SeaBridge Investment Advisors LLC Sells 7,860 Shares of Tapestry, Inc. (NYSE:TPR)

SeaBridge Investment Advisors LLC lowered its position in Tapestry, Inc. (NYSE:TPR) by 10.9% during the 2nd quarter, Holdings Channel reports. The fund owned 64,081 shares of the luxury accessories retailer’s stock after selling 7,860 shares during the period. SeaBridge Investment Advisors LLC’s holdings in Tapestry were worth $2,786,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Edgestream Partners L.P. bought a new position in shares of Tapestry in the second quarter valued at approximately $1,976,000. Alpha DNA Investment Management LLC bought a new position in shares of Tapestry in the second quarter valued at approximately $1,500,000. Ethic Inc. lifted its holdings in shares of Tapestry by 25.0% in the second quarter. Ethic Inc. now owns 7,836 shares of the luxury accessories retailer’s stock valued at $341,000 after purchasing an additional 1,568 shares in the last quarter. BNP Paribas Arbitrage SA lifted its holdings in shares of Tapestry by 5.5% in the second quarter. BNP Paribas Arbitrage SA now owns 194,285 shares of the luxury accessories retailer’s stock valued at $8,448,000 after purchasing an additional 10,186 shares in the last quarter. Finally, Aigen Investment Management LP lifted its holdings in shares of Tapestry by 958.0% in the second quarter. Aigen Investment Management LP now owns 83,903 shares of the luxury accessories retailer’s stock valued at $3,648,000 after purchasing an additional 75,973 shares in the last quarter. Institutional investors and hedge funds own 88.54% of the company’s stock.

NYSE:TPR traded down $0.70 during trading hours on Wednesday, reaching $39.35. The stock had a trading volume of 41,163 shares, compared to its average volume of 3,790,354. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.85 and a current ratio of 2.37. The stock has a 50 day simple moving average of $41.51 and a 200 day simple moving average of $43.14. Tapestry, Inc. has a 12-month low of $15.23 and a 12-month high of $49.67. The stock has a market cap of $11.00 billion, a P/E ratio of 13.36, a price-to-earnings-growth ratio of 1.04 and a beta of 1.50.

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

The business also recently declared a quarterly dividend, which will be paid on Monday, September 27th. Stockholders of record on Tuesday, September 7th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.54%. The ex-dividend date is Friday, September 3rd. Tapestry’s dividend payout ratio (DPR) is presently 33.67%.

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

A number of research analysts have recently weighed in on the company. UBS Group dropped their target price on Tapestry from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Friday, August 20th. Citigroup dropped their target price on Tapestry from $49.00 to $45.00 and set a “neutral” rating on the stock in a report on Monday, August 23rd. The Goldman Sachs Group started coverage on Tapestry in a report on Wednesday, July 14th. They set a “neutral” rating and a $42.00 price target on the stock. Finally, Robert W. Baird lifted their price target on Tapestry from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Friday, August 20th. Eight investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $45.62.

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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