Metis Global Partners LLC Reduces Stake in Tapestry, Inc. $TPR

Metis Global Partners LLC lessened its holdings in Tapestry, Inc. (NYSE:TPR) by 41.3% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 4,969 shares of the luxury accessories retailer’s stock after selling 3,497 shares during the period. Metis Global Partners LLC’s holdings in Tapestry were worth $436,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Wedbush Securities Inc. boosted its holdings in shares of Tapestry by 3.4% in the 2nd quarter. Wedbush Securities Inc. now owns 10,152 shares of the luxury accessories retailer’s stock valued at $891,000 after acquiring an additional 334 shares during the last quarter. Sterling Capital Management LLC raised its holdings in shares of Tapestry by 5.3% during the second quarter. Sterling Capital Management LLC now owns 105,416 shares of the luxury accessories retailer’s stock worth $9,257,000 after purchasing an additional 5,278 shares during the last quarter. Savant Capital LLC lifted its position in Tapestry by 46.5% during the second quarter. Savant Capital LLC now owns 29,391 shares of the luxury accessories retailer’s stock valued at $2,581,000 after purchasing an additional 9,326 shares during the period. Resona Asset Management Co. Ltd. boosted its holdings in Tapestry by 15.5% in the second quarter. Resona Asset Management Co. Ltd. now owns 2,219 shares of the luxury accessories retailer’s stock valued at $193,000 after purchasing an additional 297 shares during the last quarter. Finally, Convergence Financial LLC boosted its holdings in Tapestry by 3.0% in the second quarter. Convergence Financial LLC now owns 3,386 shares of the luxury accessories retailer’s stock valued at $297,000 after purchasing an additional 98 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TPR. Evercore ISI boosted their price objective on Tapestry from $125.00 to $129.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. Jefferies Financial Group lifted their price target on Tapestry from $125.00 to $135.00 and gave the company a “buy” rating in a research report on Thursday, October 23rd. Barclays boosted their price target on Tapestry from $111.00 to $127.00 and gave the company an “overweight” rating in a report on Thursday, September 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tapestry in a research note on Wednesday, October 8th. Finally, Cowen reaffirmed a “buy” rating on shares of Tapestry in a report on Thursday, August 7th. Eighteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $116.25.

Insider Activity

In related news, VP Manesh Dadlani sold 7,882 shares of the firm’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $99.05, for a total value of $780,712.10. Following the transaction, the vice president directly owned 21,098 shares of the company’s stock, valued at approximately $2,089,756.90. This trade represents a 27.20% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Alan Ka Ming Lau sold 11,320 shares of Tapestry stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $106.19, for a total value of $1,202,070.80. Following the completion of the sale, the director owned 8,153 shares in the company, valued at approximately $865,767.07. The trade was a 58.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.32% of the stock is owned by company insiders.

Tapestry Stock Up 1.7%

Shares of TPR opened at $103.78 on Thursday. The firm has a market cap of $21.24 billion, a P/E ratio of 164.73, a PEG ratio of 2.72 and a beta of 1.71. Tapestry, Inc. has a 12 month low of $51.15 and a 12 month high of $118.56. The stock’s 50 day moving average is $111.01 and its two-hundred day moving average is $98.16. The company has a current ratio of 1.87, a quick ratio of 1.31 and a debt-to-equity ratio of 2.77.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, November 6th. The luxury accessories retailer reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.13. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The firm had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the firm posted $0.84 EPS. The business’s revenue was up 13.1% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 5.450-5.600 EPS. Analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Friday, December 5th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Friday, December 5th. Tapestry’s dividend payout ratio (DPR) is presently 142.86%.

Tapestry declared that its board has authorized a stock repurchase plan on Thursday, November 6th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the luxury accessories retailer to buy up to 4.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

About Tapestry

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.