Clearline Capital LP bought a new stake in Tapestry Inc (NYSE:TPR) during the fourth quarter, HoldingsChannel reports. The fund bought 14,450 shares of the luxury accessories retailer’s stock, valued at approximately $639,000.
Several other hedge funds have also recently modified their holdings of the company. BlackRock Inc. bought a new position in Tapestry in the 4th quarter valued at about $791,257,000. American International Group Inc. bought a new position in Tapestry in the 4th quarter valued at about $543,498,000. American Century Companies Inc. bought a new position in Tapestry in the 4th quarter valued at about $287,354,000. Renaissance Technologies LLC bought a new position in Tapestry in the 4th quarter valued at about $239,505,000. Finally, Jennison Associates LLC bought a new position in Tapestry in the 4th quarter valued at about $181,887,000. 89.28% of the stock is currently owned by institutional investors.
Shares of Tapestry Inc (TPR) opened at $52.46 on Tuesday. The company has a current ratio of 1.90, a quick ratio of 1.51 and a debt-to-equity ratio of 0.64. The stock has a market cap of $14,953.48, a P/E ratio of 46.84, a P/E/G ratio of 1.81 and a beta of 0.48. Tapestry Inc has a 52-week low of $37.92 and a 52-week high of $52.85.
The company also recently declared a dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 9th will be given a dividend of $0.3375 per share. The ex-dividend date of this dividend is Thursday, March 8th. Tapestry’s dividend payout ratio is 120.54%.
Several research firms have weighed in on TPR. Credit Suisse Group began coverage on shares of Tapestry in a report on Monday. They issued an “outperform” rating and a $60.00 price target on the stock. Loop Capital began coverage on shares of Tapestry in a report on Thursday, March 8th. They issued a “buy” rating and a $57.00 price target on the stock. TheStreet raised shares of Tapestry from a “c+” rating to a “b” rating in a report on Tuesday, February 6th. Barclays increased their price target on shares of Tapestry from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Finally, Buckingham Research increased their price target on shares of Tapestry from $55.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company’s stock. Tapestry currently has an average rating of “Buy” and an average price target of $50.75.
In related news, insider Sarah Dunn sold 6,229 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $48.23, for a total transaction of $300,424.67. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Victor Luis sold 123,780 shares of the stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $50.02, for a total transaction of $6,191,475.60. The disclosure for this sale can be found here. Insiders have sold a total of 140,551 shares of company stock worth $7,020,158 in the last quarter. 0.98% of the stock is currently owned by company insiders.
Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.
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