First Sabrepoint Capital Management LP Takes Position in Tapestry, Inc. (NYSE:TPR)

First Sabrepoint Capital Management LP acquired a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 50,000 shares of the luxury accessories retailer's stock, valued at approximately $3,266,000. Tapestry accounts for 0.9% of First Sabrepoint Capital Management LP's holdings, making the stock its 27th biggest holding.

Several other hedge funds have also added to or reduced their stakes in the business. Ameriprise Financial Inc. raised its stake in shares of Tapestry by 4.8% in the 4th quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock valued at $527,799,000 after purchasing an additional 370,784 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Tapestry by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock worth $522,471,000 after purchasing an additional 382,856 shares during the period. Geode Capital Management LLC grew its holdings in Tapestry by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock worth $376,247,000 after purchasing an additional 176,717 shares during the period. Alliancebernstein L.P. grew its holdings in Tapestry by 15.2% during the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock worth $270,304,000 after purchasing an additional 546,497 shares during the period. Finally, Northern Trust Corp boosted its holdings in shares of Tapestry by 3.0% during the fourth quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock worth $183,909,000 after acquiring an additional 83,222 shares during the period. Institutional investors and hedge funds own 90.77% of the company's stock.

Wall Street Analyst Weigh In

TPR has been the subject of a number of research analyst reports. Robert W. Baird boosted their price objective on Tapestry from $93.00 to $100.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. StockNews.com downgraded shares of Tapestry from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. Telsey Advisory Group reiterated an "outperform" rating and set a $92.00 price target on shares of Tapestry in a report on Friday. Raymond James reiterated an "outperform" rating and set a $85.00 price target (up from $74.00) on shares of Tapestry in a report on Friday. Finally, Wells Fargo & Company decreased their price objective on Tapestry from $100.00 to $85.00 and set an "overweight" rating for the company in a report on Wednesday, April 30th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $82.22.

Tapestry Stock Up 0.6%

Shares of TPR stock traded up $0.46 on Friday, reaching $78.00. 4,311,696 shares of the company were exchanged, compared to its average volume of 4,216,865. The company has a market cap of $16.15 billion, a price-to-earnings ratio of 22.61, a PEG ratio of 2.01 and a beta of 1.41. The company has a 50-day moving average of $69.75 and a 200-day moving average of $68.11. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share 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 for the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter last year, the firm earned $0.81 EPS. The firm's revenue for the quarter was up 6.9% compared to the same quarter last year. Analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.79%. Tapestry's dividend payout ratio is currently 40.58%.

Insiders Place Their Bets

In related news, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total value of $2,226,929.12. Following the completion of the transaction, the chief financial officer now directly owns 146,587 shares in the company, valued at approximately $12,688,570.72. The trade was a 14.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the completion of the transaction, the general counsel now owns 38,609 shares of the company's stock, valued at $3,397,592. This represents a 23.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,537 shares of company stock valued at $5,730,589 in the last 90 days. 1.18% of the stock is currently owned by corporate insiders.

Tapestry Company 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.