International Assets Investment Management LLC Sells 104,983 Shares of Tapestry, Inc. (NYSE:TPR)

International Assets Investment Management LLC trimmed its holdings in Tapestry, Inc. (NYSE:TPR) by 94.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,367 shares of the luxury accessories retailer’s stock after selling 104,983 shares during the quarter. International Assets Investment Management LLC’s holdings in Tapestry were worth $306,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. Park Avenue Securities LLC boosted its position in shares of Tapestry by 22.7% in the 1st quarter. Park Avenue Securities LLC now owns 9,664 shares of the luxury accessories retailer’s stock worth $459,000 after purchasing an additional 1,785 shares in the last quarter. Alaska Permanent Fund Corp raised its stake in Tapestry by 258.4% during the first quarter. Alaska Permanent Fund Corp now owns 42,884 shares of the luxury accessories retailer’s stock valued at $2,036,000 after buying an additional 30,918 shares during the last quarter. Mather Group LLC. bought a new stake in Tapestry in the first quarter worth $92,000. First Hawaiian Bank grew its stake in shares of Tapestry by 26.4% in the first quarter. First Hawaiian Bank now owns 17,156 shares of the luxury accessories retailer’s stock worth $815,000 after acquiring an additional 3,579 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Tapestry by 15.2% during the first quarter. GAMMA Investing LLC now owns 3,263 shares of the luxury accessories retailer’s stock valued at $155,000 after acquiring an additional 430 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Bernstein Bank increased their price objective on shares of Tapestry from $46.00 to $48.00 in a research report on Thursday, May 9th. OTR Global reiterated a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Telsey Advisory Group restated an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a report on Thursday, May 9th. Argus reiterated a “buy” rating and set a $52.00 target price on shares of Tapestry in a research note on Tuesday, June 18th. Finally, JPMorgan Chase & Co. decreased 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 equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $48.53.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 2,500 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $42.23, for a total value of $105,575.00. Following the completion of the sale, the vice president now directly owns 37,173 shares in the company, valued at $1,569,815.79. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.93% of the stock is currently owned by company insiders.

Tapestry Trading Down 2.0 %

Shares of TPR opened at $41.87 on Wednesday. The firm has a market cap of $9.62 billion, a P/E ratio of 11.08, a price-to-earnings-growth ratio of 0.90 and a beta of 1.61. The company has a debt-to-equity ratio of 2.77, a current ratio of 6.59 and a quick ratio of 5.98. Tapestry, Inc. has a 1 year low of $25.99 and a 1 year high of $48.80. The company has a 50 day simple moving average of $41.45 and a two-hundred day simple moving average of $41.68.

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

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 24th. Investors of record on Friday, June 7th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date was Friday, June 7th. Tapestry’s payout ratio is 37.04%.

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.