Truvestments Capital LLC Grows Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Truvestments Capital LLC raised its position in Tapestry, Inc. (NYSE:TPR) by 13.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,504 shares of the luxury accessories retailer’s stock after acquiring an additional 3,159 shares during the quarter. Truvestments Capital LLC’s holdings in Tapestry were worth $1,731,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of TPR. Nations Financial Group Inc. IA ADV increased its position in shares of Tapestry by 6.1% in the third quarter. Nations Financial Group Inc. IA ADV now owns 6,305 shares of the luxury accessories retailer’s stock valued at $296,000 after acquiring an additional 363 shares during the period. GSA Capital Partners LLP purchased a new position in shares of Tapestry during the third quarter valued at about $237,000. North Growth Management Ltd. increased its position in shares of Tapestry by 0.3% during the third quarter. North Growth Management Ltd. now owns 290,000 shares of the luxury accessories retailer’s stock valued at $13,617,000 after buying an additional 1,000 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Tapestry by 42.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,779 shares of the luxury accessories retailer’s stock valued at $365,000 after buying an additional 2,326 shares during the period. Finally, Aigen Investment Management LP increased its position in shares of Tapestry by 64.5% during the third quarter. Aigen Investment Management LP now owns 107,852 shares of the luxury accessories retailer’s stock valued at $5,067,000 after buying an additional 42,274 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on TPR. Morgan Stanley reiterated an “equal weight” rating and set a $65.00 price target on shares of Tapestry in a research report on Tuesday, January 21st. Daiwa America upgraded shares of Tapestry to a “hold” rating in a research report on Monday, November 18th. Barclays upped their price objective on shares of Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. UBS Group raised their target price on shares of Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Finally, Telsey Advisory Group raised their target price on shares of Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a research note on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $78.53.

Insider Buying and Selling

In other news, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction on Thursday, February 20th. The shares were 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 owns 146,587 shares in the company, valued at $12,688,570.72. This trade represents a 14.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the transaction, the general counsel now owns 38,609 shares in the company, valued at $3,397,592. This represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is owned by insiders.

Tapestry Trading Up 1.7 %

Shares of TPR stock opened at $71.90 on Wednesday. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The firm’s 50 day moving average is $76.45 and its 200 day moving average is $60.22. The stock has a market capitalization of $14.88 billion, a P/E ratio of 20.84, a P/E/G ratio of 2.01 and a beta of 1.57.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate 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 in the previous year, the company earned $1.63 EPS. Research analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.95%. The ex-dividend date is Thursday, March 6th. Tapestry’s dividend payout ratio is currently 40.58%.

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.