Los Angeles Capital Management LLC Raises Position in Tapestry, Inc. (NYSE:TPR)

Los Angeles Capital Management LLC grew its position in Tapestry, Inc. (NYSE:TPR) by 660.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 238,725 shares of the luxury accessories retailer’s stock after acquiring an additional 207,322 shares during the period. Los Angeles Capital Management LLC’s holdings in Tapestry were worth $15,596,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TPR. Blue Trust Inc. boosted its holdings in shares of Tapestry by 107.0% in the third quarter. Blue Trust Inc. now owns 2,180 shares of the luxury accessories retailer’s stock valued at $93,000 after acquiring an additional 1,127 shares in the last quarter. Private Advisor Group LLC boosted its holdings in shares of Tapestry by 18.7% in the third quarter. Private Advisor Group LLC now owns 11,593 shares of the luxury accessories retailer’s stock valued at $545,000 after acquiring an additional 1,828 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Tapestry in the third quarter valued at about $5,446,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Tapestry by 15.9% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 159,703 shares of the luxury accessories retailer’s stock valued at $7,656,000 after acquiring an additional 21,868 shares in the last quarter. Finally, PFG Investments LLC purchased a new stake in shares of Tapestry in the third quarter valued at about $217,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Activity

In related news, General Counsel David E. Howard sold 11,917 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the completion of the transaction, the general counsel now owns 38,609 shares of the company’s stock, valued at approximately $3,397,592. This represents a 23.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the transaction, the chief financial officer now directly owns 146,587 shares of the company’s stock, valued at $12,688,570.72. This trade represents a 14.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,430 shares of company stock valued at $3,957,601 over the last 90 days. Insiders own 1.18% of the company’s stock.

Tapestry Stock Performance

NYSE:TPR opened at $84.12 on Wednesday. The firm has a 50 day simple moving average of $73.44 and a 200-day simple moving average of $57.40. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The firm has a market cap of $17.41 billion, a PE ratio of 24.38, a P/E/G ratio of 2.01 and a beta of 1.58. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period last year, the firm earned $1.63 earnings per share. On average, equities analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date is Thursday, March 6th. Tapestry’s dividend payout ratio is presently 40.58%.

Analyst Ratings Changes

TPR has been the topic of a number of research analyst reports. Redburn Atlantic raised shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective on the stock in a report on Tuesday, February 18th. Daiwa America raised shares of Tapestry to a “hold” rating in a report on Monday, November 18th. Wells Fargo & Company boosted their price objective on shares of Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Jefferies Financial Group boosted their price objective on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Finally, Guggenheim boosted their price objective on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.53.

Tapestry Profile

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.