Principal Street Partners LLC Cuts Position in Tapestry, Inc. (NYSE:TPR)

Principal Street Partners LLC reduced its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 23.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 125,810 shares of the luxury accessories retailer’s stock after selling 37,567 shares during the quarter. Principal Street Partners LLC’s holdings in Tapestry were worth $5,909,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Waldron Private Wealth LLC acquired a new position in shares of Tapestry during the 3rd quarter valued at $25,000. Massmutual Trust Co. FSB ADV increased its holdings in Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after purchasing an additional 328 shares in the last quarter. Brooklyn Investment Group purchased a new position in Tapestry in the third quarter valued at about $47,000. Blue Trust Inc. lifted its stake in shares of Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after purchasing an additional 556 shares in the last quarter. Finally, MUFG Securities EMEA plc boosted its position 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 worth $52,000 after buying an additional 317 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on TPR shares. UBS Group lowered their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Barclays reissued an “equal weight” rating and issued a $57.00 price objective on shares of Tapestry in a report on Wednesday, November 20th. BMO Capital Markets upped their price target on Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, November 18th. The Goldman Sachs Group boosted their target price on shares of Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Finally, Raymond James reaffirmed an “outperform” rating and issued a $57.00 price target (up from $55.00) on shares of Tapestry in a report on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and a consensus price target of $57.78.

Insider Buying and Selling

In other news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the transaction, the vice president now directly owns 35,003 shares in the company, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.18% of the stock is owned by corporate insiders.

Tapestry Stock Up 0.9 %

Tapestry stock opened at $61.37 on Tuesday. Tapestry, Inc. has a 52 week low of $30.20 and a 52 week high of $61.39. The stock has a market cap of $14.30 billion, a price-to-earnings ratio of 17.59, a PEG ratio of 2.04 and a beta of 1.53. The company’s 50-day moving average price is $48.37 and its two-hundred day moving average price is $43.75. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35.

Tapestry Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 2.28%. Tapestry’s dividend payout ratio is presently 40.46%.

Tapestry 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.