Algert Global LLC Boosts Stake in Tapestry, Inc. (NYSE:TPR)

Algert Global LLC raised its position in Tapestry, Inc. (NYSE:TPR) by 17.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,054 shares of the luxury accessories retailer’s stock after purchasing an additional 6,640 shares during the quarter. Algert Global LLC’s holdings in Tapestry were worth $2,117,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Waldron Private Wealth LLC purchased a new stake in Tapestry during the 3rd quarter worth $25,000. Massmutual Trust Co. FSB ADV lifted its stake in shares of Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after purchasing an additional 328 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after buying an additional 556 shares during the period. MUFG Securities EMEA plc grew its stake in shares of Tapestry by 34.9% in the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after buying an additional 317 shares in the last quarter. Finally, Chilton Capital Management LLC purchased a new stake in shares of Tapestry during the 2nd quarter valued at about $53,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TPR. Evercore ISI increased their price objective on shares of Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Raymond James reaffirmed an “outperform” rating and set a $57.00 price target (up from $55.00) on shares of Tapestry in a report on Friday, November 8th. JPMorgan Chase & Co. boosted their price objective on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. The Goldman Sachs Group raised their target price on Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Finally, Telsey Advisory Group boosted their price target on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and an average price target of $57.78.

Tapestry Stock Down 0.2 %

TPR stock opened at $60.92 on Thursday. The firm has a market cap of $14.20 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 2.11 and a beta of 1.53. Tapestry, Inc. has a 1-year low of $30.68 and a 1-year high of $61.59. The firm has a fifty day moving average price of $48.73 and a two-hundred day moving average price of $43.90. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be paid a dividend of $0.35 per share. The ex-dividend date is Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 2.30%. 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 stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.18% of the stock is currently 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.