Gotham Asset Management LLC Has $31.48 Million Position in Tapestry, Inc. (NYSE:TPR)

Gotham Asset Management LLC trimmed its position in Tapestry, Inc. (NYSE:TPR) by 9.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 481,920 shares of the luxury accessories retailer’s stock after selling 50,444 shares during the quarter. Tapestry accounts for 0.3% of Gotham Asset Management LLC’s holdings, making the stock its 22nd largest holding. Gotham Asset Management LLC owned 0.21% of Tapestry worth $31,484,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Greenline Partners LLC bought a new stake in shares of Tapestry during the fourth quarter worth $29,000. Coppell Advisory Solutions LLC grew its position in Tapestry by 40.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock worth $34,000 after acquiring an additional 150 shares during the last quarter. Venturi Wealth Management LLC increased its holdings in Tapestry by 78.0% in the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock worth $38,000 after purchasing an additional 252 shares in the last quarter. Canada Post Corp Registered Pension Plan acquired a new position in Tapestry in the 4th quarter worth about $48,000. Finally, UMB Bank n.a. raised its position in Tapestry by 72.9% in the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock valued at $77,000 after purchasing an additional 496 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TPR. Guggenheim upped their price objective on Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Robert W. Baird upped their price target on shares of Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. lifted their price target on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Jefferies Financial Group increased their price objective on Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Finally, Redburn Atlantic raised Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price on the stock in a report on Tuesday, February 18th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and an average price target of $82.22.

Tapestry Stock Performance

Shares of TPR stock opened at $78.00 on Friday. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85. The firm has a market capitalization of $16.15 billion, a PE ratio of 22.61, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41. The firm has a fifty day simple moving average of $69.75 and a two-hundred day simple moving average of $67.78. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.14. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The firm’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.81 EPS. Analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be issued a dividend of $0.35 per share. The ex-dividend date is Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.79%. Tapestry’s dividend payout ratio (DPR) is currently 40.58%.

Insider Activity at Tapestry

In other news, CEO Todd Kahn sold 7,786 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the transaction, the chief executive officer now owns 201,531 shares in the company, valued at $17,652,100.29. The trade was a 3.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the transaction, the general counsel now directly owns 38,609 shares of the company’s stock, valued at approximately $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 three months, insiders sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is owned by insiders.

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.