Gagnon Securities LLC Cuts Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Gagnon Securities LLC reduced its position in shares of Tapestry, Inc. (NYSE:TPR) by 7.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 47,064 shares of the luxury accessories retailer’s stock after selling 3,719 shares during the period. Gagnon Securities LLC’s holdings in Tapestry were worth $3,075,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TPR. Marshall Wace LLP acquired a new position in Tapestry during the second quarter worth about $311,000. Creative Planning grew its position in shares of Tapestry by 1.0% in the second quarter. Creative Planning now owns 48,518 shares of the luxury accessories retailer’s stock valued at $2,076,000 after purchasing an additional 457 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Tapestry by 7.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 12,118 shares of the luxury accessories retailer’s stock valued at $519,000 after purchasing an additional 884 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Tapestry in the second quarter valued at approximately $203,000. Finally, Cetera Investment Advisers grew its position in shares of Tapestry by 4.7% in the second quarter. Cetera Investment Advisers now owns 55,669 shares of the luxury accessories retailer’s stock valued at $2,382,000 after purchasing an additional 2,513 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the transaction, the vice president now directly owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.18% of the company’s stock.

Tapestry Stock Performance

NYSE:TPR opened at $72.99 on Friday. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The company has a market cap of $17.01 billion, a P/E ratio of 21.10, a P/E/G ratio of 2.11 and a beta of 1.58. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $76.49. The firm’s 50 day moving average is $66.55 and its two-hundred day moving average is $52.08.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Friday, December 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend was Friday, December 6th. Tapestry’s dividend payout ratio is presently 40.46%.

Analyst Ratings Changes

Several analysts have recently commented on TPR shares. The Goldman Sachs Group increased their price target on shares of Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Daiwa America upgraded shares of Tapestry to a “hold” rating in a research report on Monday, November 18th. Guggenheim increased their price target on shares of Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, November 15th. TD Cowen lowered shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price on the stock. in a research report on Tuesday, October 29th. Finally, BMO Capital Markets raised their target price on shares of Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, November 18th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Tapestry has a consensus rating of “Moderate Buy” and a consensus price target of $65.56.

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.