Signet Financial Management LLC Cuts Stake in Tapestry, Inc. (NYSE:TPR)

Signet Financial Management LLC reduced its stake in shares of Tapestry, Inc. (NYSE:TPR) by 11.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,632 shares of the luxury accessories retailer’s stock after selling 3,235 shares during the quarter. Signet Financial Management LLC’s holdings in Tapestry were worth $1,217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in TPR. EverSource Wealth Advisors LLC boosted its position in shares of Tapestry by 3,778.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock valued at $46,000 after acquiring an additional 1,209 shares during the last quarter. AllSquare Wealth Management LLC boosted its position in shares of Tapestry by 35.1% during the 3rd quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock valued at $47,000 after acquiring an additional 423 shares during the last quarter. Parkside Financial Bank & Trust boosted its position in shares of Tapestry by 56.9% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,843 shares of the luxury accessories retailer’s stock valued at $53,000 after acquiring an additional 668 shares during the last quarter. First Horizon Advisors Inc. boosted its position in shares of Tapestry by 334.7% during the 4th quarter. First Horizon Advisors Inc. now owns 1,504 shares of the luxury accessories retailer’s stock valued at $55,000 after acquiring an additional 1,158 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its position in shares of Tapestry by 130.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,500 shares of the luxury accessories retailer’s stock valued at $55,000 after acquiring an additional 848 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Stock Performance

Shares of Tapestry stock opened at $41.61 on Friday. The firm has a market cap of $9.56 billion, a P/E ratio of 11.01, a P/E/G ratio of 0.91 and a beta of 1.60. The company has a current ratio of 6.59, a quick ratio of 5.98 and a debt-to-equity ratio of 2.77. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80. The stock’s fifty day moving average price is $41.50 and its 200-day moving average price is $41.68.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 EPS for the quarter, beating the consensus estimate of $0.67 by $0.14. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.50 billion. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.78 earnings per share. On average, equities research analysts expect that Tapestry, Inc. will post 4.22 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 24th. Shareholders of record on Friday, June 7th were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $1.40 annualized dividend and a yield of 3.36%. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 2,500 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $42.23, for a total transaction of $105,575.00. Following the sale, the vice president now owns 37,173 shares in the company, valued at $1,569,815.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TPR. Argus reiterated a “buy” rating and set a $52.00 target price on shares of Tapestry in a research report on Tuesday, June 18th. JPMorgan Chase & Co. lowered their price target on Tapestry from $56.00 to $54.00 and set an “overweight” rating for the company in a research report on Friday, May 10th. Telsey Advisory Group restated an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a research report on Thursday, May 9th. OTR Global restated a “mixed” rating on shares of Tapestry in a research report on Wednesday, April 17th. Finally, Jefferies Financial Group downgraded Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price target for the company. in a research report on Thursday, February 29th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.53.

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.