Castleark Management LLC Makes New $18.15 Million Investment in Tapestry, Inc. $TPR

Key Points

• Castleark Management LLC disclosed a new position in Tapestry, buying 142,084 shares valued at about $18.15 million in the fourth quarter, according to its latest 13F filing.
• Tapestry’s latest earnings topped expectations, with EPS of $1.66 versus the $1.30 estimate and revenue of $1.92 billion, up 21.2% year over year.
• Analysts remain mostly positive on the stock, with a consensus rating of Moderate Buy and an average target price of $165.12; the company also announced a $0.40 quarterly dividend payable June 22.

Castleark Management LLC acquired a new position in Tapestry, Inc. (NYSE:TPR - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 142,084 shares of the luxury accessories retailer's stock, valued at approximately $18,154,000. Castleark Management LLC owned approximately 0.07% of Tapestry at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Triumph Capital Management bought a new position in shares of Tapestry in the 3rd quarter worth about $29,000. Steph & Co. increased its stake in shares of Tapestry by 128.7% in the 4th quarter. Steph & Co. now owns 231 shares of the luxury accessories retailer's stock worth $30,000 after acquiring an additional 130 shares in the last quarter. Flagship Harbor Advisors LLC bought a new stake in Tapestry during the 4th quarter valued at about $31,000. Cornerstone Planning Group LLC increased its stake in Tapestry by 2,720.0% during the 4th quarter. Cornerstone Planning Group LLC now owns 282 shares of the luxury accessories retailer's stock valued at $36,000 after purchasing an additional 272 shares in the last quarter. Finally, HM Payson & Co. increased its stake in Tapestry by 125.8% during the 4th quarter. HM Payson & Co. now owns 289 shares of the luxury accessories retailer's stock valued at $37,000 after purchasing an additional 161 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Insider Activity at Tapestry

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,776 shares of Tapestry stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $132.89, for a total transaction of $3,691,152.64. Following the transaction, the chief executive officer owned 652,434 shares of the company's stock, valued at $86,701,954.26. The trade was a 4.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Kahn sold 19,557 shares of Tapestry stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the sale, the chief executive officer owned 123,258 shares in the company, valued at approximately $17,258,585.16. The trade was a 13.69% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.32% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Wall Street Zen upgraded shares of Tapestry from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 9th. BTIG Research restated a "buy" rating and set a $180.00 price objective on shares of Tapestry in a research note on Wednesday. Sanford C. Bernstein restated an "outperform" rating and set a $180.00 price objective on shares of Tapestry in a research note on Tuesday, June 2nd. Argus set a $165.00 price objective on shares of Tapestry in a research note on Thursday, March 12th. Finally, Citigroup raised their price objective on shares of Tapestry from $165.00 to $170.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Tapestry has a consensus rating of "Moderate Buy" and a consensus target price of $165.12.

Tapestry Stock Performance

TPR opened at $147.58 on Friday. The company has a current ratio of 1.84, a quick ratio of 1.27 and a debt-to-equity ratio of 3.48. The company has a market cap of $29.82 billion, a price-to-earnings ratio of 47.30, a PEG ratio of 1.48 and a beta of 1.42. The company's 50 day moving average is $142.25 and its 200 day moving average is $137.60. Tapestry, Inc. has a 12-month low of $78.59 and a 12-month high of $161.97.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.36. Tapestry had a net margin of 8.44% and a return on equity of 229.70%. The business had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter in the previous year, the firm earned $1.03 earnings per share. The company's revenue for the quarter was up 21.2% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. On average, equities research analysts predict that Tapestry, Inc. will post 6.95 EPS for the current year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Friday, June 5th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.60 annualized dividend and a yield of 1.1%. Tapestry's payout ratio is currently 51.28%.

Tapestry Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry's operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.

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