Teacher Retirement System of Texas lifted its position in Tapestry, Inc. (NYSE:TPR – Get Rating) by 208.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 130,340 shares of the luxury accessories retailer’s stock after purchasing an additional 88,095 shares during the period. Teacher Retirement System of Texas’ holdings in Tapestry were worth $3,706,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also modified their holdings of the company. Lazard Asset Management LLC increased its holdings in Tapestry by 45.7% in the 2nd quarter. Lazard Asset Management LLC now owns 4,758,778 shares of the luxury accessories retailer’s stock valued at $145,237,000 after buying an additional 1,492,589 shares during the period. Vanguard Group Inc. grew its holdings in shares of Tapestry by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 32,654,335 shares of the luxury accessories retailer’s stock worth $1,213,109,000 after purchasing an additional 751,210 shares during the last quarter. BNP Paribas Arbitrage SA grew its holdings in shares of Tapestry by 399.2% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 652,949 shares of the luxury accessories retailer’s stock worth $19,928,000 after purchasing an additional 522,138 shares during the last quarter. Todd Asset Management LLC grew its holdings in shares of Tapestry by 60.6% in the 2nd quarter. Todd Asset Management LLC now owns 1,314,475 shares of the luxury accessories retailer’s stock worth $40,117,000 after purchasing an additional 495,914 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Tapestry by 350.1% in the 2nd quarter. Victory Capital Management Inc. now owns 633,770 shares of the luxury accessories retailer’s stock worth $19,342,000 after purchasing an additional 492,960 shares during the last quarter. 92.84% of the stock is currently owned by institutional investors and hedge funds.
Tapestry Trading Down 1.5 %
Shares of Tapestry stock opened at $43.56 on Wednesday. The business has a fifty day simple moving average of $38.67 and a two-hundred day simple moving average of $34.95. Tapestry, Inc. has a 1 year low of $26.39 and a 1 year high of $44.41. The company has a market capitalization of $10.50 billion, a price-to-earnings ratio of 13.83, a P/E/G ratio of 0.96 and a beta of 1.36. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.82 and a quick ratio of 0.95.
Tapestry Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, December 27th. Stockholders of record on Friday, December 9th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date was Thursday, December 8th. Tapestry’s dividend payout ratio is currently 38.10%.
Analyst Ratings Changes
TPR has been the topic of several analyst reports. Morgan Stanley upped their target price on shares of Tapestry from $35.00 to $36.00 and gave the stock an “equal weight” rating in a report on Thursday, November 17th. Barclays downgraded shares of Tapestry from an “overweight” rating to an “equal weight” rating and set a $43.00 price target on the stock. in a research report on Monday. JPMorgan Chase & Co. upped their price target on shares of Tapestry from $46.00 to $47.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 29th. Sanford C. Bernstein downgraded shares of Tapestry from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 5th. Finally, Credit Suisse Group reduced their price target on shares of Tapestry to $45.00 in a research report on Wednesday, November 16th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and a consensus target price of $45.19.
Insider Transactions at Tapestry
In related news, VP Manesh Dadlani sold 1,582 shares of the firm’s stock in a transaction on Friday, December 2nd. The stock was sold at an average price of $38.53, for a total value of $60,954.46. Following the transaction, the vice president now owns 39,375 shares in the company, valued at $1,517,118.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.81% of the company’s stock.
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 accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.
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