Exchange Traded Concepts LLC Cuts Position in Tapestry, Inc. (NYSE:TPR)

Exchange Traded Concepts LLC lessened its holdings in Tapestry, Inc. (NYSE:TPRFree Report) by 28.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,656 shares of the luxury accessories retailer’s stock after selling 5,024 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Tapestry were worth $827,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its holdings in Tapestry by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after purchasing an additional 272,007 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Tapestry by 1.0% during the third quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock valued at $285,580,000 after buying an additional 58,135 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Tapestry by 1.5% during the third quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after buying an additional 80,681 shares during the last quarter. Westfield Capital Management Co. LP grew its holdings in shares of Tapestry by 14.8% during the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after buying an additional 219,544 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Tapestry by 8.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,414,618 shares of the luxury accessories retailer’s stock valued at $66,459,000 after buying an additional 115,340 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of brokerages recently weighed in on TPR. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. UBS Group increased their price objective on shares of Tapestry from $57.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. Barclays upgraded shares of Tapestry from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $57.00 to $87.00 in a research report on Wednesday, January 8th. Citigroup increased their price objective on shares of Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Guggenheim increased their price objective on shares of Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and an average price target of $65.56.

Check Out Our Latest Stock Report on Tapestry

Tapestry Stock Performance

TPR opened at $74.43 on Thursday. The stock has a market capitalization of $17.35 billion, a price-to-earnings ratio of 21.51, a PEG ratio of 2.07 and a beta of 1.58. The company has a fifty day moving average of $65.88 and a 200 day moving average of $51.70. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $75.78. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.88%. Tapestry’s payout ratio is currently 40.46%.

Tapestry Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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