Schwab Charles Investment Management Inc. purchased a new stake in shares of Tapestry Inc (NYSE:TPR) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,126,403 shares of the luxury accessories retailer’s stock, valued at approximately $49,821,000. Schwab Charles Investment Management Inc. owned approximately 0.40% of Tapestry as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in TPR. Hexavest Inc. bought a new stake in Tapestry in the 4th quarter worth about $106,000. M&R Capital Management Inc. purchased a new stake in shares of Tapestry during the 3rd quarter valued at approximately $153,000. LMR Partners LLP purchased a new stake in shares of Tapestry during the 3rd quarter valued at approximately $229,000. City Holding Co. purchased a new stake in Tapestry in the 4th quarter worth approximately $333,000. Finally, Oak Point Wealth Management purchased a new stake in Tapestry in the 4th quarter worth approximately $469,000. 87.97% of the stock is currently owned by institutional investors.
In other Tapestry news, CAO Todd Kahn sold 4,357 shares of Tapestry stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $49.13, for a total value of $214,059.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sarah Dunn sold 6,229 shares of Tapestry stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $48.23, for a total transaction of $300,424.67. The disclosure for this sale can be found here. Company insiders own 0.98% of the company’s stock.
TPR has been the topic of several recent analyst reports. TheStreet upgraded shares of Tapestry from a “c+” rating to a “b” rating in a research note on Tuesday, February 6th. Zacks Investment Research upgraded shares of Tapestry from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a research note on Monday, January 8th. Canaccord Genuity set a $58.00 price target on shares of Tapestry and gave the stock a “buy” rating in a report on Sunday, January 7th. Robert W. Baird set a $50.00 price target on shares of Tapestry and gave the stock a “buy” rating in a report on Friday, December 22nd. Finally, William Blair reissued a “buy” rating on shares of Tapestry in a report on Saturday, October 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $50.23.
Tapestry Inc (TPR) traded up $0.53 during trading hours on Wednesday, hitting $50.67. 1,502,018 shares of the stock traded hands, compared to its average volume of 3,072,441. Tapestry Inc has a 12-month low of $37.53 and a 12-month high of $50.99. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.51 and a current ratio of 1.90. The stock has a market cap of $14,218.48, a PE ratio of 20.37, a price-to-earnings-growth ratio of 1.73 and a beta of 0.59.
Tapestry (NYSE:TPR) last posted its earnings results on Tuesday, February 6th. The luxury accessories retailer reported $1.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.21. Tapestry had a net margin of 6.14% and a return on equity of 23.68%. The firm had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the company posted $0.75 EPS. The company’s quarterly revenue was up 35.1% compared to the same quarter last year. equities research analysts expect that Tapestry Inc will post 2.56 earnings per share for the current fiscal year.
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Tapestry Company Profile
Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.
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