Amalgamated Bank Sells 3,067 Shares of Tapestry, Inc. (NYSE:TPR)

Amalgamated Bank lowered its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 6.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 41,575 shares of the luxury accessories retailer's stock after selling 3,067 shares during the period. Amalgamated Bank's holdings in Tapestry were worth $2,927,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in TPR. Curat Global LLC purchased a new position in shares of Tapestry in the first quarter worth about $382,000. Abacus FCF Advisors LLC increased its holdings in shares of Tapestry by 46.2% in the fourth quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer's stock worth $2,972,000 after buying an additional 14,384 shares during the period. Pzena Investment Management LLC purchased a new position in shares of Tapestry in the fourth quarter worth about $18,737,000. Raymond James Financial Inc. purchased a new position in shares of Tapestry in the fourth quarter worth about $38,180,000. Finally, Summit Global Investments purchased a new position in shares of Tapestry in the fourth quarter worth about $1,919,000. Institutional investors own 90.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on TPR shares. Argus lifted their price objective on Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. UBS Group boosted their price target on Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Telsey Advisory Group restated an "outperform" rating and set a $92.00 price target on shares of Tapestry in a report on Friday, May 9th. Wells Fargo & Company restated an "overweight" rating and set a $100.00 price target (up previously from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Finally, Raymond James Financial restated an "outperform" rating and set a $85.00 price target (up previously from $74.00) on shares of Tapestry in a report on Friday, May 9th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $88.78.

Tapestry Stock Up 4.9%

TPR stock opened at $90.73 on Friday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76. The company has a market capitalization of $18.84 billion, a price-to-earnings ratio of 23.88, a price-to-earnings-growth ratio of 1.86 and a beta of 1.47. The business's 50 day moving average price is $80.62 and its two-hundred day moving average price is $75.05. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.14. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.81 EPS. As a group, analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were paid a $0.35 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.54%. Tapestry's payout ratio is currently 36.84%.

Insider Activity at Tapestry

In related news, CEO Todd Kahn sold 40,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following the sale, the chief executive officer owned 116,062 shares in the company, valued at $9,447,446.80. This represents a 25.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the transaction, the vice president directly owned 40,922 shares in the company, valued at $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.18% of the company's stock.

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.

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