Patton Fund Management Inc. Has $3.42 Million Stake in Tapestry, Inc. $TPR

Key Points

• Patton Fund Management Inc. reduced its stake in Tapestry, Inc. by 61.5% in Q2, now holding 38,967 shares valued at approximately $3.42 million.
• Tapestry's quarterly earnings report revealed an earnings per share (EPS) of $1.04, beating estimates, with revenue increasing 8.3% year-over-year to $1.72 billion.
• The company recently increased its quarterly dividend from $0.35 to $0.40, reflecting a robust annualized yield of 1.5%.

Patton Fund Management Inc. trimmed its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 61.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,967 shares of the luxury accessories retailer's stock after selling 62,270 shares during the period. Tapestry makes up approximately 2.4% of Patton Fund Management Inc.'s investment portfolio, making the stock its 22nd largest position. Patton Fund Management Inc.'s holdings in Tapestry were worth $3,422,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of TPR. WT Asset Management Ltd grew its stake in Tapestry by 140.6% during the first quarter. WT Asset Management Ltd now owns 1,574,634 shares of the luxury accessories retailer's stock worth $110,870,000 after buying an additional 920,087 shares in the last quarter. Nuveen LLC acquired a new stake in Tapestry during the first quarter worth about $59,133,000. AQR Capital Management LLC grew its stake in Tapestry by 47.4% during the first quarter. AQR Capital Management LLC now owns 2,607,742 shares of the luxury accessories retailer's stock worth $177,405,000 after buying an additional 838,057 shares in the last quarter. Samlyn Capital LLC grew its stake in Tapestry by 50.2% during the first quarter. Samlyn Capital LLC now owns 1,972,241 shares of the luxury accessories retailer's stock worth $138,865,000 after buying an additional 658,889 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Tapestry by 8,158.1% during the first quarter. GAMMA Investing LLC now owns 622,988 shares of the luxury accessories retailer's stock worth $43,865,000 after buying an additional 615,444 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Up 1.1%

Shares of NYSE TPR opened at $108.99 on Friday. The company has a 50 day simple moving average of $106.49 and a 200 day simple moving average of $87.74. The firm has a market cap of $22.68 billion, a PE ratio of 173.00, a price-to-earnings-growth ratio of 2.60 and a beta of 1.52. Tapestry, Inc. has a 1 year low of $43.07 and a 1 year high of $117.00. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.87 and a quick ratio of 1.31.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.02. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.67 billion. Tapestry had a net margin of 2.61% and a return on equity of 68.02%. The firm's quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the business earned $0.92 EPS. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. On average, research analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 22nd. Investors of record on Friday, September 5th were issued a $0.40 dividend. This is a boost from Tapestry's previous quarterly dividend of $0.35. The ex-dividend date was Friday, September 5th. This represents a $1.60 dividend on an annualized basis and a yield of 1.5%. Tapestry's dividend payout ratio (DPR) is 253.97%.

Insider Buying and Selling

In other Tapestry news, Director Alan Ka Ming Lau sold 11,320 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $106.19, for a total transaction of $1,202,070.80. Following the completion of the transaction, the director owned 8,153 shares in the company, valued at approximately $865,767.07. This trade represents a 58.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Manesh Dadlani sold 7,882 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $99.05, for a total transaction of $780,712.10. Following the transaction, the vice president owned 21,098 shares of the company's stock, valued at approximately $2,089,756.90. The trade was a 27.20% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by company insiders.

Analyst Ratings Changes

TPR has been the topic of a number of research analyst reports. Cowen restated a "buy" rating on shares of Tapestry in a research note on Thursday, August 7th. Sanford C. Bernstein restated an "outperform" rating and issued a $112.00 price target on shares of Tapestry in a research note on Friday, August 15th. UBS Group reduced their price target on shares of Tapestry from $112.00 to $105.00 and set a "neutral" rating on the stock in a research note on Friday, August 15th. Argus raised their price target on shares of Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Finally, Evercore ISI reduced their price target on shares of Tapestry from $130.00 to $125.00 and set an "outperform" rating on the stock in a research note on Friday, August 15th. Seventeen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $106.47.

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.

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