Nomura Asset Management Co. Ltd. Increases Position in Tapestry Inc (TPR)
Nomura Asset Management Co. Ltd. lifted its position in shares of Tapestry Inc (NYSE:TPR) by 270.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 162,565 shares of the luxury accessories retailer’s stock after buying an additional 118,685 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Tapestry were worth $7,594,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Stelac Advisory Services LLC purchased a new position in Tapestry in the 1st quarter worth approximately $130,000. Stratos Wealth Partners LTD. purchased a new position in Tapestry in the 1st quarter worth approximately $155,000. LifePlan Financial Group Inc purchased a new position in Tapestry in the 2nd quarter worth approximately $142,000. Pitcairn Co. purchased a new position in Tapestry in the 1st quarter worth approximately $201,000. Finally, Sheaff Brock Investment Advisors LLC purchased a new position in Tapestry in the 1st quarter worth approximately $207,000. 90.23% of the stock is currently owned by institutional investors.
TPR has been the topic of a number of analyst reports. Robert W. Baird set a $60.00 price target on Tapestry and gave the stock a “buy” rating in a research note on Monday, April 16th. Deutsche Bank lifted their price target on Tapestry to $64.00 and gave the stock a “buy” rating in a research note on Thursday, April 19th. They noted that the move was a valuation call. Buckingham Research initiated coverage on Tapestry in a research note on Friday, April 20th. They issued a “buy” rating and a $62.00 price target on the stock. Zacks Investment Research raised Tapestry from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Friday, April 20th. Finally, Wells Fargo & Co set a $60.00 price target on Tapestry and gave the stock a “buy” rating in a research note on Monday, April 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have issued a buy rating to the stock. Tapestry has an average rating of “Buy” and an average target price of $54.34.
Tapestry Company Profile
Tapestry, Inc provides luxury accessories and lifestyle brands. It offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, belts, sunglasses, watches, novelty accessories, and ready-to-wear for men.
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