29,375 Shares in Tapestry, Inc. (NYSE:TPR) Purchased by Summit Global Investments

Summit Global Investments bought a new stake in shares of Tapestry, Inc. (NYSE:TPR) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 29,375 shares of the luxury accessories retailer’s stock, valued at approximately $1,919,000.

Several other large investors have also recently made changes to their positions in TPR. Erste Asset Management GmbH purchased a new position in shares of Tapestry during the third quarter valued at approximately $64,016,000. WT Asset Management Ltd purchased a new position in shares of Tapestry during the fourth quarter valued at approximately $42,762,000. Raymond James Financial Inc. bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $38,180,000. Bank of Montreal Can increased its position in shares of Tapestry by 76.6% during the third quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock valued at $59,641,000 after acquiring an additional 539,793 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Tapestry by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock valued at $522,471,000 after acquiring an additional 382,856 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Tapestry news, CEO Todd Kahn sold 21,107 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00. Following the completion of the sale, the chief executive officer now owns 176,985 shares in the company, valued at approximately $14,866,740. This represents a 10.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the transaction, the general counsel now directly owns 38,609 shares of the company’s stock, valued at $3,397,592. This trade represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,537 shares of company stock worth $5,730,589. Corporate insiders own 1.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on TPR shares. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. The Goldman Sachs Group raised their price target on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Raymond James reissued an “outperform” rating and set a $88.00 price target (up previously from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Guggenheim raised their price target on shares of Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, Barclays lifted their target price on shares of Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Tapestry Trading Up 0.1 %

NYSE:TPR opened at $72.99 on Friday. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The firm has a market capitalization of $15.11 billion, a price-to-earnings ratio of 21.16, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85. The business has a fifty day moving average price of $77.17 and a 200-day moving average price of $61.81.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same period last year, the business posted $1.63 earnings per share. Sell-side analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.92%. Tapestry’s payout ratio is presently 40.58%.

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.