IFM Investors Pty Ltd raised its stake in Tapestry Inc (NYSE:TPR) by 13.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,907 shares of the luxury accessories retailer’s stock after purchasing an additional 1,913 shares during the period. IFM Investors Pty Ltd’s holdings in Tapestry were worth $800,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in TPR. Voya Investment Management LLC increased its stake in Tapestry by 147.7% in the second quarter. Voya Investment Management LLC now owns 5,210,305 shares of the luxury accessories retailer’s stock valued at $243,373,000 after purchasing an additional 3,107,067 shares during the last quarter. BlackRock Inc. increased its stake in Tapestry by 15.5% in the second quarter. BlackRock Inc. now owns 20,772,651 shares of the luxury accessories retailer’s stock valued at $970,290,000 after purchasing an additional 2,780,915 shares during the last quarter. ANTIPODES PARTNERS Ltd purchased a new position in Tapestry in the second quarter valued at approximately $123,352,000. Janus Henderson Group PLC grew its position in shares of Tapestry by 598.6% during the second quarter. Janus Henderson Group PLC now owns 1,715,712 shares of the luxury accessories retailer’s stock worth $80,141,000 after acquiring an additional 1,470,103 shares during the last quarter. Finally, FMR LLC grew its position in shares of Tapestry by 19.8% during the second quarter. FMR LLC now owns 8,097,454 shares of the luxury accessories retailer’s stock worth $378,232,000 after acquiring an additional 1,335,513 shares during the last quarter. Institutional investors own 90.19% of the company’s stock.
In other Tapestry news, Director Ivan Menezes sold 2,068 shares of the firm’s stock in a transaction on Friday, August 31st. The stock was sold at an average price of $50.70, for a total value of $104,847.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ian Bickley sold 48,071 shares of the firm’s stock in a transaction 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. Over the last ninety days, insiders have sold 50,602 shares of company stock valued at $2,633,939. Corporate insiders own 0.70% of the company’s stock.
Tapestry (NYSE:TPR) last issued its quarterly earnings results on Tuesday, August 14th. The luxury accessories retailer reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.03. Tapestry had a return on equity of 24.76% and a net margin of 6.76%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.47 billion. During the same period last year, the company earned $0.50 earnings per share. The company’s revenue for the quarter was up 30.9% on a year-over-year basis. On average, sell-side analysts predict that Tapestry Inc will post 2.77 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Friday, September 7th were issued a dividend of $0.3375 per share. This represents a $1.35 annualized dividend and a dividend yield of 3.27%. The ex-dividend date of this dividend was Thursday, September 6th. Tapestry’s dividend payout ratio is presently 51.33%.
A number of equities analysts have recently issued reports on TPR shares. Piper Jaffray Companies restated a “buy” rating and set a $59.00 target price on shares of Tapestry in a research report on Thursday, August 16th. Guggenheim restated 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 raised their target price on shares of 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 shares of Tapestry and gave the stock a “buy” rating in a research report on Tuesday, August 14th. Finally, UBS Group lowered their target price on shares of Tapestry from $62.00 to $59.00 and set a “buy” rating on the stock in a research report on Tuesday, July 31st. Ten research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $56.16.
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.
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