in Tapestry, Inc. (NYSE:TPR)

Denali Advisors LLC bought a new stake in shares of Tapestry, Inc. (NYSE:TPR) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 6,130 shares of the luxury accessories retailer’s stock, valued at approximately $400,000.

Other institutional investors have also recently made changes to their positions in the company. Venturi Wealth Management LLC grew its holdings in Tapestry by 78.0% during the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after buying an additional 252 shares in the last quarter. Brooklyn Investment Group bought a new stake in Tapestry during the 3rd quarter worth approximately $47,000. Deseret Mutual Benefit Administrators increased its holdings in Tapestry by 68.2% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock worth $70,000 after acquiring an additional 605 shares during the period. Transamerica Financial Advisors Inc. boosted its holdings 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 valued at $75,000 after purchasing an additional 1,591 shares during the period. Finally, UMB Bank n.a. grew its position in shares of Tapestry by 72.9% during the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock valued at $77,000 after purchasing an additional 496 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Trading Down 2.6 %

Shares of TPR opened at $84.30 on Friday. The stock has a market capitalization of $17.45 billion, a P/E ratio of 24.43, a PEG ratio of 2.01 and a beta of 1.58. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85. 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 firm has a fifty day simple moving average of $74.36 and a two-hundred day simple moving average of $57.79.

Tapestry (NYSE:TPR) last posted its earnings results 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 return on equity of 44.00% and a net margin of 11.74%. During the same period in the previous year, the firm earned $1.63 EPS. On average, research analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s payout ratio is 40.58%.

Insider Buying and Selling

In related news, CEO Todd Kahn sold 7,786 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 201,531 shares of the company’s stock, valued at $17,652,100.29. This represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel David E. Howard sold 11,917 shares of Tapestry 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 sale, the general counsel now directly owns 38,609 shares in the company, valued at approximately $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. Insiders sold 66,537 shares of company stock valued at $5,730,589 over the last quarter. 1.18% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have weighed in on TPR shares. JPMorgan Chase & Co. raised their price target on Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Barclays raised their target price on shares of Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. The Goldman Sachs Group raised their price objective on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Robert W. Baird increased their target price on Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Finally, UBS Group raised their price target on Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average 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.