Principal Street Partners LLC Lowers Holdings in Tapestry, Inc. (NYSE:TPR)

Principal Street Partners LLC lowered its position in shares of Tapestry, Inc. (NYSE:TPR) by 23.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 125,810 shares of the luxury accessories retailer’s stock after selling 37,567 shares during the quarter. Principal Street Partners LLC owned 0.05% of Tapestry worth $5,909,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Waldron Private Wealth LLC purchased a new position in Tapestry during the third quarter worth about $25,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after buying an additional 328 shares during the period. Brooklyn Investment Group purchased a new stake in shares of Tapestry in the third quarter valued at approximately $47,000. Blue Trust Inc. grew its holdings in Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after acquiring an additional 556 shares during the period. Finally, MUFG Securities EMEA plc raised its position in Tapestry by 34.9% in the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after acquiring an additional 317 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TPR. BMO Capital Markets boosted their target price on shares of Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, November 18th. Barclays reissued an “equal weight” rating and set a $57.00 price objective on shares of Tapestry in a report on Wednesday, November 20th. Citigroup increased their target price on shares of Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a report on Friday, October 25th. Raymond James reissued an “outperform” rating and set a $57.00 price target (up previously from $55.00) on shares of Tapestry in a research note on Friday, November 8th. Finally, Guggenheim upped their price target on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $57.78.

Tapestry Stock Up 0.9 %

TPR opened at $61.37 on Tuesday. Tapestry, Inc. has a 12 month low of $30.20 and a 12 month high of $61.39. The business has a 50-day moving average of $48.37 and a two-hundred day moving average of $43.75. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The stock has a market capitalization of $14.30 billion, a price-to-earnings ratio of 17.59, a price-to-earnings-growth ratio of 2.04 and a beta of 1.53.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be issued a $0.35 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.28%. Tapestry’s payout ratio is 40.46%.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the transaction, the vice president now owns 35,003 shares in the company, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.18% of the stock is currently owned by company insiders.

Tapestry Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.