CCM Investment Group LLC Buys Shares of 17,665 Tapestry, Inc. (NYSE:TPR)

Key Points

• CCM Investment Group LLC acquired 17,665 shares of Tapestry, Inc. in the 1st quarter, valued at approximately $1.24 million.
• Institutional investors own 90.77% of Tapestry's stock, with several funds significantly increasing their stakes in the company during the 4th quarter.
• Tapestry reported $1.03 earnings per share for the last quarter, surpassing analysts' expectations, with revenue growing 6.9% year-over-year.

CCM Investment Group LLC acquired a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 17,665 shares of the luxury accessories retailer's stock, valued at approximately $1,241,000.

A number of other hedge funds have also recently bought and sold shares of TPR. Harbour Investments Inc. raised its stake in shares of Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock worth $25,000 after purchasing an additional 197 shares during the period. Greenline Partners LLC bought a new stake in shares of Tapestry during the 4th quarter worth $29,000. Coppell Advisory Solutions LLC raised its stake in shares of Tapestry by 40.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after purchasing an additional 150 shares during the period. Opal Wealth Advisors LLC bought a new stake in shares of Tapestry during the 1st quarter worth $35,000. Finally, MorganRosel Wealth Management LLC bought a new stake in Tapestry in the 1st quarter valued at about $35,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Stock Performance

Shares of Tapestry stock traded up $2.97 during trading on Tuesday, hitting $110.93. 3,803,535 shares of the company's stock traded hands, compared to its average volume of 3,995,746. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. Tapestry, Inc. has a 1 year low of $37.47 and a 1 year high of $113.08. The stock has a market capitalization of $23.04 billion, a P/E ratio of 29.19, a PEG ratio of 2.18 and a beta of 1.51. The business has a 50-day simple moving average of $95.40 and a 200-day simple moving average of $82.11.

Analyst Ratings Changes

TPR has been the topic of a number of research reports. Raymond James Financial restated an "outperform" rating and issued a $115.00 price objective (up from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. Morgan Stanley boosted their price objective on Tapestry from $90.00 to $115.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Wall Street Zen cut Tapestry from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. Bank of America cut Tapestry from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $95.00 to $115.00 in a research note on Tuesday, July 29th. Finally, Telsey Advisory Group restated an "outperform" rating and issued a $125.00 price objective (up from $92.00) on shares of Tapestry in a research note on Monday. Four research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $101.56.

About Tapestry

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.