Insider Selling: Tapestry Inc (TPR) Insider Sells 48,071 Shares of Stock

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Tapestry Inc (NYSE:TPR) insider Ian Bickley sold 48,071 shares of Tapestry stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $52.13, for a total transaction of $2,505,941.23. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Shares of NYSE:TPR traded down $0.16 during midday trading on Tuesday, reaching $52.03. The company had a trading volume of 2,725,900 shares, compared to its average volume of 3,109,601. The company has a current ratio of 2.59, a quick ratio of 1.87 and a debt-to-equity ratio of 0.49. The firm has a market cap of $14.81 billion, a PE ratio of 19.84, a price-to-earnings-growth ratio of 1.59 and a beta of 0.40. Tapestry Inc has a one year low of $38.70 and a one year high of $55.50.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Tuesday, August 14th. The luxury accessories retailer reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.47 billion. Tapestry had a net margin of 6.76% and a return on equity of 24.76%. The business’s revenue was up 30.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.50 earnings per share. equities research analysts forecast that Tapestry Inc will post 2.77 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 7th will be issued a $0.3375 dividend. This represents a $1.35 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend is Thursday, September 6th. Tapestry’s dividend payout ratio is presently 51.33%.

A number of analysts have recently issued reports on TPR shares. Bank of America upgraded shares of Tapestry from a “neutral” rating to a “buy” rating and set a $53.00 price objective on the stock in a research note on Thursday, May 10th. They noted that the move was a valuation call. Piper Jaffray Companies set a $58.00 price objective on shares of Tapestry and gave the company a “buy” rating in a research note on Thursday, August 2nd. Susquehanna Bancshares reiterated a “positive” rating and set a $50.00 price objective on shares of Tapestry in a research note on Thursday, June 7th. Morgan Stanley lifted their price objective on shares of Tapestry from $38.00 to $42.00 and gave the company an “underweight” rating in a research note on Wednesday, May 2nd. Finally, Canaccord Genuity dropped their price objective on shares of Tapestry to $55.00 and set a “buy” rating on the stock in a research note on Monday, August 13th. One analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $56.10.

A number of institutional investors have recently added to or reduced their stakes in the business. City Holding Co. acquired a new position in Tapestry in the second quarter worth $294,000. Andra AP fonden acquired a new position in Tapestry in the second quarter worth $5,143,000. Global X Management Co LLC boosted its holdings in Tapestry by 124.4% in the second quarter. Global X Management Co LLC now owns 10,310 shares of the luxury accessories retailer’s stock worth $482,000 after purchasing an additional 5,715 shares during the period. California Public Employees Retirement System boosted its holdings in Tapestry by 21.7% in the second quarter. California Public Employees Retirement System now owns 831,014 shares of the luxury accessories retailer’s stock worth $38,817,000 after purchasing an additional 148,100 shares during the period. Finally, Heritage Trust Co boosted its holdings in Tapestry by 2.4% in the second quarter. Heritage Trust Co now owns 53,122 shares of the luxury accessories retailer’s stock worth $2,481,000 after purchasing an additional 1,269 shares during the period. 92.84% of the stock is owned by hedge funds and other institutional investors.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and lifestyle brands. It offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, belts, sunglasses, watches, novelty accessories, and ready-to-wear for men.

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