KLP Kapitalforvaltning AS Buys New Holdings in Tapestry, Inc. (NYSE:TPR)

KLP Kapitalforvaltning AS purchased a new position in Tapestry, Inc. (NYSE:TPR) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 53,700 shares of the luxury accessories retailer’s stock, valued at approximately $3,508,000.

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

Insider Buying and Selling at Tapestry

In other Tapestry 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 transaction of $681,975.74. Following the sale, the chief executive officer now owns 201,531 shares of the company’s stock, valued at approximately $17,652,100.29. This trade represents a 3.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the transaction, the general counsel now owns 38,609 shares in the company, 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. In the last quarter, insiders have sold 66,537 shares of company stock valued at $5,730,589. Company insiders own 1.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Raymond James reiterated an “outperform” rating and set a $88.00 price objective (up previously from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Barclays lifted their price target on Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Robert W. Baird upped their price objective on Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Redburn Atlantic raised 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. Finally, Wells Fargo & Company boosted their target price on Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and an average target price of $78.53.

Tapestry Stock Performance

Tapestry stock opened at $73.70 on Thursday. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The company has a market capitalization of $15.26 billion, a PE ratio of 21.36, a P/E/G ratio of 2.01 and a beta of 1.57. The company has a 50 day moving average price of $77.61 and a 200-day moving average price of $62.52. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating 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 quarter last year, the firm posted $1.63 earnings per share. As a group, equities analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend was Thursday, March 6th. Tapestry’s payout ratio is 40.58%.

About Tapestry

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.