Monimus Capital Management LP Acquires New Stake in Tapestry, Inc. (NYSE:TPR)

Monimus Capital Management LP acquired a new stake in shares of Tapestry, Inc. (NYSE:TPR) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm 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.

Other hedge funds have also made changes to their positions in the company. Venturi Wealth Management LLC increased its stake in shares of Tapestry by 78.0% during 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 acquired a new position in Tapestry in the third quarter worth approximately $47,000. UMB Bank n.a. grew its position 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 during the last quarter. Parkside Financial Bank & Trust grew its position in Tapestry by 13.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer’s stock worth $104,000 after buying an additional 182 shares during the last quarter. Finally, Transamerica Financial Advisors Inc. grew its position 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 worth $75,000 after buying an additional 1,591 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on TPR shares. JPMorgan Chase & Co. lifted their price target on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Daiwa America upgraded shares of Tapestry to a “hold” rating in a research report on Monday, November 18th. Guggenheim lifted their price objective on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Finally, Telsey Advisory Group lifted their price objective on shares of Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.53.

Tapestry Stock Up 1.1 %

TPR stock opened at $70.48 on Friday. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85. The company has a fifty day simple moving average of $76.73 and a 200 day simple moving average of $60.57. The firm has a market cap of $14.59 billion, a PE ratio of 20.43, a PEG ratio of 2.01 and a beta of 1.57.

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, 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 firm posted $1.63 earnings per share. Sell-side analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current fiscal 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 paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s payout ratio is presently 40.58%.

Insider Activity at Tapestry

In other Tapestry 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 completion of the transaction, the general counsel now owns 38,609 shares of the company’s stock, valued at $3,397,592. The trade was a 23.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 of the company’s stock, valued at approximately $12,688,570.72. This represents a 14.93 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,537 shares of company stock valued at $5,730,589. Insiders own 1.18% of the company’s stock.

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.