Teacher Retirement System of Texas acquired a new position in shares of Tapestry Inc (NYSE:TPR) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 77,266 shares of the luxury accessories retailer’s stock, valued at approximately $3,417,000.
A number of other hedge funds have also recently bought and sold shares of the business. Hexavest Inc. bought a new position in Tapestry during the 4th quarter worth $106,000. Dupont Capital Management Corp bought a new position in Tapestry during the 4th quarter worth $110,000. Cerebellum GP LLC bought a new position in Tapestry during the 4th quarter worth $118,000. SeaCrest Wealth Management LLC bought a new position in Tapestry during the 4th quarter worth $163,000. Finally, M&R Capital Management Inc. bought a new position in Tapestry during the 3rd quarter worth $153,000. Hedge funds and other institutional investors own 89.28% of the company’s stock.
In other news, insider Sarah Dunn sold 6,229 shares of Tapestry stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $48.23, for a total transaction of $300,424.67. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Susan J. Kropf sold 6,185 shares of Tapestry stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $50.80, for a total value of $314,198.00. The disclosure for this sale can be found here. Insiders have sold 140,551 shares of company stock worth $7,020,158 over the last three months. Insiders own 0.98% of the company’s stock.
Tapestry (NYSE:TPR) last announced its quarterly earnings results on Tuesday, February 6th. The luxury accessories retailer reported $1.07 EPS for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.21. Tapestry had a return on equity of 23.68% and a net margin of 6.14%. The firm had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same period last year, the firm posted $0.75 earnings per share. The business’s revenue for the quarter was up 35.1% on a year-over-year basis. sell-side analysts anticipate that Tapestry Inc will post 2.58 EPS for the current fiscal year.
The company also recently declared a dividend, which will be paid on Monday, April 2nd. Stockholders of record on Friday, March 9th will be paid a dividend of $0.3375 per share. The ex-dividend date is Thursday, March 8th. Tapestry’s payout ratio is 60.81%.
Several research firms have weighed in on TPR. Loop Capital began coverage on Tapestry in a research report on Thursday, March 8th. They set a “buy” rating and a $57.00 price objective on the stock. Credit Suisse Group started coverage on Tapestry in a research report on Monday. They set an “outperform” rating and a $60.00 price objective on the stock. Barclays increased their target price on Tapestry from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Cowen reissued a “buy” rating and set a $54.00 target price on shares of Tapestry in a report on Wednesday, January 31st. Finally, BMO Capital Markets reissued a “hold” rating on shares of Tapestry in a report on Tuesday, February 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $50.75.
Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.
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