Tapestry, Inc. (NYSE:TPR) Stake Lowered by Lee Danner & Bass Inc.

Lee Danner & Bass Inc. reduced its stake in shares of Tapestry, Inc. (NYSE:TPR) by 5.5% during the 4th quarter, HoldingsChannel reports. The fund owned 32,195 shares of the luxury accessories retailer’s stock after selling 1,883 shares during the period. Lee Danner & Bass Inc.’s holdings in Tapestry were worth $2,103,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Semanteon Capital Management LP purchased a new position in shares of Tapestry during the 4th quarter valued at $599,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Tapestry during the 4th quarter valued at $1,246,000. Thrivent Financial for Lutherans grew its holdings in shares of Tapestry by 18.9% during the 4th quarter. Thrivent Financial for Lutherans now owns 175,307 shares of the luxury accessories retailer’s stock valued at $11,453,000 after acquiring an additional 27,886 shares in the last quarter. Counterpoint Mutual Funds LLC purchased a new position in shares of Tapestry during the 4th quarter valued at $477,000. Finally, Cibc World Markets Corp grew its holdings in shares of Tapestry by 46.8% during the 4th quarter. Cibc World Markets Corp now owns 26,222 shares of the luxury accessories retailer’s stock valued at $1,713,000 after acquiring an additional 8,360 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Stock Down 0.8 %

Tapestry stock opened at $72.89 on Friday. The firm has a fifty day moving average price of $77.05 and a two-hundred day moving average price of $61.45. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. 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 cap of $15.09 billion, a price-to-earnings ratio of 21.13, a P/E/G ratio of 2.01 and a beta of 1.57.

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

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be issued a dividend of $0.35 per share. The ex-dividend date is Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.92%. Tapestry’s payout ratio is 40.58%.

Analyst Upgrades and Downgrades

TPR has been the subject of several analyst reports. Guggenheim lifted their price objective on shares of Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Telsey Advisory Group lifted their price objective on shares of Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a research note on Monday, February 3rd. Raymond James reaffirmed an “outperform” rating and issued a $88.00 price objective (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Jefferies Financial Group lifted their price objective on shares of Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Finally, Wells Fargo & Company lifted their price objective on shares of Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $78.53.

Insider Transactions at Tapestry

In related news, CFO Scott A. Roe sold 25,727 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $86.56, for a total value of $2,226,929.12. Following the sale, the chief financial officer now owns 146,587 shares of the company’s stock, valued at $12,688,570.72. The trade was a 14.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of the company’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the sale, the general counsel now directly owns 38,609 shares in the company, valued at $3,397,592. This represents a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is currently owned by company insiders.

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.