NN Investment Partners Holdings N.V. cut its stake in Tapestry Inc (NYSE:TPR) by 8.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 154,898 shares of the luxury accessories retailer’s stock after selling 14,168 shares during the quarter. NN Investment Partners Holdings N.V. owned about 0.05% of Tapestry worth $7,788,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the business. Heritage Trust Co increased its stake in shares of Tapestry by 2.4% in the 2nd quarter. Heritage Trust Co now owns 53,122 shares of the luxury accessories retailer’s stock worth $2,481,000 after acquiring an additional 1,269 shares during the last quarter. Westpac Banking Corp increased its stake in shares of Tapestry by 0.4% in the 2nd quarter. Westpac Banking Corp now owns 342,103 shares of the luxury accessories retailer’s stock worth $15,980,000 after acquiring an additional 1,300 shares during the last quarter. CIBC World Markets Inc. increased its stake in shares of Tapestry by 24.5% in the 1st quarter. CIBC World Markets Inc. now owns 7,042 shares of the luxury accessories retailer’s stock worth $370,000 after acquiring an additional 1,387 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its stake in shares of Tapestry by 2.2% in the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 65,072 shares of the luxury accessories retailer’s stock worth $3,039,000 after acquiring an additional 1,388 shares during the last quarter. Finally, Sumitomo Life Insurance Co. increased its stake in shares of Tapestry by 4.5% in the 2nd quarter. Sumitomo Life Insurance Co. now owns 32,988 shares of the luxury accessories retailer’s stock worth $1,541,000 after acquiring an additional 1,415 shares during the last quarter. 90.19% of the stock is owned by institutional investors and hedge funds.
In related news, Director Ivan Menezes sold 2,068 shares of the firm’s stock in a transaction dated Friday, August 31st. The stock was sold at an average price of $50.70, for a total transaction of $104,847.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ian Bickley sold 48,071 shares of the firm’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $52.13, for a total value of $2,505,941.23. The disclosure for this sale can be found here. Insiders have sold a total of 50,602 shares of company stock valued at $2,633,939 over the last 90 days. 0.70% of the stock is currently owned by company insiders.
A number of analysts recently issued reports on the company. Needham & Company LLC raised Tapestry from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, October 16th. They noted that the move was a valuation call. Goldman Sachs Group set a $61.00 price objective on Tapestry and gave the stock a “buy” rating in a research report on Wednesday, August 15th. Canaccord Genuity cut their price objective on Tapestry to $55.00 and set a “buy” rating for the company in a research report on Monday, August 13th. Loop Capital downgraded Tapestry from a “buy” rating to a “hold” rating and cut their price objective for the stock from $59.00 to $45.00 in a research report on Monday, October 15th. Finally, Evercore ISI downgraded Tapestry to a “hold” rating in a research report on Monday, October 15th. Ten research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $54.50.
Shares of Tapestry stock opened at $42.94 on Friday. Tapestry Inc has a 12 month low of $39.28 and a 12 month high of $55.50. The stock has a market cap of $11.68 billion, a P/E ratio of 16.33, a PEG ratio of 1.24 and a beta of 0.43. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.74 and a quick ratio of 1.87.
Tapestry (NYSE:TPR) last announced its earnings results on Tuesday, October 30th. The luxury accessories retailer reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.03. Tapestry had a return on equity of 24.73% and a net margin of 9.00%. The company had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same period last year, the business posted $0.42 EPS. Tapestry’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, equities analysts expect that Tapestry Inc will post 2.77 EPS for the current fiscal year.
Tapestry Company Profile
Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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