Argus Investors Counsel Inc. grew its holdings in Tapestry Inc (NYSE:TPR) by 121.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 230,330 shares of the luxury accessories retailer’s stock after buying an additional 126,515 shares during the period. Argus Investors Counsel Inc. owned 0.08% of Tapestry worth $7,308,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Nelson Roberts Investment Advisors LLC acquired a new stake in shares of Tapestry in the first quarter valued at about $26,000. Avestar Capital LLC raised its position in shares of Tapestry by 2,225.0% in the first quarter. Avestar Capital LLC now owns 1,209 shares of the luxury accessories retailer’s stock valued at $39,000 after buying an additional 1,157 shares during the last quarter. Quadrant Capital Group LLC raised its position in shares of Tapestry by 1,079.0% in the first quarter. Quadrant Capital Group LLC now owns 1,403 shares of the luxury accessories retailer’s stock valued at $44,000 after buying an additional 1,284 shares during the last quarter. Advisory Services Network LLC raised its position in shares of Tapestry by 47.1% in the fourth quarter. Advisory Services Network LLC now owns 1,374 shares of the luxury accessories retailer’s stock valued at $46,000 after buying an additional 440 shares during the last quarter. Finally, Cullen Frost Bankers Inc. acquired a new stake in shares of Tapestry in the first quarter valued at about $66,000. Institutional investors and hedge funds own 87.93% of the company’s stock.
TPR stock traded up $0.65 during mid-day trading on Tuesday, hitting $30.04. 3,005,282 shares of the company were exchanged, compared to its average volume of 4,437,322. The company has a quick ratio of 1.86, a current ratio of 2.67 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $8.79 billion, a price-to-earnings ratio of 11.42, a P/E/G ratio of 0.99 and a beta of 0.88. The firm’s fifty day simple moving average is $30.32. Tapestry Inc has a 12-month low of $27.93 and a 12-month high of $54.35.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 7th were paid a $0.3375 dividend. This represents a $1.35 annualized dividend and a dividend yield of 4.49%. The ex-dividend date was Thursday, June 6th. Tapestry’s payout ratio is 51.33%.
In other news, Director Annabelle Yu Long sold 3,229 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $28.93, for a total value of $93,414.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Darrell Cavens acquired 7,000 shares of the stock in a transaction dated Tuesday, May 28th. The stock was acquired at an average cost of $30.01 per share, with a total value of $210,070.00. The disclosure for this purchase can be found here. Company insiders own 0.70% of the company’s stock.
Several equities research analysts recently issued reports on the stock. Canaccord Genuity cut their price objective on shares of Cronos Group from C$17.00 to C$16.00 in a research report on Friday, May 10th. Zacks Investment Research cut shares of Genprex from a “hold” rating to a “sell” rating in a research report on Thursday, April 18th. UBS Group set a $133.00 price objective on shares of LHC Group and gave the stock a “buy” rating in a research report on Friday, May 10th. Piper Jaffray Companies set a $40.00 price objective on shares of Tapestry and gave the stock a “buy” rating in a research report on Monday, June 10th. Finally, Bank of America restated a “hold” rating on shares of TELUS in a research report on Friday, May 10th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $46.84.
Tapestry Company Profile
Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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