Signet Financial Management LLC Reduces Stake in Tapestry, Inc. (NYSE:TPR)

Signet Financial Management LLC cut its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 16.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,853 shares of the luxury accessories retailer's stock after selling 3,814 shares during the quarter. Signet Financial Management LLC's holdings in Tapestry were worth $1,327,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Greenline Partners LLC acquired a new stake in shares of Tapestry during the fourth quarter worth $29,000. Coppell Advisory Solutions LLC lifted its position in shares of Tapestry by 40.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after buying an additional 150 shares during the last quarter. Venturi Wealth Management LLC raised its stake in shares of Tapestry by 78.0% during the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock valued at $38,000 after acquiring an additional 252 shares during the last quarter. Canada Post Corp Registered Pension Plan acquired a new position in Tapestry in the fourth quarter valued at approximately $48,000. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in Tapestry by 25.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock valued at $68,000 after purchasing an additional 194 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on TPR shares. Robert W. Baird upped their price objective on shares of Tapestry from $93.00 to $100.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price objective for the company in a research note on Thursday, May 8th. Wells Fargo & Company reiterated an "overweight" rating and set a $100.00 price objective (up previously from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. The Goldman Sachs Group lifted their price objective on shares of Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, Wall Street Zen raised Tapestry from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Three investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $86.56.

Tapestry Trading Up 0.3%

Shares of TPR traded up $0.23 during midday trading on Thursday, hitting $81.98. The stock had a trading volume of 926,773 shares, compared to its average volume of 4,253,103. The firm has a market cap of $17.03 billion, a P/E ratio of 23.76, a price-to-earnings-growth ratio of 2.01 and a beta of 1.46. The business has a 50-day simple moving average of $73.40 and a two-hundred day simple moving average of $72.34. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.14. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the previous year, the business earned $0.81 EPS. Tapestry's quarterly revenue was up 6.9% compared to the same quarter last year. As a group, equities analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be given 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 yield of 1.71%. Tapestry's dividend payout ratio (DPR) is presently 36.84%.

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the sale, the vice president now owns 40,922 shares of the company's stock, valued at $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the transaction, the chief executive officer now owns 116,062 shares of the company's stock, valued at approximately $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

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.