Clark Estates Inc. NY Decreases Stake in Tapestry, Inc. (NYSE:TPR)

Clark Estates Inc. NY trimmed its position in Tapestry, Inc. (NYSE:TPR) by 7.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,700 shares of the luxury accessories retailer’s stock after selling 5,150 shares during the quarter. Clark Estates Inc. NY’s holdings in Tapestry were worth $2,993,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its holdings in Tapestry by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after purchasing an additional 272,007 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Tapestry by 1.0% in the third quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock valued at $285,580,000 after acquiring an additional 58,135 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Tapestry by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after purchasing an additional 165,406 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Tapestry by 1.7% during the second quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock worth $116,928,000 after purchasing an additional 46,760 shares during the last quarter. Finally, Westfield Capital Management Co. LP increased its position in shares of Tapestry by 14.8% during the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after purchasing an additional 219,544 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Activity

In other news, VP Manesh Dadlani sold 8,872 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the sale, the vice president now owns 35,003 shares in the company, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.18% of the company’s stock.

Tapestry Trading Up 0.3 %

Shares of TPR opened at $61.06 on Wednesday. The stock has a market cap of $14.23 billion, a PE ratio of 17.65, a P/E/G ratio of 2.11 and a beta of 1.53. 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 12 month low of $30.20 and a 12 month high of $61.44. The stock’s 50-day moving average is $48.37 and its two-hundred day moving average is $43.75.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be issued a $0.35 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.29%. Tapestry’s dividend payout ratio is currently 40.46%.

Analyst Upgrades and Downgrades

Several research firms have commented on TPR. Wells Fargo & Company lifted their price target on Tapestry from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Evercore ISI upped their price target on shares of Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. BMO Capital Markets lifted their price objective on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, November 18th. Finally, Barclays reiterated an “equal weight” rating and set a $57.00 target price on shares of Tapestry in a research note on Wednesday, November 20th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.78.

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.