Brilliance Asset Management Ltd. Takes Position in Tapestry, Inc. (NYSE:TPR)

Key Points

• Brilliance Asset Management Ltd. has acquired a new stake in Tapestry, Inc., purchasing 137,541 shares valued at approximately $9.68 million, which now represents about 3.2% of its investment portfolio.
• Several other institutional investors, including Ameriprise Financial Inc. and Price T Rowe Associates Inc., have significantly boosted their holdings in Tapestry, indicating strong institutional interest in the company.
• Tapestry reported earnings of $1.03 per share for the most recent quarter, surpassing analyst expectations, and its quarterly revenue increased by 6.9% year-over-year.

Brilliance Asset Management Ltd. purchased a new stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 137,541 shares of the luxury accessories retailer's stock, valued at approximately $9,684,000. Tapestry makes up 3.2% of Brilliance Asset Management Ltd.'s portfolio, making the stock its 7th biggest position. Brilliance Asset Management Ltd. owned 0.07% of Tapestry at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Resona Asset Management Co. Ltd. acquired a new position in shares of Tapestry during the 4th quarter worth approximately $95,000. Russell Investments Group Ltd. raised its stake in shares of Tapestry by 6.2% during the 4th quarter. Russell Investments Group Ltd. now owns 130,208 shares of the luxury accessories retailer's stock worth $8,506,000 after buying an additional 7,640 shares during the period. Cerity Partners LLC raised its stake in shares of Tapestry by 6.2% during the 4th quarter. Cerity Partners LLC now owns 123,341 shares of the luxury accessories retailer's stock worth $7,667,000 after buying an additional 7,235 shares during the period. FIL Ltd acquired a new position in shares of Tapestry during the 4th quarter worth approximately $3,820,000. Finally, Bank of Nova Scotia raised its stake in shares of Tapestry by 18.9% during the 4th quarter. Bank of Nova Scotia now owns 148,832 shares of the luxury accessories retailer's stock worth $9,723,000 after buying an additional 23,689 shares during the period. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Tapestry

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TPR. Citigroup upped their target price on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Barclays reiterated an "overweight" rating and set a $105.00 price target (up from $98.00) on shares of Tapestry in a research report on Friday, July 11th. Cowen reiterated a "buy" rating on shares of Tapestry in a research report on Thursday. JPMorgan Chase & Co. boosted their price target on Tapestry from $104.00 to $145.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Finally, UBS Group restated a "neutral" rating and issued a $112.00 target price (up from $73.00) on shares of Tapestry in a report on Monday, August 4th. Four analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $99.72.

Tapestry Stock Up 0.5%

TPR stock traded up $0.51 during mid-day trading on Friday, reaching $108.99. The company had a trading volume of 3,243,764 shares, compared to its average volume of 4,031,584. 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 $22.64 billion, a price-to-earnings ratio of 28.68, a price-to-earnings-growth ratio of 2.20 and a beta of 1.51. The firm has a fifty day simple moving average of $94.16 and a 200 day simple moving average of $81.62. Tapestry, Inc. has a fifty-two week low of $37.13 and a fifty-two week high of $113.08.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.89 by $0.14. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. Tapestry's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 EPS. Analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Company 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.