86,889 Shares in Tapestry, Inc. (NYSE:TPR) Purchased by Manning & Napier Advisors LLC

Manning & Napier Advisors LLC acquired a new position in shares of Tapestry, Inc. (NYSE:TPR) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 86,889 shares of the luxury accessories retailer’s stock, valued at approximately $3,718,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. CWM LLC raised its holdings in shares of Tapestry by 0.9% in the 1st quarter. CWM LLC now owns 26,859 shares of the luxury accessories retailer’s stock valued at $1,275,000 after acquiring an additional 237 shares in the last quarter. Mather Group LLC. raised its holdings in shares of Tapestry by 12.9% in the 2nd quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock valued at $104,000 after acquiring an additional 249 shares in the last quarter. Empirical Finance LLC raised its holdings in shares of Tapestry by 3.3% in the 1st quarter. Empirical Finance LLC now owns 8,742 shares of the luxury accessories retailer’s stock valued at $415,000 after acquiring an additional 276 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in shares of Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after acquiring an additional 328 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Tapestry by 15.2% in the 1st quarter. GAMMA Investing LLC now owns 3,263 shares of the luxury accessories retailer’s stock valued at $155,000 after acquiring an additional 430 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insiders Place Their Bets

In other Tapestry news, VP Manesh Dadlani sold 2,500 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $42.23, for a total value of $105,575.00. Following the completion of the sale, the vice president now owns 37,173 shares in the company, valued at approximately $1,569,815.79. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.93% of the company’s stock.

Tapestry Trading Up 0.8 %

TPR traded up $0.30 on Friday, hitting $38.23. 3,273,901 shares of the company were exchanged, compared to its average volume of 3,327,844. The firm has a fifty day simple moving average of $41.28 and a two-hundred day simple moving average of $42.52. The company has a debt-to-equity ratio of 2.77, a quick ratio of 5.98 and a current ratio of 6.59. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80. The stock has a market capitalization of $8.78 billion, a PE ratio of 10.11, a price-to-earnings-growth ratio of 0.79 and a beta of 1.59.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, topping 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 business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the business posted $0.78 EPS. The business’s revenue was down 2.0% on a year-over-year basis. Sell-side analysts expect that Tapestry, Inc. will post 4.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. OTR Global reaffirmed a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. reduced their price objective on Tapestry from $56.00 to $54.00 and set an “overweight” rating on the stock in a research report on Friday, May 10th. Argus reiterated a “buy” rating and set a $52.00 price objective on shares of Tapestry in a research report on Tuesday, June 18th. Finally, Telsey Advisory Group reiterated an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research report on Friday. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Tapestry has an average rating of “Moderate Buy” and an average target price of $47.56.

Tapestry Company 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.