Penserra Capital Management LLC Cuts Stock Position in Tapestry, Inc. (NYSE:TPR)

Penserra Capital Management LLC reduced its position in Tapestry, Inc. (NYSE:TPR) by 7.3% during the third quarter, Holdings Channel reports. The institutional investor owned 26,613 shares of the luxury accessories retailer’s stock after selling 2,093 shares during the quarter. Penserra Capital Management LLC’s holdings in Tapestry were worth $1,249,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Lebenthal Global Advisors LLC boosted its stake in Tapestry by 2.8% in the third quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock valued at $367,000 after acquiring an additional 215 shares in the last quarter. OneDigital Investment Advisors LLC lifted its holdings in shares of Tapestry by 3.0% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 7,520 shares of the luxury accessories retailer’s stock valued at $353,000 after purchasing an additional 218 shares during the last quarter. Mather Group LLC. boosted its position in shares of Tapestry by 12.9% in the 2nd quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock worth $104,000 after purchasing an additional 249 shares in the last quarter. Legend Financial Advisors Inc. grew its stake in Tapestry by 1.9% during the 2nd quarter. Legend Financial Advisors Inc. now owns 13,570 shares of the luxury accessories retailer’s stock worth $581,000 after buying an additional 257 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Tapestry by 4.8% during the 3rd quarter. GAMMA Investing LLC now owns 6,095 shares of the luxury accessories retailer’s stock valued at $286,000 after buying an additional 280 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on TPR shares. Robert W. Baird boosted their price target on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. Bank of America upped their price target on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. TD Cowen downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective for the company. in a research note on Tuesday, October 29th. BMO Capital Markets upped their target price on Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, November 18th. Finally, Guggenheim lifted their price target on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and an average price target of $57.78.

Tapestry Price Performance

Shares of NYSE TPR opened at $61.06 on Wednesday. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The stock has a market capitalization of $14.23 billion, a price-to-earnings ratio of 17.65, a PEG ratio of 2.04 and a beta of 1.53. The firm’s 50 day simple moving average is $48.37 and its 200-day simple moving average is $43.75. Tapestry, Inc. has a 12 month low of $30.20 and a 12 month high of $61.44.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 2.29%. Tapestry’s dividend payout ratio is presently 40.46%.

Insider Buying and Selling at Tapestry

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