Rodgers Brothers Inc. Cuts Holdings in Tapestry, Inc. (NYSE:TPR)

Rodgers Brothers Inc. decreased its holdings in Tapestry, Inc. (NYSE:TPR) by 50.8% in the fourth quarter, Holdings Channel reports. The firm owned 28,230 shares of the luxury accessories retailer’s stock after selling 29,188 shares during the quarter. Rodgers Brothers Inc.’s holdings in Tapestry were worth $1,844,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Daiwa Securities Group Inc. raised its position in Tapestry by 14.9% in the 3rd quarter. Daiwa Securities Group Inc. now owns 10,619 shares of the luxury accessories retailer’s stock worth $499,000 after buying an additional 1,380 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Tapestry by 0.4% during the third quarter. The Manufacturers Life Insurance Company now owns 182,432 shares of the luxury accessories retailer’s stock valued at $8,571,000 after purchasing an additional 711 shares during the last quarter. Townsquare Capital LLC lifted its position in Tapestry by 15.8% during the third quarter. Townsquare Capital LLC now owns 11,162 shares of the luxury accessories retailer’s stock valued at $524,000 after purchasing an additional 1,526 shares during the period. Glenmede Trust Co. NA boosted its holdings in Tapestry by 55.8% in the third quarter. Glenmede Trust Co. NA now owns 45,674 shares of the luxury accessories retailer’s stock worth $2,146,000 after purchasing an additional 16,353 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in Tapestry by 206.0% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,847 shares of the luxury accessories retailer’s stock worth $228,000 after purchasing an additional 3,263 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Barclays upped their price target on shares of Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Morgan Stanley reaffirmed an “equal weight” rating and set a $65.00 target price on shares of Tapestry in a report on Tuesday, January 21st. Telsey Advisory Group lifted their price target on shares of Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a research note on Monday, February 3rd. The Goldman Sachs Group boosted their price objective on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, Evercore ISI raised their target price on Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and an average target price of $78.53.

Insider Buying and Selling at Tapestry

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

Tapestry Price Performance

TPR stock opened at $70.25 on Monday. The company has a market capitalization of $14.54 billion, a PE ratio of 20.36, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57. The company’s fifty day moving average price is $77.65 and its 200-day moving average price is $63.09. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping the consensus estimate 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 in the previous year, the company posted $1.63 EPS. On average, equities analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

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

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.