iA Global Asset Management Inc. Invests $8.64 Million in Tapestry, Inc. (NYSE:TPR)

Key Points

• iA Global Asset Management Inc. acquired 122,768 shares of Tapestry, Inc., valued at approximately $8.6 million, increasing its stake to 0.06%.
• CEO Todd Kahn sold 40,000 shares of Tapestry for $3.26 million, resulting in a 25.63% decrease in his ownership.
• Analysts have raised Tapestry's price target substantially, with JPMorgan increasing it from $104.00 to $145.00 and 17 out of 21 analysts rating it as a buy.

iA Global Asset Management Inc. purchased a new stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 122,768 shares of the luxury accessories retailer's stock, valued at approximately $8,644,000. iA Global Asset Management Inc. owned approximately 0.06% of Tapestry at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the stock. Coppell Advisory Solutions LLC increased 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 valued at $34,000 after acquiring an additional 150 shares during the last quarter. Private Trust Co. NA raised its position in Tapestry by 27.2% in the 1st quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer's stock valued at $50,000 after purchasing an additional 153 shares during the last quarter. Mather Group LLC. increased its stake in Tapestry by 2.8% in the 1st quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer's stock valued at $424,000 after buying an additional 165 shares during the period. MassMutual Private Wealth & Trust FSB grew its stake in shares of Tapestry by 25.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock worth $68,000 after purchasing an additional 194 shares during the period. Finally, Harbour Investments Inc. grew its stake in Tapestry by 120.1% in the 1st 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 during the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on TPR. Citigroup increased their price objective on shares of Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Wall Street Zen downgraded shares of Tapestry from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. JPMorgan Chase & Co. lifted their price objective on shares of Tapestry from $104.00 to $145.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Cowen reissued a "buy" rating on shares of Tapestry in a research note on Thursday. Finally, Telsey Advisory Group reaffirmed an "outperform" rating and set a $92.00 target price on shares of Tapestry in a research note on Friday, May 9th. Four research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $99.72.

Insider Activity at Tapestry

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

Tapestry Trading Up 0.5%

Shares of TPR stock traded up $0.51 during mid-day trading on Friday, reaching $108.99. 3,243,764 shares of the stock traded hands, compared to its average volume of 4,031,584. The stock's fifty day simple moving average is $94.16 and its two-hundred day simple moving average is $81.56. Tapestry, Inc. has a 1-year low of $37.13 and a 1-year high of $113.08. The company has a market cap of $22.64 billion, a price-to-earnings ratio of 28.68, a price-to-earnings-growth ratio of 2.19 and a beta of 1.51. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59.

Tapestry (NYSE:TPR - Get Free Report) last announced its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating the consensus estimate 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 revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.81 EPS. On average, research analysts anticipate that Tapestry, Inc. will post 4.91 EPS 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.