Metis Global Partners LLC Buys Shares of 4,381 Tapestry, Inc. (NYSE:TPR)

Metis Global Partners LLC purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 4,381 shares of the luxury accessories retailer’s stock, valued at approximately $206,000.

Several other hedge funds and other institutional investors have also modified their holdings of TPR. Capital Research Global Investors lifted its stake in Tapestry by 8.5% during the 1st quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock worth $296,212,000 after acquiring an additional 489,933 shares in the last quarter. Pacer Advisors Inc. increased its stake in Tapestry by 53.1% during the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after purchasing an additional 2,087,586 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Tapestry by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after purchasing an additional 165,406 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Tapestry by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock valued at $116,928,000 after purchasing an additional 46,760 shares during the period. Finally, AQR Capital Management LLC grew its holdings in shares of Tapestry by 235.9% in the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after purchasing an additional 1,051,743 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the transaction, the vice president now directly owns 35,003 shares of the company’s stock, valued at $2,028,773.88. The trade was a 20.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.18% of the company’s stock.

Tapestry Price Performance

Shares of NYSE:TPR opened at $55.62 on Wednesday. Tapestry, Inc. has a 12 month low of $30.19 and a 12 month high of $58.49. The firm has a market capitalization of $12.96 billion, a P/E ratio of 16.08, a P/E/G ratio of 1.98 and a beta of 1.53. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The company’s fifty day moving average price is $47.14 and its 200 day moving average price is $43.23.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is currently 40.46%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group increased their target price on shares of Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Citigroup increased their price objective on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Robert W. Baird boosted their target price on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a research report on Tuesday, October 29th. Finally, Wells Fargo & Company boosted their price objective on Tapestry from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $57.82.

Tapestry 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.