Gotham Asset Management LLC Sells 40,270 Shares of Tapestry, Inc. $TPR

Key Points

• Gotham Asset Management LLC reduced its stake in Tapestry, Inc. by 8.4%, selling 40,270 shares and now holding 441,650 shares, which is approximately 0.3% of its portfolio.
• Wall Street analysts have mixed ratings for Tapestry, with the current consensus being a "Moderate Buy" and a price target of $105.47, as multiple firms adjust their ratings and price targets.
• Tapestry recently increased its quarterly dividend to $0.40 per share, marking a positive change from its previous dividend and representing a yield of 1.5% for investors of record.

Gotham Asset Management LLC lowered its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 8.4% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 441,650 shares of the luxury accessories retailer's stock after selling 40,270 shares during the quarter. Tapestry comprises 0.3% of Gotham Asset Management LLC's holdings, making the stock its 21st biggest position. Gotham Asset Management LLC owned 0.21% of Tapestry worth $31,097,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. DoubleLine ETF Adviser LP acquired a new position in Tapestry in the 1st quarter valued at $378,000. Boothbay Fund Management LLC raised its stake in Tapestry by 19.6% in the first quarter. Boothbay Fund Management LLC now owns 212,112 shares of the luxury accessories retailer's stock valued at $14,935,000 after purchasing an additional 34,709 shares in the last quarter. AQR Capital Management LLC raised its stake in Tapestry by 47.4% in the first quarter. AQR Capital Management LLC now owns 2,607,742 shares of the luxury accessories retailer's stock valued at $177,405,000 after purchasing an additional 838,057 shares in the last quarter. Amundi raised its stake in Tapestry by 25.4% in the first quarter. Amundi now owns 432,323 shares of the luxury accessories retailer's stock valued at $28,140,000 after purchasing an additional 87,550 shares in the last quarter. Finally, Ancora Advisors LLC raised its stake in Tapestry by 7,948.1% in the first quarter. Ancora Advisors LLC now owns 8,692 shares of the luxury accessories retailer's stock valued at $612,000 after purchasing an additional 8,584 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.

Insider Buying and Selling at Tapestry

In other news, VP Manesh Dadlani sold 7,882 shares of the stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $99.05, for a total value of $780,712.10. Following the completion of the sale, the vice president owned 21,098 shares of the company's stock, valued at approximately $2,089,756.90. This represents a 27.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Evercore ISI dropped their price target on Tapestry from $130.00 to $125.00 and set an "outperform" rating for the company in a research note on Friday, August 15th. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $112.00 price target on shares of Tapestry in a research note on Friday, August 15th. Bank of America downgraded Tapestry from a "buy" rating to a "neutral" rating and boosted their price target for the company from $95.00 to $115.00 in a research note on Tuesday, July 29th. TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target for the company in a research note on Thursday, June 12th. Finally, Raymond James Financial reissued an "outperform" rating and set a $115.00 price target (up previously from $85.00) on shares of Tapestry in a report on Tuesday, July 22nd. Seventeen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $105.47.

Tapestry Trading Down 1.6%

Shares of Tapestry stock traded down $1.66 on Friday, hitting $104.16. The stock had a trading volume of 2,489,416 shares, compared to its average volume of 4,717,418. The stock has a 50 day moving average of $102.15 and a 200 day moving average of $84.81. Tapestry, Inc. has a twelve month low of $40.08 and a twelve month high of $114.05. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.31 and a current ratio of 1.87. The firm has a market capitalization of $21.68 billion, a P/E ratio of 165.33, a PEG ratio of 2.63 and a beta of 1.52.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.02. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the prior year, the firm posted $0.92 earnings per share. The firm's revenue was up 8.3% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. Sell-side analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from Tapestry's previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a dividend yield of 1.5%. Tapestry's payout ratio is currently 253.97%.

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.