Manning & Napier Advisors LLC Invests $3.72 Million in Tapestry, Inc. (NYSE:TPR)

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

Other institutional investors have also recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Tapestry in the 4th quarter worth $117,000. Lecap Asset Management Ltd. acquired a new stake in shares of Tapestry in the 4th quarter worth $1,107,000. Bessemer Group Inc. boosted its position in shares of Tapestry by 1,328.8% in the 1st quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock worth $1,432,000 after purchasing an additional 28,038 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Tapestry by 41.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,272,950 shares of the luxury accessories retailer’s stock worth $46,857,000 after acquiring an additional 371,724 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Tapestry by 4.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,305,257 shares of the luxury accessories retailer’s stock worth $121,671,000 after acquiring an additional 140,347 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Activity at Tapestry

In related 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 completion of the transaction, the vice president now owns 37,173 shares in the company, valued at approximately $1,569,815.79. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.93% of the stock is owned by company insiders.

Tapestry Price Performance

Shares of Tapestry stock traded up $0.30 on Friday, hitting $38.23. The company’s stock had a trading volume of 3,273,901 shares, compared to its average volume of 3,327,844. 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 1 year low of $25.99 and a 1 year high of $48.80. The firm has a fifty day moving average price of $41.28 and a 200-day moving average price of $42.52. The company has a market capitalization of $8.78 billion, a price-to-earnings ratio of 10.11, a price-to-earnings-growth ratio of 0.79 and a beta of 1.59.

Tapestry (NYSE:TPR) last announced its quarterly 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 firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the business earned $0.78 EPS. Tapestry’s revenue for the quarter was down 2.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Tapestry, Inc. will post 4.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on TPR shares. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a research report on Wednesday. Bernstein Bank lifted their price target on Tapestry from $46.00 to $48.00 in a research report on Thursday, May 9th. UBS Group lowered their price target on Tapestry from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st. JPMorgan Chase & Co. lowered their price target on Tapestry from $56.00 to $54.00 and set an “overweight” rating for the company in a research report on Friday, May 10th. Finally, Robert W. Baird lowered their price target on Tapestry from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.56.

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.