Gagnon Securities LLC Sells 20,477 Shares of Tapestry, Inc. (NYSE:TPR)

Key Points

• Gagnon Securities LLC sold 20,477 shares of Tapestry, Inc., reducing its stake by 43.5%, now holding 26,587 shares valued at approximately $1.87 million.
• Analysts have shown confidence in Tapestry, with several firms increasing their price targets, including Raymond James raising its target to $115.00 and Citigroup to $94.00, while maintaining a buy rating.
• Tapestry's recent earnings report exceeded expectations, with earnings per share of $1.03 compared to the forecast of $0.89, and quarterly revenue increased by 6.9% year-over-year, totaling $1.58 billion.

Gagnon Securities LLC lessened its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 43.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,587 shares of the luxury accessories retailer's stock after selling 20,477 shares during the quarter. Gagnon Securities LLC's holdings in Tapestry were worth $1,872,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Coppell Advisory Solutions LLC boosted its position in shares of Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after buying an additional 150 shares during the period. Private Trust Co. NA boosted its position in shares of Tapestry by 27.2% during the first quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer's stock worth $50,000 after buying an additional 153 shares during the period. Mather Group LLC. boosted its position in shares of Tapestry by 2.8% during the first quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer's stock worth $424,000 after buying an additional 165 shares during the period. MassMutual Private Wealth & Trust FSB boosted its position in shares of Tapestry by 25.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock worth $68,000 after buying an additional 194 shares during the period. Finally, Harbour Investments Inc. boosted its position in shares of Tapestry by 120.1% during the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock worth $25,000 after buying an additional 197 shares during the period. Institutional investors own 90.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TPR. Raymond James Financial reaffirmed an "outperform" rating and set a $115.00 price objective (up from $85.00) on shares of Tapestry in a research report on Tuesday, July 22nd. Barclays reiterated an "overweight" rating and set a $105.00 target price (up previously from $98.00) on shares of Tapestry in a report on Friday, July 11th. UBS Group reiterated a "neutral" rating and set a $112.00 target price (up previously from $73.00) on shares of Tapestry in a report on Monday. Citigroup upped their target price on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, Bank of America lowered Tapestry from a "buy" rating to a "neutral" rating and upped their target price for the stock from $95.00 to $115.00 in a report on Tuesday, July 29th. Four investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, Tapestry has an average rating of "Moderate Buy" and an average price target of $99.72.

Insider Buying and Selling

In other news, CEO Todd Kahn sold 40,000 shares of the 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 in the company, valued at approximately $9,447,446.80. This trade represents a 25.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction that occurred on 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 trade represents a 3.31% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by company insiders.

Tapestry Price Performance

Shares of NYSE TPR opened at $112.05 on Thursday. The firm has a market cap of $23.27 billion, a P/E ratio of 29.49, a price-to-earnings-growth ratio of 2.25 and a beta of 1.51. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a 1-year low of $36.24 and a 1-year high of $112.58. The business's 50 day moving average is $92.96 and its 200-day moving average is $81.07.

Tapestry (NYSE:TPR - Get Free Report) last announced its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping 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%. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 earnings per share. Equities research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current 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.

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