Range Financial Group LLC Increases Position in Tapestry, Inc. $TPR

Key Points

• Range Financial Group LLC increased its stake in Tapestry, Inc. by 20.5% during the second quarter, owning 38,447 shares valued at approximately $3.38 million.
• Tapestry recently announced a quarterly dividend increase from $0.35 to $0.40 per share, reflecting a dividend yield of 1.5%.
• The company reported a net margin of 2.61% for the last quarter, with revenue increasing by 8.3% compared to the same period last year.

Range Financial Group LLC raised its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 20.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 38,447 shares of the luxury accessories retailer's stock after buying an additional 6,535 shares during the quarter. Tapestry comprises 1.3% of Range Financial Group LLC's holdings, making the stock its 15th largest position. Range Financial Group LLC's holdings in Tapestry were worth $3,376,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TPR. Harbour Investments Inc. raised its stake in shares of Tapestry by 120.1% in the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock worth $25,000 after purchasing an additional 197 shares during the last quarter. Flaharty Asset Management LLC purchased a new position in shares of Tapestry in the first quarter worth about $25,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Tapestry in the first quarter worth about $29,000. Opal Wealth Advisors LLC purchased a new position in shares of Tapestry in the first quarter worth about $35,000. Finally, MorganRosel Wealth Management LLC acquired a new stake in Tapestry during the first quarter worth about $35,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 7,882 shares of the business's stock in a transaction on 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 transaction, the vice president directly owned 21,098 shares of the company's stock, valued at $2,089,756.90. The trade was a 27.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Alan Ka Ming Lau sold 11,320 shares of the firm's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $106.19, for a total value of $1,202,070.80. Following the sale, the director owned 8,153 shares in the company, valued at $865,767.07. This trade represents a 58.13% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

Tapestry Stock Performance

Shares of TPR stock traded up $0.95 during trading hours on Friday, reaching $114.25. 5,658,328 shares of the company's stock were exchanged, compared to its average volume of 3,797,537. The company has a market cap of $23.78 billion, a P/E ratio of 181.35, a price-to-earnings-growth ratio of 2.73 and a beta of 1.52. The company's 50 day moving average is $105.48 and its two-hundred day moving average is $86.47. Tapestry, Inc. has a 1 year low of $42.06 and a 1 year high of $115.35. 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 earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.02 by $0.02. The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.67 billion. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The company's revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.92 EPS. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. Equities research analysts anticipate that Tapestry, Inc. will post 4.91 EPS 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 issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.4%. This is a positive change from Tapestry's previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, September 5th. Tapestry's payout ratio is presently 253.97%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Raymond James Financial reaffirmed an "outperform" rating and set a $115.00 price objective (up previously from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. Bank of America lowered Tapestry from a "buy" rating to a "neutral" rating and raised their price objective for the company from $95.00 to $115.00 in a report on Tuesday, July 29th. Morgan Stanley reissued an "overweight" rating on shares of Tapestry in a report on Thursday, September 11th. TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective on the stock in a report on Thursday, June 12th. Finally, Telsey Advisory Group reissued an "outperform" rating and issued a $125.00 price objective on shares of Tapestry in a report on Thursday, September 11th. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Tapestry currently has an average 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.