Quarry LP Grows Stock Position in Tapestry, Inc. (NYSE:TPR)

Quarry LP raised its stake in shares of Tapestry, Inc. (NYSE:TPR) by 486.9% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 11,726 shares of the luxury accessories retailer’s stock after buying an additional 9,728 shares during the period. Quarry LP’s holdings in Tapestry were worth $551,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Waldron Private Wealth LLC purchased a new position in shares of Tapestry in the 3rd quarter valued at about $25,000. Massmutual Trust Co. FSB ADV increased its stake in shares of Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after purchasing an additional 328 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of Tapestry in the 3rd quarter valued at about $47,000. Blue Trust Inc. increased its stake in shares of Tapestry by 111.9% in the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after purchasing an additional 556 shares in the last quarter. Finally, MUFG Securities EMEA plc increased its stake in shares of Tapestry by 34.9% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after purchasing an additional 317 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the transaction, the vice president now directly owns 35,003 shares in the company, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.18% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

TPR has been the subject of several recent analyst reports. Telsey Advisory Group lifted their price target on Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. Barclays reiterated an “equal weight” rating and set a $57.00 price objective on shares of Tapestry in a research note on Wednesday, November 20th. UBS Group cut their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. JPMorgan Chase & Co. boosted their price objective on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Guggenheim boosted their price objective on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and an average target price of $57.78.

Tapestry Trading Down 0.8 %

TPR opened at $63.83 on Thursday. Tapestry, Inc. has a one year low of $32.20 and a one year high of $65.30. The stock has a market capitalization of $14.87 billion, a PE ratio of 18.45, a P/E/G ratio of 2.24 and a beta of 1.60. The business’s 50 day moving average price is $50.63 and its 200 day moving average price is $44.62. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio is presently 40.46%.

About Tapestry

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.