JPMorgan Chase & Co. lessened its stake in Tapestry, Inc. (NYSE:TPR) by 19.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,239,309 shares of the luxury accessories retailer’s stock after selling 306,173 shares during the quarter. JPMorgan Chase & Co.’s holdings in Tapestry were worth $38,519,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Steward Partners Investment Advisory LLC grew its holdings in Tapestry by 7.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,365 shares of the luxury accessories retailer’s stock worth $229,000 after acquiring an additional 502 shares during the period. Parkside Financial Bank & Trust increased its holdings in shares of Tapestry by 86.8% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,291 shares of the luxury accessories retailer’s stock valued at $40,000 after purchasing an additional 600 shares in the last quarter. Advisor Partners LLC boosted its holdings in Tapestry by 5.7% during the fourth quarter. Advisor Partners LLC now owns 11,516 shares of the luxury accessories retailer’s stock worth $358,000 after buying an additional 624 shares in the last quarter. Eukles Asset Management increased its holdings in Tapestry by 2.8% in the fourth quarter. Eukles Asset Management now owns 23,157 shares of the luxury accessories retailer’s stock valued at $720,000 after buying an additional 626 shares in the last quarter. Finally, ProShare Advisors LLC grew its position in shares of Tapestry by 2.4% during the 3rd quarter. ProShare Advisors LLC now owns 30,095 shares of the luxury accessories retailer’s stock valued at $470,000 after acquiring an additional 692 shares during the period. Hedge funds and other institutional investors own 85.85% of the company’s stock.
TPR has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of Tapestry from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Thursday, January 7th. Telsey Advisory Group raised Tapestry from a “market perform” rating to an “outperform” rating and increased their target price for the company from $38.00 to $46.00 in a report on Tuesday, February 9th. KeyCorp raised their target price on Tapestry from $38.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday, February 5th. Needham & Company LLC boosted their price target on Tapestry from $26.00 to $37.00 and gave the stock a “buy” rating in a research report on Monday, February 1st. Finally, Citigroup lifted their target price on shares of Tapestry from $36.00 to $40.00 in a research note on Monday, February 8th. Seven investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Tapestry currently has an average rating of “Buy” and an average target price of $33.56.
TPR stock opened at $43.09 on Thursday. The business’s 50-day moving average is $42.12 and its two-hundred day moving average is $31.19. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.56 and a quick ratio of 1.12. Tapestry, Inc. has a 1 year low of $11.51 and a 1 year high of $46.42. The firm has a market capitalization of $11.97 billion, a P/E ratio of -26.93, a P/E/G ratio of 1.28 and a beta of 1.33.
Tapestry (NYSE:TPR) last issued its earnings results on Thursday, February 4th. The luxury accessories retailer reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.15. Tapestry had a negative net margin of 9.22% and a positive return on equity of 11.91%. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the firm posted $1.10 earnings per share. The company’s revenue was down 6.9% compared to the same quarter last year. On average, analysts expect that Tapestry, Inc. will post 2.27 EPS for the current year.
In other Tapestry news, Director Ivan Menezes sold 5,438 shares of the firm’s stock in a transaction dated Tuesday, March 9th. The stock was sold at an average price of $43.04, for a total transaction of $234,051.52. Following the transaction, the director now owns 37,079 shares of the company’s stock, valued at $1,595,880.16. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Todd Kahn sold 20,000 shares of the business’s stock in a transaction dated Thursday, February 11th. The shares were sold at an average price of $40.06, for a total value of $801,200.00. Following the completion of the sale, the chief executive officer now directly owns 206,460 shares of the company’s stock, valued at $8,270,787.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,602 shares of company stock worth $1,042,053. Company insiders own 1.40% of the company’s stock.
Tapestry Company Profile
Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade, Stuart Weitzman, and Corporate. The Coach segment consists global sales of coach brand products to customers through coach operated stores, including the internet and concession shop-in-shops, and sales to wholesale customers, and through independent third party distributors.
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