Summit Global Investments Invests $1.92 Million in Tapestry, Inc. (NYSE:TPR)

Summit Global Investments purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 29,375 shares of the luxury accessories retailer’s stock, valued at approximately $1,919,000.

Several other institutional investors and hedge funds also recently made changes to their positions in TPR. Semanteon Capital Management LP purchased a new stake in Tapestry during the 4th quarter worth about $599,000. Harvest Fund Management Co. Ltd purchased a new stake in Tapestry during the 4th quarter worth about $1,246,000. Thrivent Financial for Lutherans lifted its holdings in Tapestry by 18.9% during the 4th quarter. Thrivent Financial for Lutherans now owns 175,307 shares of the luxury accessories retailer’s stock worth $11,453,000 after purchasing an additional 27,886 shares in the last quarter. Counterpoint Mutual Funds LLC purchased a new stake in Tapestry during the 4th quarter worth about $477,000. Finally, Cibc World Markets Corp lifted its holdings in Tapestry by 46.8% during the 4th quarter. Cibc World Markets Corp now owns 26,222 shares of the luxury accessories retailer’s stock worth $1,713,000 after purchasing an additional 8,360 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

Insider Transactions at Tapestry

In related news, CEO Todd Kahn sold 21,107 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00. Following the completion of the sale, the chief executive officer now owns 176,985 shares of the company’s stock, valued at $14,866,740. This trade represents a 10.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Scott A. Roe sold 25,727 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the transaction, the chief financial officer now directly owns 146,587 shares in the company, valued at approximately $12,688,570.72. The trade was a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,537 shares of company stock worth $5,730,589. Company insiders own 1.18% of the company’s stock.

Tapestry Stock Performance

Shares of NYSE TPR opened at $72.99 on Friday. The stock has a market cap of $15.11 billion, a price-to-earnings ratio of 21.16, a P/E/G ratio of 2.01 and a beta of 1.57. 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, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85. The stock’s 50-day moving average is $77.17 and its 200 day moving average is $61.81.

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

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s payout ratio is 40.58%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TPR. Wells Fargo & Company increased their price objective on Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Raymond James reissued an “outperform” rating and set a $88.00 price objective (up previously from $79.00) on shares of Tapestry in a report on Friday, February 7th. Guggenheim increased their price objective on Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 7th. UBS Group raised their price target on Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Finally, Telsey Advisory Group raised their price target on Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a report on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and an average target price of $78.53.

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.