Parallax Volatility Advisers L.P. Boosts Position in Tapestry, Inc. (NYSE:TPR)

Parallax Volatility Advisers L.P. raised its stake in Tapestry, Inc. (NYSE:TPR) by 48.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,420 shares of the luxury accessories retailer’s stock after buying an additional 14,420 shares during the period. Parallax Volatility Advisers L.P.’s holdings in Tapestry were worth $2,087,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Tapestry by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock valued at $357,732,000 after purchasing an additional 272,007 shares during the period. Pacer Advisors Inc. raised its position in Tapestry by 1.0% during the 3rd quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock valued at $285,580,000 after purchasing an additional 58,135 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Tapestry by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after buying an additional 165,406 shares during the period. Bank of New York Mellon Corp increased its stake 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 valued at $116,928,000 after buying an additional 46,760 shares during the period. Finally, Westfield Capital Management Co. LP raised its holdings in shares of Tapestry by 14.8% in the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after acquiring an additional 219,544 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on TPR. TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price on the stock. in a report on Tuesday, October 29th. Daiwa America raised shares of Tapestry to a “hold” rating in a report on Monday, November 18th. Telsey Advisory Group upped their target price on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Bank of America lifted their price target on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, The Goldman Sachs Group upped their price objective on Tapestry from $58.00 to $66.00 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.78.

Insider Activity

In other news, VP Manesh Dadlani sold 8,872 shares of the company’s stock in a transaction on 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 directly owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This represents a 20.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.18% of the company’s stock.

Tapestry Price Performance

Shares of TPR opened at $63.57 on Friday. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The company’s fifty day moving average price is $50.99 and its 200-day moving average price is $44.75. Tapestry, Inc. has a 1-year low of $32.27 and a 1-year high of $65.30. The firm has a market capitalization of $14.81 billion, a PE ratio of 18.37, a price-to-earnings-growth ratio of 2.23 and a beta of 1.60.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 2.20%. Tapestry’s payout ratio is presently 40.46%.

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.