Westwood Holdings Group Inc. Sells 270,155 Shares of Tapestry, Inc. (NYSE:TPR)

Key Points

• Westwood Holdings Group Inc. significantly reduced its stake in Tapestry, cutting its holdings by 96.5% to just 9,931 shares, valued at approximately $699,000.
• Several hedge funds and institutional investors have been active in Tapestry, with notable increases from Nisa Investment Advisors LLC (up 16.7%) and Allworth Financial LP (up 689.0%).
• Analysts have recently set optimistic price targets for Tapestry, with upgrades from multiple firms, leading to a consensus rating of "Moderate Buy" and an average price target around $99.72.

Westwood Holdings Group Inc. reduced its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 96.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,931 shares of the luxury accessories retailer's stock after selling 270,155 shares during the period. Westwood Holdings Group Inc.'s holdings in Tapestry were worth $699,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Coppell Advisory Solutions LLC raised its holdings 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 buying an additional 150 shares during the last quarter. Private Trust Co. NA raised its holdings in shares of Tapestry by 27.2% during the first quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer's stock valued at $50,000 after buying an additional 153 shares during the last quarter. Mather Group LLC. raised its holdings in shares of Tapestry by 2.8% during the first 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 last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Tapestry by 25.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock valued at $68,000 after buying an additional 194 shares during the last quarter. Finally, Harbour Investments Inc. raised its holdings in shares of Tapestry by 120.1% during the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock valued at $25,000 after buying an additional 197 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. The Goldman Sachs Group boosted their target price on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Argus upped their price target on Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. Bank of America cut Tapestry from a "buy" rating to a "neutral" rating and upped their price target for the company from $95.00 to $115.00 in a report on Tuesday, July 29th. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $92.00 price target on shares of Tapestry in a report on Friday, May 9th. Finally, UBS Group reaffirmed a "neutral" rating and issued a $112.00 price target (up previously from $73.00) on shares of Tapestry in a report on Monday, August 4th. Four analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $99.72.

Tapestry Stock Up 0.5%

Shares of NYSE:TPR traded up $0.51 during midday trading on Friday, reaching $108.99. 3,243,764 shares of the company were exchanged, compared to its average volume of 4,031,584. Tapestry, Inc. has a fifty-two week low of $37.13 and a fifty-two week high of $113.08. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. The stock has a fifty day simple moving average of $94.16 and a two-hundred day simple moving average of $81.62. The firm has a market cap of $22.64 billion, a PE ratio of 28.68, a P/E/G ratio of 2.20 and a beta of 1.51.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period last year, the business posted $0.81 earnings per share. The firm's quarterly revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

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.