AlphaQuest LLC Sells 40,621 Shares of Tapestry, Inc. (NYSE:TPR)

AlphaQuest LLC decreased its position in shares of Tapestry, Inc. (NYSE:TPR) by 93.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,942 shares of the luxury accessories retailer’s stock after selling 40,621 shares during the quarter. AlphaQuest LLC’s holdings in Tapestry were worth $192,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Venturi Wealth Management LLC lifted its holdings in shares of Tapestry by 78.0% in the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock worth $38,000 after acquiring an additional 252 shares during the last quarter. Brooklyn Investment Group bought a new position in shares of Tapestry in the third quarter worth about $47,000. UMB Bank n.a. lifted its holdings in shares of Tapestry by 72.9% in the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after acquiring an additional 496 shares during the last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of Tapestry by 13.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer’s stock worth $104,000 after acquiring an additional 182 shares during the last quarter. Finally, Transamerica Financial Advisors Inc. lifted its holdings in shares of Tapestry by 159,100.0% in the third quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock worth $75,000 after acquiring an additional 1,591 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Tapestry Price Performance

Tapestry stock opened at $70.48 on Monday. The stock has a market capitalization of $14.59 billion, a price-to-earnings ratio of 20.43, a PEG ratio of 2.01 and a beta of 1.57. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $90.85. The stock’s 50 day moving average price is $76.73 and its two-hundred day moving average price is $60.86. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same period in the previous year, the company posted $1.63 EPS. On average, equities analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s dividend payout ratio is currently 40.58%.

Insider Buying and Selling

In other Tapestry news, CEO Todd Kahn sold 21,107 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the transaction, the chief executive officer now directly owns 176,985 shares in the company, valued at approximately $14,866,740. This trade represents a 10.66 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total value of $2,226,929.12. Following the transaction, the chief financial officer now owns 146,587 shares in the company, valued at approximately $12,688,570.72. This trade represents a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,537 shares of company stock worth $5,730,589 in the last ninety days. Corporate insiders own 1.18% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on TPR shares. Morgan Stanley reissued an “equal weight” rating and issued a $65.00 target price on shares of Tapestry in a report on Tuesday, January 21st. Daiwa America raised Tapestry to a “hold” rating in a research note on Monday, November 18th. Evercore ISI upped their price objective on Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. BMO Capital Markets upped their price objective on Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, November 18th. Finally, Barclays upped their price objective on Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $78.53.

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.