Redwood Investment Management LLC Takes Position in Tapestry, Inc. $TPR

Redwood Investment Management LLC purchased a new stake in Tapestry, Inc. (NYSE:TPR) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 7,881 shares of the luxury accessories retailer’s stock, valued at approximately $1,154,000.

A number of other institutional investors have also recently bought and sold shares of TPR. Cetera Trust Company N.A purchased a new stake in Tapestry during the second quarter valued at about $26,000. Keating Financial Advisory Services Inc. acquired a new position in shares of Tapestry in the second quarter worth about $31,000. Acumen Wealth Advisors LLC purchased a new position in shares of Tapestry in the fourth quarter worth approximately $28,000. Virtus Advisers LLC purchased a new position in shares of Tapestry in the second quarter worth approximately $32,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in shares of Tapestry during the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Weiss Ratings upgraded shares of Tapestry from a “hold (c)” rating to a “buy (b-)” rating in a research report on Friday, August 14th. Daiwa Securities Group raised shares of Tapestry from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 17th. Sanford C. Bernstein reissued a “market perform” rating and set a $185.00 target price (up from $180.00) on shares of Tapestry in a research note on Friday, August 14th. Wells Fargo & Company reduced their target price on Tapestry from $165.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Finally, JPMorgan Chase & Co. raised their target price on Tapestry from $205.00 to $211.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $175.12.

Tapestry Stock Down 5.5%

Tapestry stock opened at $123.14 on Friday. Tapestry, Inc. has a twelve month low of $93.00 and a twelve month high of $164.80. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. The firm has a market cap of $24.55 billion, a PE ratio of 16.89, a P/E/G ratio of 1.65 and a beta of 1.43. The firm’s 50 day moving average price is $143.63 and its two-hundred day moving average price is $144.61.

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

Tapestry Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, September 4th will be given a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. This represents a $1.85 dividend on an annualized basis and a yield of 1.5%. Tapestry’s payout ratio is 21.95%.

Insider Buying and Selling

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

About Tapestry

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.