Kentucky Retirement Systems Insurance Trust Fund Lowers Stock Position in Tapestry, Inc. (NYSE:TPR)

Kentucky Retirement Systems Insurance Trust Fund reduced its stake in Tapestry, Inc. (NYSE:TPR) by 8.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,816 shares of the luxury accessories retailer’s stock after selling 595 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Tapestry were worth $320,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Lebenthal Global Advisors LLC raised its stake in shares of Tapestry by 2.8% during the third quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock worth $367,000 after acquiring an additional 215 shares in the last quarter. OneDigital Investment Advisors LLC boosted its holdings in Tapestry by 3.0% in the third quarter. OneDigital Investment Advisors LLC now owns 7,520 shares of the luxury accessories retailer’s stock valued at $353,000 after acquiring an additional 218 shares in the last quarter. Mather Group LLC. lifted its position in Tapestry by 12.9% during the second quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock valued at $104,000 after buying an additional 249 shares during the period. Legend Financial Advisors Inc. lifted its position in Tapestry by 1.9% during the second quarter. Legend Financial Advisors Inc. now owns 13,570 shares of the luxury accessories retailer’s stock valued at $581,000 after buying an additional 257 shares during the period. Finally, GAMMA Investing LLC lifted its position in Tapestry by 4.8% during the third quarter. GAMMA Investing LLC now owns 6,095 shares of the luxury accessories retailer’s stock valued at $286,000 after buying an additional 280 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. BMO Capital Markets raised their price objective on Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday. Citigroup lifted their price target on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. boosted their target price on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price for the company. in a research report on Tuesday, October 29th. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.82.

Insider Activity

In other news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the transaction, the vice president now directly owns 35,003 shares in the company, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.18% of the company’s stock.

Tapestry Trading Down 1.6 %

Shares of TPR opened at $55.62 on Wednesday. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. Tapestry, Inc. has a 1 year low of $30.19 and a 1 year high of $58.49. The company has a 50 day simple moving average of $47.14 and a two-hundred day simple moving average of $43.23. The firm has a market cap of $12.96 billion, a P/E ratio of 16.08, a price-to-earnings-growth ratio of 1.98 and a beta of 1.53.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.52%. Tapestry’s dividend payout ratio is currently 40.46%.

About Tapestry

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.