ING Groep NV acquired a new stake in Tapestry Inc (NYSE:TPR) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 16,509 shares of the luxury accessories retailer’s stock, valued at approximately $730,000.
Several other large investors have also recently bought and sold shares of TPR. Hexavest Inc. acquired a new position in shares of Tapestry in the fourth quarter valued at approximately $106,000. Dupont Capital Management Corp acquired a new position in shares of Tapestry in the fourth quarter valued at approximately $110,000. Cerebellum GP LLC acquired a new position in shares of Tapestry in the fourth quarter valued at approximately $118,000. M&R Capital Management Inc. acquired a new position in Tapestry during the third quarter worth approximately $153,000. Finally, SeaCrest Wealth Management LLC acquired a new position in Tapestry during the fourth quarter worth approximately $163,000. 87.97% of the stock is owned by institutional investors and hedge funds.
TPR has been the subject of several research analyst reports. Zacks Investment Research lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Thursday, January 11th. Susquehanna Bancshares initiated coverage on shares of Tapestry in a research report on Thursday, November 2nd. They set a “positive” rating and a $50.00 price target for the company. Citigroup initiated coverage on shares of Tapestry in a research report on Thursday, November 2nd. They set a “positive” rating and a $50.00 price target for the company. William Blair reaffirmed a “buy” rating on shares of Tapestry in a research report on Saturday, October 21st. Finally, Canaccord Genuity set a $58.00 price target on shares of Tapestry and gave the stock a “buy” rating in a research report on Sunday, January 7th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $50.23.
Tapestry (NYSE:TPR) last announced its earnings results on Tuesday, February 6th. The luxury accessories retailer reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.21. The business had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.77 billion. Tapestry had a net margin of 6.14% and a return on equity of 23.68%. The business’s quarterly revenue was up 35.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.75 earnings per share. analysts anticipate that Tapestry Inc will post 2.56 EPS for the current fiscal year.
In other news, CAO Todd Kahn sold 4,357 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $49.13, for a total value of $214,059.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sarah Dunn sold 6,229 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $48.23, for a total transaction of $300,424.67. The disclosure for this sale can be found here. Insiders sold 134,366 shares of company stock valued at $6,705,960 over the last 90 days. Insiders own 0.98% of the company’s stock.
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Tapestry Company Profile
Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.
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