SeaBridge Investment Advisors LLC Decreases Holdings in Tapestry Inc (TPR)

SeaBridge Investment Advisors LLC cut its stake in shares of Tapestry Inc (NYSE:TPR) by 30.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 79,170 shares of the luxury accessories retailer’s stock after selling 34,344 shares during the period. SeaBridge Investment Advisors LLC’s holdings in Tapestry were worth $3,980,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in TPR. United Capital Financial Advisers LLC raised its stake in Tapestry by 18.4% during the 1st quarter. United Capital Financial Advisers LLC now owns 21,758 shares of the luxury accessories retailer’s stock valued at $1,145,000 after buying an additional 3,379 shares during the last quarter. Natixis purchased a new stake in Tapestry during the 1st quarter valued at $1,195,000. Ladenburg Thalmann Financial Services Inc. raised its stake in Tapestry by 239.4% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 27,887 shares of the luxury accessories retailer’s stock valued at $1,466,000 after buying an additional 19,671 shares during the last quarter. Highbridge Capital Management LLC raised its stake in Tapestry by 203.7% during the 1st quarter. Highbridge Capital Management LLC now owns 5,081 shares of the luxury accessories retailer’s stock valued at $267,000 after buying an additional 9,981 shares during the last quarter. Finally, NEXT Financial Group Inc purchased a new stake in Tapestry during the 1st quarter valued at $228,000. Institutional investors and hedge funds own 90.04% of the company’s stock.

In related news, Director Ivan Menezes sold 2,068 shares of the company’s stock in a transaction on Friday, August 31st. The shares were sold at an average price of $50.70, for a total value of $104,847.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ian Bickley sold 48,071 shares of the company’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $52.13, for a total transaction of $2,505,941.23. The disclosure for this sale can be found here. Insiders sold a total of 50,602 shares of company stock valued at $2,633,939 in the last ninety days. 0.70% of the stock is currently owned by insiders.

TPR has been the subject of several analyst reports. Goldman Sachs Group set a $61.00 price objective on Tapestry and gave the stock a “buy” rating in a research note on Wednesday, August 15th. Wells Fargo & Co restated a “buy” rating on shares of Tapestry in a research note on Tuesday, August 14th. JPMorgan Chase & Co. upped their price objective on Tapestry from $50.00 to $54.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 15th. Canaccord Genuity upped their price objective on Tapestry from $55.00 to $63.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 15th. Finally, Loop Capital set a $59.00 price objective on Tapestry and gave the stock a “buy” rating in a research note on Tuesday, August 14th. Ten analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $56.16.

Tapestry stock traded down $0.68 during mid-day trading on Friday, hitting $42.76. The stock had a trading volume of 107,988 shares, compared to its average volume of 3,088,644. The company has a market capitalization of $12.74 billion, a P/E ratio of 16.46, a P/E/G ratio of 1.36 and a beta of 0.43. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.87 and a current ratio of 2.59. Tapestry Inc has a one year low of $39.16 and a one year high of $55.50.

Tapestry (NYSE:TPR) last issued its earnings results on Tuesday, August 14th. The luxury accessories retailer reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.47 billion. Tapestry had a net margin of 6.76% and a return on equity of 24.76%. Tapestry’s quarterly revenue was up 30.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.50 EPS. Analysts forecast that Tapestry Inc will post 2.77 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Friday, September 7th were issued a $0.3375 dividend. This represents a $1.35 annualized dividend and a yield of 3.16%. The ex-dividend date was Thursday, September 6th. Tapestry’s dividend payout ratio is currently 51.33%.

Tapestry Company 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.

Featured Article: Understanding the different types of bonds

Want to see what other hedge funds are holding TPR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tapestry Inc (NYSE:TPR).

Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

Receive News & Ratings for Tapestry Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tapestry and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply