Sumitomo Mitsui Asset Management Company LTD Has $3.02 Million Holdings in Tapestry Inc (TPR)

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Sumitomo Mitsui Asset Management Company LTD decreased its stake in Tapestry Inc (NYSE:TPR) by 7.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 60,070 shares of the luxury accessories retailer’s stock after selling 5,002 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Tapestry were worth $3,019,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. LifePlan Financial Group Inc purchased a new stake in Tapestry in the second quarter worth about $142,000. Twin Tree Management LP grew its position in shares of Tapestry by 128.9% during the second quarter. Twin Tree Management LP now owns 3,394 shares of the luxury accessories retailer’s stock worth $159,000 after purchasing an additional 15,144 shares in the last quarter. NEXT Financial Group Inc purchased a new stake in shares of Tapestry during the third quarter worth about $179,000. MUFG Americas Holdings Corp grew its position in shares of Tapestry by 70.6% during the second quarter. MUFG Americas Holdings Corp now owns 4,350 shares of the luxury accessories retailer’s stock worth $203,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Gideon Capital Advisors Inc. purchased a new stake in shares of Tapestry during the second quarter worth about $208,000. Institutional investors and hedge funds own 90.04% of the company’s stock.

TPR has been the subject of several research analyst reports. Piper Jaffray Companies reiterated a “buy” rating and set a $59.00 target price on shares of Tapestry in a research report on Thursday, August 16th. Guggenheim reiterated a “buy” rating and set a $60.00 target price on shares of Tapestry in a research report on Tuesday, July 3rd. Bank of America increased their target price on Tapestry from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, August 15th. Loop Capital set a $59.00 target price on Tapestry and gave the stock a “buy” rating in a research report on Tuesday, August 14th. Finally, UBS Group cut their target price on Tapestry from $62.00 to $59.00 and set a “buy” rating for the company in a research report on Tuesday, July 31st. Ten analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Tapestry has a consensus rating of “Buy” and an average price target of $56.16.

In other Tapestry news, Director Ivan Menezes sold 2,068 shares of the firm’s stock in a transaction that occurred on Friday, August 31st. The stock was sold at an average price of $50.70, for a total transaction of $104,847.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ian Bickley sold 48,071 shares of the firm’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $52.13, for a total value of $2,505,941.23. The disclosure for this sale can be found here. Insiders have sold a total of 50,602 shares of company stock valued at $2,633,939 in the last 90 days. 0.70% of the stock is currently owned by company insiders.

NYSE TPR opened at $42.51 on Friday. The company has a market cap of $12.74 billion, a price-to-earnings ratio of 16.16, a PEG ratio of 1.36 and a beta of 0.43. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.59 and a quick ratio of 1.87. Tapestry Inc has a 1-year low of $39.60 and a 1-year high of $55.50.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Tuesday, August 14th. The luxury accessories retailer reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.47 billion. Tapestry had a return on equity of 24.76% and a net margin of 6.76%. The firm’s revenue for the quarter was up 30.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 EPS. As a group, research analysts forecast that Tapestry Inc will post 2.77 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Friday, September 7th were issued a dividend of $0.3375 per share. This represents a $1.35 annualized dividend and a yield of 3.18%. The ex-dividend date was Thursday, September 6th. Tapestry’s dividend payout ratio is presently 51.33%.

Tapestry Profile

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

Further Reading: Ex-Dividend

Want to see what other hedge funds are holding TPR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tapestry Inc (NYSE:TPR).

Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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