Rodgers Brothers Inc. purchased a new position in shares of Tapestry Inc (NYSE:TPR) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 51,255 shares of the luxury accessories retailer’s stock, valued at approximately $2,267,000.
Several other hedge funds also recently modified their holdings of the company. Clearline Capital LP bought a new position in shares of Tapestry during the fourth quarter worth about $639,000. Ladenburg Thalmann Financial Services Inc. bought a new position in shares of Tapestry during the fourth quarter worth about $363,000. Cornerstone Capital Management Holdings LLC. bought a new position in shares of Tapestry during the fourth quarter worth about $5,586,000. TIAA CREF Investment Management LLC bought a new position in shares of Tapestry during the fourth quarter worth about $68,164,000. Finally, Teachers Advisors LLC bought a new position in shares of Tapestry during the fourth quarter worth about $60,517,000. 89.28% of the stock is currently owned by institutional investors and hedge funds.
Tapestry Inc (TPR) opened at $52.98 on Wednesday. Tapestry Inc has a 12 month low of $37.92 and a 12 month high of $53.40. 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 company has a market cap of $14,944.93, a P/E ratio of 47.30, a P/E/G ratio of 1.81 and a beta of 0.48.
The business also recently disclosed a dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 9th will be paid a dividend of $0.3375 per share. The ex-dividend date is Thursday, March 8th. Tapestry’s dividend payout ratio is presently 120.54%.
Several equities analysts have recently commented on the stock. William Blair reaffirmed an “outperform” rating on shares of Tapestry in a research report on Tuesday, February 6th. Piper Jaffray Companies set a $48.00 price target on shares of Tapestry and gave the stock a “hold” rating in a research report on Monday, February 5th. Barclays increased their price target on shares of Tapestry from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Credit Suisse Group initiated coverage on shares of Tapestry in a report on Monday. They issued an “outperform” rating and a $60.00 target price on the stock. Finally, Zacks Investment Research raised shares of Tapestry from a “hold” rating to a “buy” rating and set a $53.00 target price on the stock in a report on Thursday, January 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $50.75.
In other Tapestry news, insider Sarah Dunn sold 6,229 shares of Tapestry stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $48.23, for a total value of $300,424.67. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Susan J. Kropf sold 6,185 shares of Tapestry stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $50.80, for a total transaction of $314,198.00. The disclosure for this sale can be found here. Insiders have sold 140,551 shares of company stock worth $7,020,158 in the last quarter. Company insiders own 0.98% of the company’s stock.
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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