Verition Fund Management LLC bought a new position in Tapestry Inc (NYSE:TPR) in the 4th quarter, Holdings Channel reports. The institutional investor bought 9,795 shares of the luxury accessories retailer’s stock, valued at approximately $433,000.
A number of other institutional investors have also recently modified their holdings of the business. BlackRock Inc. purchased a new position in Tapestry in the fourth quarter worth about $791,257,000. American International Group Inc. purchased a new position in Tapestry in the fourth quarter worth about $543,498,000. American Century Companies Inc. bought a new stake in shares of Tapestry in the fourth quarter worth approximately $287,354,000. Renaissance Technologies LLC bought a new stake in shares of Tapestry in the fourth quarter worth approximately $239,505,000. Finally, Jennison Associates LLC bought a new stake in shares of Tapestry in the fourth quarter worth approximately $181,887,000. 89.37% of the stock is owned by institutional investors and hedge funds.
A number of analysts have recently commented on the stock. Piper Jaffray Companies set a $60.00 price target on shares of Tapestry and gave the stock a “buy” rating in a research note on Thursday. Citigroup restated an “outperform” rating and set a $60.00 target price (up from $55.00) on shares of Tapestry in a research report on Thursday, March 15th. Credit Suisse Group initiated coverage on shares of Tapestry in a research report on Monday, March 12th. They set an “outperform” rating and a $60.00 target price for the company. Loop Capital initiated coverage on shares of Tapestry in a research report on Thursday, March 8th. They set a “buy” rating and a $57.00 target price for the company. Finally, Buckingham Research boosted their target price on shares of Tapestry from $55.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $51.74.
TPR stock opened at $51.74 on Friday. Tapestry Inc has a 1-year low of $38.47 and a 1-year high of $53.51. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.90 and a quick ratio of 1.51. The company has a market cap of $14,799.64, a price-to-earnings ratio of 21.20, a PEG ratio of 1.79 and a beta of 0.48.
Tapestry (NYSE:TPR) last released its earnings results on Tuesday, February 6th. The luxury accessories retailer reported $1.07 EPS for the quarter, topping the 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 for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the firm earned $0.75 earnings per share. The company’s quarterly revenue was up 35.1% compared to the same quarter last year. research analysts expect that Tapestry Inc will post 2.58 EPS for the current fiscal year.
The business also recently announced a dividend, which will be paid on Monday, April 2nd. Stockholders of record on Friday, March 9th will be issued a $0.3375 dividend. The ex-dividend date is Thursday, March 8th. Tapestry’s dividend payout ratio (DPR) is presently 120.54%.
In other news, Director Susan J. Kropf sold 6,185 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $50.80, for a total value of $314,198.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Sarah Dunn sold 6,229 shares of the business’s stock in a transaction on 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. Insiders sold 140,551 shares of company stock worth $7,020,158 in the last three months. 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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