American International Group Inc. acquired a new stake in Tapestry Inc (NYSE:TPR) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 12,287,986 shares of the luxury accessories retailer’s stock, valued at approximately $543,498,000. Tapestry makes up approximately 1.8% of American International Group Inc.’s portfolio, making the stock its 17th largest position.
Several other hedge funds have also made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Tapestry in the 4th quarter valued at $791,257,000. American Century Companies Inc. acquired a new position in shares of Tapestry in the 4th quarter valued at $287,354,000. Jennison Associates LLC acquired a new position in shares of Tapestry in the 4th quarter valued at $181,887,000. Bank of New York Mellon Corp acquired a new position in shares of Tapestry in the 4th quarter valued at $145,882,000. Finally, TCW Group Inc. acquired a new position in shares of Tapestry in the 4th quarter valued at $110,999,000. Institutional investors own 87.97% of the company’s stock.
A number of equities analysts have recently issued reports on the stock. TheStreet upgraded shares of Tapestry from a “c+” rating to a “b” rating in a research note on Tuesday, February 6th. Barclays increased their price objective on shares of Tapestry from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Buckingham Research increased their price objective on shares of Tapestry from $55.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. BMO Capital Markets increased their price objective on shares of Tapestry from $42.00 to $46.00 and gave the company a “market perform” rating in a research note on Wednesday, February 7th. Finally, Bank of America increased their price objective on shares of Tapestry from $47.00 to $50.00 and gave the company a “neutral” rating in a research note on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $50.23.
Shares of Tapestry Inc (NYSE:TPR) opened at $50.06 on Monday. Tapestry Inc has a fifty-two week low of $37.53 and a fifty-two week high of $50.99. The company has a current ratio of 1.90, a quick ratio of 1.51 and a debt-to-equity ratio of 0.64. The company has a market cap of $14,240.00, a PE ratio of 44.70, a price-to-earnings-growth ratio of 1.72 and a beta of 0.59.
Tapestry (NYSE:TPR) last issued its quarterly earnings data on Tuesday, February 6th. The luxury accessories retailer reported $1.07 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the firm earned $0.75 EPS. The company’s revenue was up 35.1% on a year-over-year basis. equities analysts forecast that Tapestry Inc will post 2.58 earnings per share for the current year.
In other Tapestry news, CAO Todd Kahn sold 4,357 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $49.13, for a total transaction of $214,059.41. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Victor Luis sold 123,780 shares of the stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $50.02, for a total transaction of $6,191,475.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 134,366 shares of company stock worth $6,705,960. Insiders own 0.98% of the company’s stock.
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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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