ING Groep NV Sells 30,926 Shares of Tapestry, Inc. (NYSE:TPR)

ING Groep NV decreased its holdings in Tapestry, Inc. (NYSE:TPR) by 53.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 26,726 shares of the luxury accessories retailer’s stock after selling 30,926 shares during the quarter. ING Groep NV’s holdings in Tapestry were worth $1,746,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Erste Asset Management GmbH purchased a new position in shares of Tapestry during the 3rd quarter worth $64,016,000. WT Asset Management Ltd bought a new position in Tapestry in the 4th quarter worth $42,762,000. Bank of Montreal Can lifted its position in Tapestry by 76.6% during the third quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock valued at $59,641,000 after purchasing an additional 539,793 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Tapestry by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock valued at $357,732,000 after purchasing an additional 272,007 shares during the period. Finally, Westfield Capital Management Co. LP increased its position in Tapestry by 14.8% in the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after buying an additional 219,544 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Insider Activity

In related news, General Counsel David E. Howard sold 11,917 shares of the firm’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the sale, the general counsel now directly owns 38,609 shares in the company, valued at $3,397,592. This trade represents a 23.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.18% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on TPR. UBS Group lifted their price target on shares of Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Redburn Atlantic raised shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price for the company in a report on Tuesday, February 18th. TD Cowen cut Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a report on Tuesday, October 29th. Wells Fargo & Company upped their price objective on Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, Evercore ISI lifted their target price on Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $78.53.

Tapestry Price Performance

TPR stock opened at $84.60 on Monday. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85. The firm has a market capitalization of $17.51 billion, a P/E ratio of 24.52, a price-to-earnings-growth ratio of 2.01 and a beta of 1.58. The company has a fifty day simple moving average of $72.63 and a two-hundred day simple moving average of $56.75. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78.

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

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is 40.58%.

Tapestry 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.