First Mercantile Trust Co. Decreases Stake in Tapestry, Inc. (NYSE:TPR)

First Mercantile Trust Co. lessened its stake in Tapestry, Inc. (NYSE:TPR) by 29.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,520 shares of the luxury accessories retailer’s stock after selling 1,860 shares during the quarter. First Mercantile Trust Co.’s holdings in Tapestry were worth $197,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. KB Financial Partners LLC acquired a new stake in Tapestry during the first quarter worth about $36,000. JTC Employer Solutions Trusteee Ltd bought a new position in shares of Tapestry in the second quarter valued at approximately $39,000. BDO Wealth Advisors LLC bought a new position in shares of Tapestry in the first quarter valued at approximately $41,000. Ameritas Investment Company LLC bought a new stake in Tapestry during the first quarter worth approximately $48,000. Finally, Patriot Financial Group Insurance Agency LLC bought a new stake in Tapestry during the second quarter worth approximately $57,000. Institutional investors and hedge funds own 88.54% of the company’s stock.

TPR has been the subject of several research analyst reports. The Goldman Sachs Group started coverage on shares of Tapestry in a research report on Wednesday, July 14th. They issued a “neutral” rating and a $42.00 price target for the company. Robert W. Baird increased their target price on shares of Tapestry from $58.00 to $60.00 and gave the stock an “outperform” rating in a research report on Friday, August 20th. UBS Group cut their target price on shares of Tapestry from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Friday, August 20th. Finally, Citigroup cut their target price on shares of Tapestry from $49.00 to $45.00 and set a “neutral” rating for the company in a research report on Monday, August 23rd. Eight equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $45.62.

Shares of TPR stock opened at $40.05 on Wednesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.85 and a current ratio of 2.37. Tapestry, Inc. has a fifty-two week low of $15.23 and a fifty-two week high of $49.67. The stock has a 50 day moving average price of $41.51 and a two-hundred day moving average price of $43.14. The company has a market capitalization of $11.20 billion, a P/E ratio of 13.58, a PEG ratio of 1.04 and a beta of 1.50.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Wednesday, August 18th. The luxury accessories retailer reported $0.74 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.05. Tapestry had a return on equity of 28.77% and a net margin of 14.52%. The company had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.56 billion. During the same period in the prior year, the firm earned ($0.25) earnings per share. The firm’s revenue for the quarter was up 126.0% on a year-over-year basis. As a group, equities analysts predict that Tapestry, Inc. will post 3.34 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, September 27th. Stockholders of record on Tuesday, September 7th will be paid a $0.25 dividend. The ex-dividend date is Friday, September 3rd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.50%. Tapestry’s dividend payout ratio is currently 33.67%.

In other Tapestry news, VP Manesh Dadlani sold 1,211 shares of the stock in a transaction dated Monday, August 23rd. The stock was sold at an average price of $42.36, for a total value of $51,297.96. Following the transaction, the vice president now owns 21,486 shares of the company’s stock, valued at $910,146.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel David E. Howard sold 17,061 shares of the firm’s stock in a transaction dated Thursday, August 26th. The stock was sold at an average price of $42.27, for a total value of $721,168.47. Following the completion of the transaction, the general counsel now directly owns 53,741 shares in the company, valued at approximately $2,271,632.07. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.

About Tapestry

Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade, Stuart Weitzman, and Corporate. The Coach segment consists global sales of coach brand products to customers through coach operated stores, including the internet and concession shop-in-shops, and sales to wholesale customers, and through independent third party distributors.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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