Aquatic Capital Management LLC Lowers Position in Tapestry, Inc. (NYSE:TPR)

Aquatic Capital Management LLC trimmed its stake in shares of Tapestry, Inc. (NYSE:TPR) by 87.6% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 42,648 shares of the luxury accessories retailer’s stock after selling 301,452 shares during the period. Aquatic Capital Management LLC’s holdings in Tapestry were worth $2,786,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of TPR. Wilmington Savings Fund Society FSB bought a new stake in Tapestry in the third quarter worth about $333,000. Tidal Investments LLC lifted its stake in Tapestry by 1.8% in the third quarter. Tidal Investments LLC now owns 27,401 shares of the luxury accessories retailer’s stock worth $1,287,000 after purchasing an additional 481 shares during the last quarter. Franklin Resources Inc. lifted its stake in Tapestry by 10.6% in the third quarter. Franklin Resources Inc. now owns 163,234 shares of the luxury accessories retailer’s stock worth $7,442,000 after purchasing an additional 15,585 shares during the last quarter. Retirement Systems of Alabama lifted its stake in Tapestry by 1.0% in the third quarter. Retirement Systems of Alabama now owns 51,180 shares of the luxury accessories retailer’s stock worth $2,404,000 after purchasing an additional 493 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in Tapestry by 23.8% in the fourth quarter. GAMMA Investing LLC now owns 7,544 shares of the luxury accessories retailer’s stock worth $493,000 after purchasing an additional 1,449 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Robert W. Baird raised their target price on shares of Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Tuesday, April 8th. Jefferies Financial Group raised their target price on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Telsey Advisory Group raised their target price on shares of Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. Finally, Guggenheim lifted their price objective on shares of Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 7th. 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 data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.26.

Insider Buying and Selling at Tapestry

In other news, 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 value of $1,772,988.00. Following the transaction, the chief executive officer now directly owns 176,985 shares of the company’s stock, valued at $14,866,740. This represents a 10.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel David E. Howard sold 11,917 shares of the firm’s stock in a transaction dated 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 transaction, the general counsel now directly owns 38,609 shares in the company, valued at approximately $3,397,592. This represents a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,537 shares of company stock valued at $5,730,589. Corporate insiders own 1.18% of the company’s stock.

Tapestry Stock Up 0.5 %

Shares of Tapestry stock opened at $69.21 on Tuesday. The stock has a market capitalization of $14.33 billion, a P/E ratio of 20.06, a PEG ratio of 2.01 and a beta of 1.37. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The stock has a 50 day moving average price of $71.75 and a two-hundred day moving average price of $66.31. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) 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 in the previous year, the firm earned $1.63 earnings per share. Equities analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date was Thursday, March 6th. Tapestry’s dividend payout ratio is currently 40.58%.

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.