Reinhart Partners LLC. Boosts Stake in Tapestry, Inc. (NYSE:TPR)

Reinhart Partners LLC. grew its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 36.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 124,949 shares of the luxury accessories retailer's stock after buying an additional 33,581 shares during the period. Reinhart Partners LLC. owned 0.06% of Tapestry worth $8,798,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in TPR. Procyon Advisors LLC purchased a new stake in Tapestry during the 1st quarter worth about $1,222,000. Magnus Financial Group LLC acquired a new stake in shares of Tapestry during the 1st quarter worth about $206,000. Curat Global LLC purchased a new stake in shares of Tapestry during the first quarter worth about $382,000. Vest Financial LLC purchased a new stake in shares of Tapestry during the first quarter worth about $2,406,000. Finally, Contravisory Investment Management Inc. acquired a new position in shares of Tapestry in the first quarter valued at approximately $502,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Stock Down 0.3%

Shares of Tapestry stock opened at $79.00 on Friday. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85. The stock has a market cap of $16.41 billion, a price-to-earnings ratio of 22.90, a price-to-earnings-growth ratio of 2.01 and a beta of 1.46. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The company has a fifty day moving average price of $72.64 and a 200 day moving average price of $71.86.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.14. The company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The company's revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.81 earnings per share. Equities research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be paid a dividend of $0.35 per share. The ex-dividend date is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.77%. Tapestry's dividend payout ratio is currently 36.84%.

Insider Transactions at Tapestry

In other news, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction dated 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 sale, the chief executive officer now directly owns 116,062 shares of the company's stock, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the transaction, the vice president now directly owns 40,922 shares of the company's stock, valued at $3,350,693.36. This represents a 3.31% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.18% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on the stock. Morgan Stanley raised shares of Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 target price for the company in a research note on Thursday, May 8th. JPMorgan Chase & Co. lifted their price objective on Tapestry from $88.00 to $104.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. Redburn Atlantic upgraded Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 target price for the company in a research note on Tuesday, February 18th. Guggenheim upped their price objective on shares of Tapestry from $70.00 to $90.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Finally, Wall Street Zen raised shares of Tapestry from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Four equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, Tapestry presently has an average rating of "Moderate Buy" and a consensus target price of $83.89.

Tapestry 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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