Shell Asset Management Co. Sells 412 Shares of Tapestry, Inc. (NYSE:TPR)

Shell Asset Management Co. lowered its position in Tapestry, Inc. (NYSE:TPR) by 3.3% in the first quarter, Holdings Channel.com reports. The fund owned 12,255 shares of the luxury accessories retailer’s stock after selling 412 shares during the period. Shell Asset Management Co.’s holdings in Tapestry were worth $582,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of TPR. Natixis raised its stake in shares of Tapestry by 62.3% in the first quarter. Natixis now owns 19,788 shares of the luxury accessories retailer’s stock valued at $940,000 after purchasing an additional 7,593 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in Tapestry by 4.8% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 149,304 shares of the luxury accessories retailer’s stock valued at $7,095,000 after buying an additional 6,813 shares during the period. National Bank of Canada FI raised its stake in shares of Tapestry by 843.5% in the 1st quarter. National Bank of Canada FI now owns 501,742 shares of the luxury accessories retailer’s stock valued at $23,823,000 after buying an additional 448,564 shares in the last quarter. Bessemer Group Inc. lifted its holdings in shares of Tapestry by 1,328.8% during the 1st quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock worth $1,432,000 after acquiring an additional 28,038 shares during the period. Finally, UniSuper Management Pty Ltd boosted its position in shares of Tapestry by 845.4% during the 1st quarter. UniSuper Management Pty Ltd now owns 18,729 shares of the luxury accessories retailer’s stock valued at $889,000 after acquiring an additional 16,748 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Price Performance

Shares of TPR stock traded up $0.98 during trading hours on Friday, reaching $40.63. 461,979 shares of the company were exchanged, compared to its average volume of 3,323,068. Tapestry, Inc. has a fifty-two week low of $25.99 and a fifty-two week high of $48.80. The company has a debt-to-equity ratio of 2.77, a current ratio of 6.59 and a quick ratio of 5.98. The stock’s fifty day moving average is $42.05 and its two-hundred day moving average is $42.39. The company has a market cap of $9.34 billion, a price-to-earnings ratio of 10.49, a P/E/G ratio of 0.81 and a beta of 1.59.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.14. The firm had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. Tapestry’s revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.78 EPS. Sell-side analysts forecast that Tapestry, Inc. will post 4.24 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 24th. Investors of record on Friday, June 7th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend was Friday, June 7th. Tapestry’s dividend payout ratio is 37.04%.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 2,500 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $42.23, for a total transaction of $105,575.00. Following the completion of the sale, the vice president now directly owns 37,173 shares of the company’s stock, valued at approximately $1,569,815.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on TPR. Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a research report on Thursday, May 9th. Robert W. Baird cut their target price on Tapestry from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. Wells Fargo & Company decreased their price target on Tapestry from $55.00 to $52.00 and set an “overweight” rating on the stock in a research note on Wednesday. Bernstein Bank increased their price objective on Tapestry from $46.00 to $48.00 in a research note on Thursday, May 9th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Tapestry from $56.00 to $54.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $48.06.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's handbags; and women's accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.