Hodges Capital Management Inc. Cuts Position in Tapestry Inc (TPR)

Hodges Capital Management Inc. trimmed its holdings in shares of Tapestry Inc (NYSE:TPR) by 10.7% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 66,840 shares of the luxury accessories retailer’s stock after selling 7,990 shares during the quarter. Hodges Capital Management Inc.’s holdings in Tapestry were worth $3,360,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Heritage Trust Co increased its holdings in Tapestry by 2.4% during the second quarter. Heritage Trust Co now owns 53,122 shares of the luxury accessories retailer’s stock valued at $2,481,000 after buying an additional 1,269 shares during the period. Westpac Banking Corp grew its holdings in Tapestry by 0.4% in the second quarter. Westpac Banking Corp now owns 342,103 shares of the luxury accessories retailer’s stock worth $15,980,000 after purchasing an additional 1,300 shares during the last quarter. CIBC World Markets Inc. grew its holdings in Tapestry by 24.5% in the first quarter. CIBC World Markets Inc. now owns 7,042 shares of the luxury accessories retailer’s stock worth $370,000 after purchasing an additional 1,387 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD grew its holdings in Tapestry by 2.2% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 65,072 shares of the luxury accessories retailer’s stock worth $3,039,000 after purchasing an additional 1,388 shares during the last quarter. Finally, Sumitomo Life Insurance Co. grew its holdings in Tapestry by 4.5% in the second quarter. Sumitomo Life Insurance Co. now owns 32,988 shares of the luxury accessories retailer’s stock worth $1,541,000 after purchasing an additional 1,415 shares during the last quarter. 90.19% of the stock is currently owned by institutional investors.

Several equities analysts have issued reports on the stock. Canaccord Genuity set a $63.00 price target on shares of Tapestry and gave the stock a “buy” rating in a report on Monday. Barclays lifted their price target on shares of Tapestry from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Thursday, August 16th. ValuEngine lowered shares of Tapestry from a “buy” rating to a “hold” rating in a report on Thursday, October 11th. Bank of America lifted their price target on shares of Tapestry from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, August 15th. Finally, Loop Capital set a $59.00 price target on shares of Tapestry and gave the stock a “buy” rating in a report on Tuesday, August 14th. Ten analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $56.16.



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

NYSE:TPR opened at $40.80 on Tuesday. Tapestry Inc has a 12 month low of $39.60 and a 12 month high of $55.50. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.59 and a quick ratio of 1.87. The firm has a market cap of $11.94 billion, a PE ratio of 15.51, a P/E/G ratio of 1.27 and a beta of 0.43.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Tuesday, August 14th. The luxury accessories retailer reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.03. Tapestry had a net margin of 6.76% and a return on equity of 24.76%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.47 billion. During the same period in the previous year, the firm posted $0.50 earnings per share. The business’s revenue for the quarter was up 30.9% compared to the same quarter last year. On average, equities analysts predict that Tapestry Inc will post 2.77 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 7th were paid a dividend of $0.3375 per share. The ex-dividend date was Thursday, September 6th. This represents a $1.35 annualized dividend and a dividend yield of 3.31%. Tapestry’s payout ratio is currently 51.33%.

Tapestry Company 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.

Read More: Fundamental Analysis

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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