Oxbow Advisors LLC trimmed its stake in shares of Tapestry Inc (NYSE:TPR) by 18.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 139,635 shares of the luxury accessories retailer’s stock after selling 32,330 shares during the quarter. Oxbow Advisors LLC owned approximately 0.05% of Tapestry worth $3,766,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently modified their holdings of TPR. Sei Investments Co. grew its stake in Tapestry by 47.3% during the fourth quarter. Sei Investments Co. now owns 88,507 shares of the luxury accessories retailer’s stock worth $2,402,000 after purchasing an additional 28,427 shares during the period. USS Investment Management Ltd acquired a new stake in Tapestry during the fourth quarter worth approximately $70,237,000. Cullen Frost Bankers Inc. grew its stake in Tapestry by 21.8% during the fourth quarter. Cullen Frost Bankers Inc. now owns 2,485 shares of the luxury accessories retailer’s stock worth $67,000 after purchasing an additional 445 shares during the period. Robinson Value Management Ltd. acquired a new stake in Tapestry during the fourth quarter worth approximately $615,000. Finally, Illinois Municipal Retirement Fund acquired a new stake in Tapestry during the fourth quarter worth approximately $531,000. Institutional investors own 89.30% of the company’s stock.
TPR has been the subject of several recent analyst reports. Robert W. Baird reaffirmed an “outperform” rating and set a $33.00 target price (up previously from $30.00) on shares of Tapestry in a research note on Friday, February 7th. They noted that the move was a valuation call. Cfra raised their target price on Tapestry from $25.00 to $30.00 and gave the stock a “hold” rating in a research note on Thursday, February 6th. Bank of America reaffirmed a “buy” rating and set a $32.00 target price on shares of Tapestry in a research note on Thursday, February 6th. Evercore ISI initiated coverage on Tapestry in a research note on Friday, February 7th. They set a “hold” rating and a $25.00 target price for the company. Finally, Edward Jones raised Tapestry from a “hold” rating to a “buy” rating in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and eleven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $28.48.
Tapestry stock traded up $0.38 during mid-day trading on Friday, reaching $29.21. The stock had a trading volume of 2,763,295 shares, compared to its average volume of 3,867,339. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.41 and a current ratio of 2.01. Tapestry Inc has a fifty-two week low of $18.54 and a fifty-two week high of $36.55. The stock’s 50-day simple moving average is $27.54 and its 200-day simple moving average is $25.99. The firm has a market capitalization of $7.87 billion, a PE ratio of 14.18, a price-to-earnings-growth ratio of 1.33 and a beta of 1.04.
Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $1.10 EPS for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.11. Tapestry had a return on equity of 21.24% and a net margin of 9.72%. The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.81 billion. During the same quarter last year, the firm posted $1.07 earnings per share. The company’s revenue for the quarter was up .8% compared to the same quarter last year. On average, research analysts forecast that Tapestry Inc will post 2.2 earnings per share for the current fiscal year.
In other Tapestry news, insider Sarah Dunn sold 32,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $26.78, for a total value of $856,960.00. Following the completion of the sale, the insider now owns 62,131 shares of the company’s stock, valued at $1,663,868.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.10% of the company’s stock.
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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