AlphaCrest Capital Management LLC Raises Stock Position in Tapestry Inc (NYSE:TPR)

AlphaCrest Capital Management LLC grew its stake in shares of Tapestry Inc (NYSE:TPR) by 25.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,426 shares of the luxury accessories retailer’s stock after acquiring an additional 4,488 shares during the period. AlphaCrest Capital Management LLC’s holdings in Tapestry were worth $729,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Nelson Roberts Investment Advisors LLC bought a new position in Tapestry in the first quarter valued at $26,000. Claybrook Capital LLC bought a new position in shares of Tapestry during the fourth quarter valued at about $34,000. Oregon Public Employees Retirement Fund grew its stake in shares of Tapestry by 1,484.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,213,009 shares of the luxury accessories retailer’s stock valued at $36,000 after buying an additional 1,136,452 shares during the last quarter. Avestar Capital LLC grew its stake in shares of Tapestry by 2,225.0% during the first quarter. Avestar Capital LLC now owns 1,209 shares of the luxury accessories retailer’s stock valued at $39,000 after buying an additional 1,157 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its stake in shares of Tapestry by 1,079.0% during the first quarter. Quadrant Capital Group LLC now owns 1,403 shares of the luxury accessories retailer’s stock valued at $44,000 after buying an additional 1,284 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

A number of analysts have recently weighed in on the stock. OTR Global lowered shares of Tapestry to a “positive” rating in a report on Tuesday, April 23rd. ValuEngine lowered shares of Tapestry from a “sell” rating to a “strong sell” rating in a report on Thursday, March 14th. TheStreet lowered shares of Tapestry from a “b-” rating to a “c+” rating in a report on Thursday, March 7th. Canaccord Genuity restated a “buy” rating and issued a $41.00 price objective on shares of Tapestry in a report on Friday, May 10th. Finally, UBS Group raised their price objective on shares of Tapestry from $50.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, May 10th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $46.84.

In related news, Director Annabelle Yu Long sold 3,229 shares of Tapestry stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $28.93, for a total transaction of $93,414.97. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Darrell Cavens purchased 7,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was bought at an average price of $30.01 per share, for a total transaction of $210,070.00. The disclosure for this purchase can be found here. 0.70% of the stock is currently owned by insiders.

NYSE:TPR traded down $0.43 during trading hours on Monday, reaching $31.30. The company had a trading volume of 4,964,700 shares, compared to its average volume of 4,579,242. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.86 and a current ratio of 2.67. Tapestry Inc has a 52 week low of $27.93 and a 52 week high of $54.35. The stock has a market cap of $9.21 billion, a price-to-earnings ratio of 11.90, a price-to-earnings-growth ratio of 1.15 and a beta of 0.88. The company’s 50 day simple moving average is $30.28.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. Tapestry had a net margin of 11.78% and a return on equity of 22.08%. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the previous year, the company earned $0.54 EPS. Tapestry’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities research analysts predict that Tapestry Inc will post 2.58 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 7th will be paid a dividend of $0.3375 per share. This represents a $1.35 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date of this dividend is Thursday, June 6th. Tapestry’s dividend payout ratio (DPR) is 51.33%.

Tapestry Profile

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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