Mutual of America Capital Management LLC Lowers Stake in Tapestry, Inc. (NYSE:TPR)

Mutual of America Capital Management LLC decreased its position in Tapestry, Inc. (NYSE:TPR) by 7.9% during the third quarter, Holdings Channel reports. The firm owned 59,281 shares of the luxury accessories retailer’s stock after selling 5,056 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Tapestry were worth $2,785,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Manning & Napier Advisors LLC purchased a new stake in shares of Tapestry in the 2nd quarter valued at $3,718,000. Lazard Asset Management LLC increased its stake in Tapestry by 611.8% during the first quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock worth $3,019,000 after purchasing an additional 54,679 shares during the period. Victory Capital Management Inc. lifted its position in shares of Tapestry by 7.5% during the third quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock worth $20,381,000 after purchasing an additional 30,121 shares in the last quarter. Fiera Capital Corp boosted its stake in shares of Tapestry by 1.2% in the second quarter. Fiera Capital Corp now owns 1,462,721 shares of the luxury accessories retailer’s stock valued at $62,590,000 after purchasing an additional 17,497 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new stake in Tapestry during the 3rd quarter worth approximately $5,446,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Performance

Shares of TPR stock opened at $58.92 on Friday. The stock’s 50-day moving average is $48.02 and its two-hundred day moving average is $43.58. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. Tapestry, Inc. has a 1 year low of $30.20 and a 1 year high of $59.69. The firm has a market cap of $13.73 billion, a price-to-earnings ratio of 17.03, a PEG ratio of 1.95 and a beta of 1.53.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.38%. The ex-dividend date is Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is 40.46%.

Insiders Place Their Bets

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the transaction, the vice president now directly owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.18% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TPR. Bank of America raised their price target on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Telsey Advisory Group boosted their target price on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. Daiwa America raised Tapestry to a “hold” rating in a research report on Monday, November 18th. TD Cowen downgraded Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective for the company. in a research report on Tuesday, October 29th. Finally, BMO Capital Markets raised their target price on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, November 18th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.78.

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.