Keystone Investors PTE Ltd. Makes New Investment in Tapestry, Inc. (NYSE:TPR)

Keystone Investors PTE Ltd. purchased a new stake in Tapestry, Inc. (NYSE:TPR) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 406,262 shares of the luxury accessories retailer’s stock, valued at approximately $26,541,000. Tapestry comprises approximately 1.9% of Keystone Investors PTE Ltd.’s portfolio, making the stock its 17th largest holding. Keystone Investors PTE Ltd. owned 0.17% of Tapestry as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. GSA Capital Partners LLP bought a new stake in Tapestry during the 3rd quarter worth approximately $237,000. Caprock Group LLC bought a new stake in shares of Tapestry in the third quarter worth $240,000. Cerity Partners LLC increased its holdings in Tapestry by 179.1% in the third quarter. Cerity Partners LLC now owns 116,106 shares of the luxury accessories retailer’s stock valued at $5,455,000 after purchasing an additional 74,509 shares during the period. Kingsview Wealth Management LLC raised its position in Tapestry by 25.3% during the 3rd quarter. Kingsview Wealth Management LLC now owns 6,661 shares of the luxury accessories retailer’s stock worth $313,000 after purchasing an additional 1,346 shares during the last quarter. Finally, Algert Global LLC grew its position in shares of Tapestry by 17.3% in the 3rd quarter. Algert Global LLC now owns 45,054 shares of the luxury accessories retailer’s stock valued at $2,117,000 after buying an additional 6,640 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Tapestry Trading Up 3.5 %

Shares of Tapestry stock opened at $75.70 on Tuesday. The company has a market capitalization of $15.67 billion, a P/E ratio of 21.94, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57. The stock has a fifty day simple moving average of $77.35 and a 200 day simple moving average of $62.20. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating the consensus estimate of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period in the prior year, the company earned $1.63 earnings per share. On average, sell-side analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.85%. The ex-dividend date was Thursday, March 6th. Tapestry’s dividend payout ratio is presently 40.58%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TPR. Wells Fargo & Company lifted their price objective on Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Telsey Advisory Group upped their price objective on shares of Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a research note on Monday, February 3rd. The Goldman Sachs Group lifted their target price on shares of Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Morgan Stanley reaffirmed an “equal weight” rating and set a $65.00 price target on shares of Tapestry in a research report on Tuesday, January 21st. Finally, Guggenheim boosted their price objective on Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $78.53.

Insider Activity at Tapestry

In other news, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the sale, the general counsel now directly owns 38,609 shares in the company, valued at $3,397,592. The trade was a 23.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Todd Kahn sold 21,107 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the transaction, the chief executive officer now owns 176,985 shares of the company’s stock, valued at approximately $14,866,740. The trade was a 10.66 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is owned by insiders.

About Tapestry

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.