Lombard Odier Asset Management USA Corp cut its position in Tapestry, Inc. (NYSE:TPR) by 64.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 72,105 shares of the luxury accessories retailer’s stock after selling 131,650 shares during the quarter. Lombard Odier Asset Management USA Corp’s holdings in Tapestry were worth $2,971,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the stock. Pinnacle Bancorp Inc. grew its position in Tapestry by 62.4% in the 1st quarter. Pinnacle Bancorp Inc. now owns 731 shares of the luxury accessories retailer’s stock worth $30,000 after purchasing an additional 281 shares during the last quarter. Optimum Investment Advisors acquired a new stake in Tapestry in the 1st quarter worth $35,000. BDO Wealth Advisors LLC acquired a new stake in Tapestry in the 1st quarter worth $41,000. Ameritas Investment Company LLC acquired a new stake in Tapestry in the 1st quarter worth $48,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Tapestry in the 1st quarter worth $66,000. Institutional investors and hedge funds own 88.56% of the company’s stock.
TPR has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft raised their price target on shares of Tapestry from $45.00 to $54.00 and gave the stock a “buy” rating in a research report on Monday, May 3rd. Zacks Investment Research lowered shares of Tapestry from a “buy” rating to a “hold” rating and set a $48.00 target price on the stock. in a research report on Monday, April 12th. Morgan Stanley lifted their target price on shares of Tapestry from $37.00 to $40.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 11th. Robert W. Baird lifted their target price on shares of Tapestry from $45.00 to $54.00 and gave the company an “outperform” rating in a research report on Friday, May 7th. Finally, MKM Partners lifted their target price on shares of Tapestry from $38.00 to $47.00 and gave the company a “neutral” rating in a research report on Monday, May 17th. Seven equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Tapestry presently has a consensus rating of “Buy” and an average price target of $40.36.
Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, May 6th. The luxury accessories retailer reported $0.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.21. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.20 billion. Tapestry had a net margin of 7.03% and a return on equity of 20.85%. Tapestry’s revenue for the quarter was up 18.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.27) earnings per share. As a group, equities analysts forecast that Tapestry, Inc. will post 2.83 EPS for the current fiscal year.
In related news, insider Sarah Dunn sold 14,759 shares of the business’s stock in a transaction that occurred on Monday, May 17th. The shares were sold at an average price of $47.00, for a total transaction of $693,673.00. Following the completion of the sale, the insider now directly owns 123,181 shares of the company’s stock, valued at $5,789,507. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.40% of the company’s stock.
Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, Other Asia, and internationally. The company operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers women's accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.
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