Poplar Forest Capital LLC Sells 91,259 Shares of Tapestry, Inc. (NYSE:TPR)

Poplar Forest Capital LLC decreased its position in Tapestry, Inc. (NYSE:TPR) by 25.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 273,339 shares of the luxury accessories retailer’s stock after selling 91,259 shares during the period. Tapestry accounts for 3.3% of Poplar Forest Capital LLC’s investment portfolio, making the stock its 14th biggest holding. Poplar Forest Capital LLC’s holdings in Tapestry were worth $17,857,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TPR. Private Advisor Group LLC increased its stake in Tapestry by 18.7% in the 3rd quarter. Private Advisor Group LLC now owns 11,593 shares of the luxury accessories retailer’s stock valued at $545,000 after buying an additional 1,828 shares during the last quarter. PFG Investments LLC purchased a new stake in Tapestry in the 3rd quarter valued at about $217,000. Wealth Enhancement Advisory Services LLC increased its stake in Tapestry by 218.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 70,947 shares of the luxury accessories retailer’s stock valued at $3,333,000 after buying an additional 48,691 shares during the last quarter. State of Alaska Department of Revenue increased its stake in Tapestry by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 26,701 shares of the luxury accessories retailer’s stock valued at $1,254,000 after buying an additional 1,815 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in Tapestry by 23.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 67,622 shares of the luxury accessories retailer’s stock valued at $3,177,000 after buying an additional 12,752 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Buying and Selling at Tapestry

In other Tapestry news, CFO Scott A. Roe sold 25,727 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total value of $2,226,929.12. Following the completion of the transaction, the chief financial officer now directly owns 146,587 shares of the company’s stock, valued at $12,688,570.72. This trade represents a 14.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd Kahn sold 21,107 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the completion of the transaction, the chief executive officer now directly owns 176,985 shares of the company’s stock, valued at approximately $14,866,740. The trade was a 10.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,537 shares of company stock valued at $5,730,589 in the last three months. Company insiders own 1.18% of the company’s stock.

Tapestry Stock Up 1.3 %

Tapestry stock opened at $85.38 on Friday. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85. The firm has a market capitalization of $17.67 billion, a price-to-earnings ratio of 24.75, a P/E/G ratio of 2.01 and a beta of 1.58. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The firm has a 50 day simple moving average of $74.79 and a 200 day simple moving average of $58.12.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period last year, the business posted $1.63 earnings per share. On average, analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.64%. The ex-dividend date is Thursday, March 6th. Tapestry’s payout ratio is 40.58%.

Analyst Ratings Changes

Several research firms have commented on TPR. Raymond James reiterated an “outperform” rating and issued a $88.00 price objective (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Redburn Atlantic upgraded shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price target for the company in a research note on Tuesday, February 18th. Wells Fargo & Company raised their price target on shares of Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. BMO Capital Markets raised their price target on shares of Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, November 18th. Finally, Robert W. Baird raised their price target on shares of Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.53.

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.