Tapestry, Inc. $TPR Shares Purchased by Engineers Gate Manager LP

Engineers Gate Manager LP increased its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 557.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 472,467 shares of the luxury accessories retailer’s stock after buying an additional 400,628 shares during the quarter. Tapestry accounts for about 0.9% of Engineers Gate Manager LP’s portfolio, making the stock its 7th largest position. Engineers Gate Manager LP owned approximately 0.24% of Tapestry worth $69,160,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Eurizon Capital SGR S.p.A. acquired a new stake in Tapestry in the 4th quarter worth approximately $8,109,000. Norges Bank acquired a new position in Tapestry during the 4th quarter valued at approximately $345,349,000. Keystone Investors PTE Ltd. raised its holdings in shares of Tapestry by 17.4% in the fourth quarter. Keystone Investors PTE Ltd. now owns 62,622 shares of the luxury accessories retailer’s stock worth $8,001,000 after buying an additional 9,303 shares during the last quarter. SEB Asset Management AB purchased a new position in shares of Tapestry in the first quarter worth $59,525,000. Finally, Vega Investment Solutions acquired a new stake in shares of Tapestry during the second quarter worth $10,322,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Tapestry news, CEO Joanne Crevoiserat sold 27,761 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total value of $3,677,499.67. Following the completion of the transaction, the chief executive officer owned 666,149 shares in the company, valued at $88,244,758.03. This represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by corporate insiders.

Tapestry Stock Down 3.8%

Tapestry stock opened at $117.50 on Wednesday. Tapestry, Inc. has a twelve month low of $93.00 and a twelve month high of $164.80. The stock’s fifty day simple moving average is $139.63 and its 200-day simple moving average is $142.83. The firm has a market capitalization of $23.43 billion, a P/E ratio of 16.12, a P/E/G ratio of 1.55 and a beta of 1.42. The company has a current ratio of 1.75, a quick ratio of 1.25 and a debt-to-equity ratio of 3.44.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, beating the consensus estimate of $1.28 by $0.04. The company had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The firm’s revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, equities analysts expect that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, September 4th will be paid a dividend of $0.4625 per share. The ex-dividend date is Friday, September 4th. This represents a $1.85 annualized dividend and a yield of 1.6%. This is an increase from Tapestry’s previous quarterly dividend of $0.40. Tapestry’s dividend payout ratio (DPR) is 25.38%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on TPR shares. Morgan Stanley cut their target price on Tapestry from $164.00 to $159.00 and set an “overweight” rating on the stock in a research report on Friday, August 14th. Daiwa Securities Group upgraded shares of Tapestry from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 17th. Telsey Advisory Group increased their price objective on shares of Tapestry from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. BTIG Research dropped their price objective on shares of Tapestry from $180.00 to $175.00 and set a “buy” rating for the company in a report on Friday, August 14th. Finally, Zacks Research lowered shares of Tapestry from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $175.12.

Tapestry Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.