WT Asset Management Ltd Sells 1,222,194 Shares of Tapestry, Inc. $TPR

WT Asset Management Ltd reduced its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 77.6% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 352,440 shares of the luxury accessories retailer’s stock after selling 1,222,194 shares during the period. Tapestry makes up 2.2% of WT Asset Management Ltd’s holdings, making the stock its 13th biggest holding. WT Asset Management Ltd’s holdings in Tapestry were worth $30,948,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Private Trust Co. NA lifted its position in shares of Tapestry by 27.2% during the 1st quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer’s stock worth $50,000 after buying an additional 153 shares during the last quarter. Mather Group LLC. lifted its position in shares of Tapestry by 2.8% during the 1st quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer’s stock worth $424,000 after buying an additional 165 shares during the last quarter. Harbour Investments Inc. lifted its position in shares of Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock worth $25,000 after buying an additional 197 shares during the last quarter. MAI Capital Management lifted its position in shares of Tapestry by 51.7% during the 1st quarter. MAI Capital Management now owns 593 shares of the luxury accessories retailer’s stock worth $42,000 after buying an additional 202 shares during the last quarter. Finally, Evergreen Capital Management LLC lifted its position in shares of Tapestry by 3.2% during the 1st quarter. Evergreen Capital Management LLC now owns 6,808 shares of the luxury accessories retailer’s stock worth $479,000 after buying an additional 209 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TPR has been the subject of several recent analyst reports. Evercore ISI dropped their price objective on Tapestry from $130.00 to $125.00 and set an “outperform” rating for the company in a research report on Friday, August 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Tapestry in a research note on Saturday, September 27th. UBS Group cut their price target on Tapestry from $112.00 to $105.00 and set a “neutral” rating on the stock in a research note on Friday, August 15th. Wells Fargo & Company lifted their price target on Tapestry from $100.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, August 14th. Finally, JPMorgan Chase & Co. lifted their price target on Tapestry from $139.00 to $142.00 and gave the company an “overweight” rating in a research note on Thursday, September 11th. Seventeen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $106.47.

Tapestry Price Performance

Shares of TPR opened at $114.91 on Friday. Tapestry, Inc. has a 1 year low of $43.07 and a 1 year high of $117.77. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.87 and a quick ratio of 1.31. The company has a market capitalization of $23.79 billion, a price-to-earnings ratio of 182.40, a price-to-earnings-growth ratio of 2.79 and a beta of 1.57. The business has a 50-day moving average of $107.09 and a 200-day moving average of $89.22.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.02. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period last year, the company earned $0.92 earnings per share. The firm’s revenue was up 8.3% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. As a group, equities research analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 22nd. Stockholders of record on Friday, September 5th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.4%. This is a positive change from Tapestry’s previous quarterly dividend of $0.35. The ex-dividend date was Friday, September 5th. Tapestry’s dividend payout ratio is 253.97%.

Insider Transactions at Tapestry

In other news, Director Alan Ka Ming Lau sold 11,320 shares of the firm’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $106.19, for a total transaction of $1,202,070.80. Following the completion of the transaction, the director directly owned 8,153 shares in the company, valued at $865,767.07. This trade represents a 58.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Manesh Dadlani sold 7,882 shares of the firm’s stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $99.05, for a total value of $780,712.10. Following the transaction, the vice president owned 21,098 shares of the company’s stock, valued at $2,089,756.90. This trade represents a 27.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is owned by company 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.