Twinbeech Capital LP Grows Position in Tapestry, Inc. (NYSE:TPR)

Twinbeech Capital LP grew its stake in Tapestry, Inc. (NYSE:TPR) by 204.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 122,674 shares of the luxury accessories retailer’s stock after purchasing an additional 82,432 shares during the period. Twinbeech Capital LP owned about 0.05% of Tapestry worth $8,014,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Coppell Advisory Solutions LLC lifted its position in shares of Tapestry by 40.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock valued at $34,000 after buying an additional 150 shares in the last quarter. Checchi Capital Advisers LLC raised its stake in Tapestry by 1.9% in the 4th quarter. Checchi Capital Advisers LLC now owns 8,878 shares of the luxury accessories retailer’s stock valued at $580,000 after purchasing an additional 163 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its stake in Tapestry by 0.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 19,303 shares of the luxury accessories retailer’s stock valued at $1,261,000 after purchasing an additional 170 shares during the last quarter. Parkside Financial Bank & Trust raised its stake in Tapestry by 13.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer’s stock valued at $104,000 after purchasing an additional 182 shares during the last quarter. Finally, E Fund Management Co. Ltd. raised its stake in Tapestry by 1.6% in the 4th quarter. E Fund Management Co. Ltd. now owns 12,744 shares of the luxury accessories retailer’s stock valued at $833,000 after purchasing an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. The Goldman Sachs Group increased their price objective on Tapestry from $84.00 to $93.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Raymond James reaffirmed an “outperform” rating and issued a $85.00 target price (up from $74.00) on shares of Tapestry in a research note on Friday, May 9th. Barclays raised their target price on Tapestry from $83.00 to $98.00 and gave the stock an “overweight” rating in a research note on Monday, May 12th. Jefferies Financial Group raised their target price on Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Finally, JPMorgan Chase & Co. raised their target price on Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Four research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.89.

Tapestry Stock Performance

Shares of Tapestry stock opened at $82.28 on Tuesday. The business has a 50-day moving average of $70.74 and a 200 day moving average of $69.54. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85. The stock has a market capitalization of $17.09 billion, a price-to-earnings ratio of 23.85, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.14. The business had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.81 EPS. As a group, sell-side analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.70%. The ex-dividend date is Friday, June 6th. Tapestry’s payout ratio is 36.84%.

Insider Buying and Selling

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 of the company’s stock, valued at approximately $17,652,100.29. The trade was a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the transaction, the vice president now directly owns 40,922 shares in the company, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 107,936 shares of company stock worth $9,101,139 over the last 90 days. 1.18% of the stock is owned by 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.