First Sabrepoint Capital Management LP Invests $3.27 Million in Tapestry, Inc. (NYSE:TPR)

First Sabrepoint Capital Management LP acquired a new position in Tapestry, Inc. (NYSE:TPR) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 50,000 shares of the luxury accessories retailer’s stock, valued at approximately $3,266,000. Tapestry makes up approximately 0.9% of First Sabrepoint Capital Management LP’s investment portfolio, making the stock its 27th largest holding.

A number of other institutional investors have also bought and sold shares of the business. Coppell Advisory Solutions LLC increased its holdings in shares of Tapestry by 40.7% in the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock worth $34,000 after buying an additional 150 shares during the last quarter. Venturi Wealth Management LLC lifted its holdings in shares of Tapestry by 78.0% in the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock worth $38,000 after acquiring an additional 252 shares during the last quarter. Canada Post Corp Registered Pension Plan purchased a new position in shares of Tapestry during the 4th quarter worth about $48,000. UMB Bank n.a. raised its position in Tapestry by 72.9% in the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after purchasing an additional 496 shares during the period. Finally, Brown Brothers Harriman & Co. grew its stake in shares of Tapestry by 1,792.1% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer’s stock valued at $78,000 after buying an additional 1,129 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Activity at Tapestry

In related news, CEO Todd Kahn sold 7,786 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the completion of the sale, the chief executive officer now directly owns 201,531 shares of the company’s stock, valued at $17,652,100.29. The trade was a 3.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the firm’s stock in a transaction dated 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 completion of 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 position. The disclosure for this sale can be found here. Insiders sold a total of 66,537 shares of company stock valued at $5,730,589 in the last quarter. Insiders own 1.18% of the company’s stock.

Tapestry Stock Performance

TPR stock opened at $77.48 on Friday. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The company has a 50 day moving average price of $69.81 and a 200 day moving average price of $67.55. The stock has a market capitalization of $16.04 billion, a PE ratio of 22.46, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.14. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the prior year, the firm posted $0.81 earnings per share. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. Analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.81%. Tapestry’s dividend payout ratio (DPR) is currently 40.58%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Citigroup dropped their price target on Tapestry from $95.00 to $81.00 and set a “buy” rating on the stock in a research report on Thursday, April 17th. Barclays cut their price objective on shares of Tapestry from $100.00 to $83.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Morgan Stanley raised shares of Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 target price on the stock in a research note on Thursday. Robert W. Baird upped their price target on Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Finally, Wells Fargo & Company cut their target price on Tapestry from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, April 30th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.79.

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.