Hillsdale Investment Management Inc. Lowers Stake in Tapestry, Inc. (NYSE:TPR)

Hillsdale Investment Management Inc. decreased its holdings in Tapestry, Inc. (NYSE:TPR) by 31.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,750 shares of the luxury accessories retailer’s stock after selling 5,000 shares during the quarter. Hillsdale Investment Management Inc.’s holdings in Tapestry were worth $510,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. CWM LLC grew its holdings in shares of Tapestry by 0.9% during the first quarter. CWM LLC now owns 26,859 shares of the luxury accessories retailer’s stock valued at $1,275,000 after purchasing an additional 237 shares during the last quarter. Empirical Finance LLC grew its holdings in shares of Tapestry by 3.3% during the first quarter. Empirical Finance LLC now owns 8,742 shares of the luxury accessories retailer’s stock valued at $415,000 after purchasing an additional 276 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Tapestry by 15.2% during the first quarter. GAMMA Investing LLC now owns 3,263 shares of the luxury accessories retailer’s stock valued at $155,000 after purchasing an additional 430 shares during the last quarter. Smithfield Trust Co grew its holdings in shares of Tapestry by 8.5% during the fourth quarter. Smithfield Trust Co now owns 6,110 shares of the luxury accessories retailer’s stock valued at $224,000 after purchasing an additional 480 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of Tapestry by 23.1% during the fourth quarter. Federated Hermes Inc. now owns 2,648 shares of the luxury accessories retailer’s stock valued at $97,000 after purchasing an additional 497 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Stock Down 1.7 %

NYSE TPR traded down $0.69 during trading on Tuesday, hitting $41.10. 393,867 shares of the company traded hands, compared to its average volume of 3,347,331. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80. The business has a fifty day simple moving average of $42.18 and a 200 day simple moving average of $42.40. The company has a current ratio of 6.59, a quick ratio of 5.98 and a debt-to-equity ratio of 2.77. The company has a market capitalization of $9.44 billion, a P/E ratio of 11.06, a PEG ratio of 0.84 and a beta of 1.59.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.14. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the company earned $0.78 earnings per share. The business’s revenue was down 2.0% compared to the same quarter last year. As a group, sell-side analysts predict that Tapestry, Inc. will post 4.24 EPS for the current year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 24th. Stockholders of record on Friday, June 7th were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.41%. Tapestry’s payout ratio is presently 37.04%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TPR. Argus reaffirmed a “buy” rating and set a $52.00 target price on shares of Tapestry in a report on Tuesday, June 18th. Robert W. Baird decreased their price objective on Tapestry from $52.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, May 10th. JPMorgan Chase & Co. cut their target price on Tapestry from $56.00 to $54.00 and set an “overweight” rating for the company in a research report on Friday, May 10th. Bernstein Bank increased their price objective on Tapestry from $46.00 to $48.00 in a research report on Thursday, May 9th. Finally, Telsey Advisory Group reiterated an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research report on Thursday, May 9th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Tapestry has a consensus rating of “Moderate Buy” and a consensus target price of $48.53.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 2,500 shares of Tapestry stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $42.23, for a total value of $105,575.00. Following the transaction, the vice president now directly owns 37,173 shares in the company, valued at $1,569,815.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.93% of the stock is currently owned by corporate insiders.

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.