Portolan Capital Management LLC Takes $12.93 Million Position in Tapestry, Inc. (NYSE:TPR)

Portolan Capital Management LLC purchased a new position in Tapestry, Inc. (NYSE:TPR) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 197,900 shares of the luxury accessories retailer’s stock, valued at approximately $12,929,000. Portolan Capital Management LLC owned 0.08% of Tapestry as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of TPR. Checchi Capital Advisers LLC raised its position in shares of Tapestry by 1.9% in the 4th quarter. Checchi Capital Advisers LLC now owns 8,878 shares of the luxury accessories retailer’s stock valued at $580,000 after buying an additional 163 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in Tapestry by 0.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 19,303 shares of the luxury accessories retailer’s stock valued at $1,261,000 after purchasing an additional 170 shares in the last quarter. Parkside Financial Bank & Trust lifted its stake in Tapestry by 13.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer’s stock worth $104,000 after purchasing an additional 182 shares during the last quarter. E Fund Management Co. Ltd. boosted its holdings in shares of Tapestry by 1.6% in the 4th quarter. E Fund Management Co. Ltd. now owns 12,744 shares of the luxury accessories retailer’s stock valued at $833,000 after purchasing an additional 200 shares in the last quarter. Finally, Valley National Advisers Inc. increased its stake in shares of Tapestry by 0.5% in the 4th quarter. Valley National Advisers Inc. now owns 43,355 shares of the luxury accessories retailer’s stock valued at $2,831,000 after purchasing an additional 202 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Activity at Tapestry

In related news, CEO Todd Kahn sold 7,786 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the completion of the sale, the chief executive officer now directly owns 201,531 shares of the company’s stock, valued at approximately $17,652,100.29. This represents a 3.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the transaction, the chief financial officer now directly owns 146,587 shares in the company, valued at $12,688,570.72. This represents a 14.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on TPR. The Goldman Sachs Group lifted their target price on Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Redburn Atlantic raised shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective for the company in a research note on Tuesday, February 18th. Barclays lowered their price target on shares of Tapestry from $100.00 to $83.00 and set an “overweight” rating for the company in a report on Thursday. Telsey Advisory Group boosted their price objective on Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. Finally, StockNews.com cut Tapestry from a “buy” rating to a “hold” rating in a report on Tuesday, April 8th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $77.63.

Tapestry Stock Down 0.8 %

TPR stock opened at $63.40 on Monday. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The stock’s 50 day simple moving average is $75.82 and its 200 day simple moving average is $64.82. The company has a market cap of $13.13 billion, a P/E ratio of 18.38, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same period in the previous year, the company posted $1.63 EPS. On average, research analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were issued a $0.35 dividend. The ex-dividend date was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.21%. Tapestry’s dividend payout ratio is presently 40.58%.

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.