Bessemer Group Inc. Buys Shares of 17,016 Tapestry Inc (TPR)
Bessemer Group Inc. bought a new position in Tapestry Inc (NYSE:TPR) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 17,016 shares of the luxury accessories retailer’s stock, valued at approximately $752,000.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Security National Trust Co. purchased a new stake in shares of Tapestry in the fourth quarter worth about $281,000. Ledyard National Bank purchased a new stake in shares of Tapestry in the fourth quarter worth about $607,000. Conning Inc. purchased a new stake in shares of Tapestry in the fourth quarter worth about $399,000. Twin Capital Management Inc. purchased a new stake in shares of Tapestry in the fourth quarter worth about $7,642,000. Finally, Morse Asset Management Inc purchased a new stake in shares of Tapestry in the fourth quarter worth about $1,322,000. Hedge funds and other institutional investors own 88.00% of the company’s stock.
In other news, insider Sarah Dunn sold 6,229 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $48.23, for a total value of $300,424.67. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.98% of the company’s stock.
Tapestry (NYSE:TPR) last released its earnings results on Tuesday, February 6th. The luxury accessories retailer reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.21. The business had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.77 billion. Tapestry had a return on equity of 23.68% and a net margin of 6.14%. The business’s quarterly revenue was up 35.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.75 earnings per share. sell-side analysts expect that Tapestry Inc will post 2.56 EPS for the current year.
TPR has been the topic of a number of recent research reports. Zacks Investment Research downgraded Tapestry from a “buy” rating to a “hold” rating in a research note on Thursday, January 11th. Susquehanna Bancshares initiated coverage on Tapestry in a research note on Thursday, November 2nd. They issued a “positive” rating and a $50.00 target price on the stock. Citigroup initiated coverage on Tapestry in a research note on Thursday, November 2nd. They issued a “positive” rating and a $50.00 target price on the stock. William Blair restated a “buy” rating on shares of Tapestry in a research note on Saturday, October 21st. Finally, Canaccord Genuity set a $58.00 target price on Tapestry and gave the stock a “buy” rating in a research note on Sunday, January 7th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $50.23.
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Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.
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