Castellan Group Invests $10.24 Million in Tapestry, Inc. (NYSE:TPR)

Key Points

• Castellan Group invested $10.24 million to acquire 145,381 shares of Tapestry, Inc., making it the fund's 12th largest holding.
• In recent insider trading, CEO Todd Kahn sold 40,000 shares for approximately $3.25 million, resulting in a 25.63% decrease in his ownership of the stock.
• Tapestry reported a better-than-expected quarterly earnings with an EPS of $1.03, surpassing analysts' estimates of $0.89, while its revenue rose by 6.9% year-over-year.

Castellan Group bought a new stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 145,381 shares of the luxury accessories retailer's stock, valued at approximately $10,236,000. Tapestry makes up 2.9% of Castellan Group's investment portfolio, making the stock its 12th largest holding. Castellan Group owned about 0.07% of Tapestry at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Harbour Investments Inc. lifted its position in shares of Tapestry by 120.1% in the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock valued at $25,000 after acquiring an additional 197 shares in the last quarter. Greenline Partners LLC purchased a new position in shares of Tapestry in the fourth quarter valued at about $29,000. Coppell Advisory Solutions LLC lifted its position in shares of Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after acquiring an additional 150 shares in the last quarter. Opal Wealth Advisors LLC purchased a new position in shares of Tapestry in the first quarter valued at about $35,000. Finally, MorganRosel Wealth Management LLC purchased a new position in shares of Tapestry in the first quarter valued at about $35,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other 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 transaction of $3,256,000.00. Following the transaction, the chief executive officer owned 116,062 shares of the company's stock, valued at approximately $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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 transaction, the vice president directly owned 40,922 shares in the company, valued at approximately $3,350,693.36. This represents a 3.31% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.18% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on TPR. UBS Group boosted their price objective on Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Bank of America downgraded 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 report on Tuesday. Barclays reaffirmed an "overweight" rating and issued a $105.00 target price (up from $98.00) on shares of Tapestry in a report on Friday, July 11th. Wall Street Zen cut Tapestry from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. Finally, Argus lifted their target price on Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. Four analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $96.17.

Tapestry Trading Down 0.1%

Shares of NYSE TPR opened at $108.12 on Friday. The stock has a market capitalization of $22.45 billion, a P/E ratio of 28.45, a PEG ratio of 2.18 and a beta of 1.47. The business's 50 day moving average is $90.42 and its two-hundred day moving average is $79.92. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $110.44. 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 (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating analysts' consensus estimates of $0.89 by $0.14. The firm had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company's quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 earnings per share. As a group, research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.3%. Tapestry's dividend payout ratio is currently 36.84%.

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.

Want to see what other hedge funds are holding TPR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tapestry, Inc. (NYSE:TPR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.