GAMMA Investing LLC Grows Position in Tapestry, Inc. (NYSE:TPR)

GAMMA Investing LLC boosted its stake in Tapestry, Inc. (NYSE:TPR) by 15.2% in the first quarter, HoldingsChannel reports. The institutional investor owned 3,263 shares of the luxury accessories retailer’s stock after buying an additional 430 shares during the quarter. GAMMA Investing LLC’s holdings in Tapestry were worth $155,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. CWM LLC raised its position in Tapestry by 0.9% in the 1st quarter. CWM LLC now owns 26,859 shares of the luxury accessories retailer’s stock valued at $1,275,000 after buying an additional 237 shares during the last quarter. Raleigh Capital Management Inc. raised its position in Tapestry by 5.7% in the 3rd quarter. Raleigh Capital Management Inc. now owns 5,463 shares of the luxury accessories retailer’s stock valued at $157,000 after buying an additional 297 shares during the last quarter. Treasurer of the State of North Carolina grew its stake in Tapestry by 0.3% in the 3rd quarter. Treasurer of the State of North Carolina now owns 109,837 shares of the luxury accessories retailer’s stock valued at $3,158,000 after purchasing an additional 353 shares during the period. AllSquare Wealth Management LLC grew its stake in Tapestry by 35.1% in the 3rd quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock valued at $47,000 after purchasing an additional 423 shares during the period. Finally, Smithfield Trust Co grew its stake in Tapestry by 8.5% in the 4th quarter. Smithfield Trust Co now owns 6,110 shares of the luxury accessories retailer’s stock valued at $224,000 after purchasing an additional 480 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 2,500 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $42.23, for a total value of $105,575.00. Following the sale, the vice president now owns 37,173 shares of the company’s stock, valued at approximately $1,569,815.79. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.93% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on TPR shares. OTR Global restated a “mixed” rating on shares of Tapestry in a research note on Wednesday, April 17th. Bernstein Bank upped their price objective on Tapestry from $46.00 to $48.00 in a research note on Thursday, May 9th. Jefferies Financial Group downgraded Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research note on Thursday, February 29th. Argus restated a “buy” rating and issued a $52.00 price objective on shares of Tapestry in a research note on Tuesday. Finally, JPMorgan Chase & Co. cut their price target on Tapestry from $56.00 to $54.00 and set an “overweight” rating for the company in a research note on Friday, May 10th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Tapestry has an average rating of “Moderate Buy” and a consensus target price of $48.53.

Tapestry Stock Performance

Shares of TPR opened at $41.63 on Friday. The stock’s 50-day simple moving average is $41.39 and its 200 day simple moving average is $41.43. The stock has a market capitalization of $9.56 billion, a price-to-earnings ratio of 11.01, a price-to-earnings-growth ratio of 0.89 and a beta of 1.60. The company has a debt-to-equity ratio of 2.77, a quick ratio of 5.98 and a current ratio of 6.59. Tapestry, Inc. has a 52-week low of $25.99 and a 52-week high of $48.80.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.14. The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.78 EPS. Research analysts forecast that Tapestry, Inc. will post 4.22 EPS for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 24th. Shareholders of record on Friday, June 7th will be issued a $0.35 dividend. The ex-dividend date is Friday, June 7th. This represents a $1.40 annualized dividend and a dividend yield of 3.36%. Tapestry’s payout ratio is currently 37.04%.

Tapestry Company 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.