Pitcairn Co. Cuts Stake in Tapestry, Inc. (NYSE:TPR)

Pitcairn Co. decreased its stake in Tapestry, Inc. (NYSE:TPR) by 4.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,795 shares of the luxury accessories retailer’s stock after selling 243 shares during the period. Pitcairn Co.’s holdings in Tapestry were worth $272,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its holdings in Tapestry by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after acquiring an additional 272,007 shares during the period. Pacer Advisors Inc. lifted its position 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 worth $285,580,000 after purchasing an additional 58,135 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Tapestry by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock valued at $151,965,000 after purchasing an additional 165,406 shares during the period. Bank of New York Mellon Corp grew its holdings in Tapestry by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock valued at $116,928,000 after purchasing an additional 46,760 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in Tapestry by 235.9% during the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after buying an additional 1,051,743 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Stock Performance

Shares of TPR opened at $60.92 on Thursday. Tapestry, Inc. has a 1 year low of $30.68 and a 1 year high of $61.59. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. The company has a market cap of $14.20 billion, a price-to-earnings ratio of 17.61, a price-to-earnings-growth ratio of 2.11 and a beta of 1.53. The firm has a fifty day moving average of $48.73 and a 200-day moving average of $43.90.

Tapestry Announces Dividend

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 issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date is Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is 40.46%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Citigroup raised their target price on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Guggenheim lifted their price objective on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Raymond James reiterated an “outperform” rating and set a $57.00 target price (up from $55.00) on shares of Tapestry in a research note on Friday, November 8th. Telsey Advisory Group raised their price target on shares of Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. Finally, 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 note on Friday, October 25th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $57.78.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction dated 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 owns 35,003 shares in the company, valued at $2,028,773.88. This represents a 20.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 1.18% of the stock is owned by 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.