Sei Investments Co. Cuts Holdings in Tapestry, Inc. (NYSE:TPR)

Sei Investments Co. reduced its position in Tapestry, Inc. (NYSE:TPR) by 44.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 195,758 shares of the luxury accessories retailer’s stock after selling 156,682 shares during the period. Sei Investments Co.’s holdings in Tapestry were worth $12,789,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mizuho Securities USA LLC boosted its position in shares of Tapestry by 47.9% during the 4th quarter. Mizuho Securities USA LLC now owns 22,087 shares of the luxury accessories retailer’s stock valued at $1,443,000 after acquiring an additional 7,158 shares during the last quarter. Virtu Financial LLC purchased a new stake in Tapestry during the fourth quarter valued at $271,000. Summit Global Investments purchased a new position in shares of Tapestry in the 4th quarter worth $1,919,000. Semanteon Capital Management LP bought a new stake in shares of Tapestry in the 4th quarter worth about $599,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of Tapestry during the 4th quarter valued at about $1,246,000. 90.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TPR has been the topic of a number of recent research reports. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Raymond James restated an “outperform” rating and issued a $88.00 price target (up from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Evercore ISI boosted their price objective on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. Morgan Stanley restated an “equal weight” rating and issued a $65.00 target price on shares of Tapestry in a report on Tuesday, January 21st. Finally, The Goldman Sachs Group upped their price target on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a report on Friday, February 7th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and an average price target of $78.53.

Insiders Place Their Bets

In other news, General Counsel David E. Howard sold 11,917 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the transaction, the general counsel now owns 38,609 shares in the company, valued at $3,397,592. This trade represents a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 owns 146,587 shares in the company, valued at $12,688,570.72. The trade was a 14.93 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,537 shares of company stock worth $5,730,589. Company insiders own 1.18% of the company’s stock.

Tapestry Stock Down 3.4 %

Tapestry stock opened at $70.25 on Friday. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The company has a market cap of $14.54 billion, a PE ratio of 20.36, a PEG ratio of 2.01 and a beta of 1.57. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The business’s 50-day simple moving average is $77.65 and its two-hundred day simple moving average is $62.79.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) 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 quarter in the prior year, the firm earned $1.63 earnings per share. Equities analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.99%. The ex-dividend date was Thursday, March 6th. Tapestry’s payout ratio is 40.58%.

About Tapestry

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.