Tapestry Inc (NYSE:TPR) Shares Sold by Poplar Forest Capital LLC
Poplar Forest Capital LLC decreased its position in Tapestry Inc (NYSE:TPR) by 5.7% in the 2nd quarter, Holdings Channel.com reports. The fund owned 1,234,340 shares of the luxury accessories retailer’s stock after selling 74,837 shares during the period. Tapestry makes up 2.8% of Poplar Forest Capital LLC’s investment portfolio, making the stock its 22nd largest position. Poplar Forest Capital LLC’s holdings in Tapestry were worth $39,166,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Nisa Investment Advisors LLC lifted its holdings in shares of Tapestry by 20.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 95,224 shares of the luxury accessories retailer’s stock worth $3,094,000 after purchasing an additional 16,255 shares during the last quarter. Marshall Wace North America L.P. lifted its holdings in shares of Tapestry by 88.7% in the 1st quarter. Marshall Wace North America L.P. now owns 213,963 shares of the luxury accessories retailer’s stock worth $6,951,000 after purchasing an additional 100,571 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Tapestry by 178.8% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 324,534 shares of the luxury accessories retailer’s stock worth $10,544,000 after purchasing an additional 208,123 shares during the last quarter. Systematic Financial Management LP lifted its holdings in shares of Tapestry by 65.9% in the 1st quarter. Systematic Financial Management LP now owns 13,600 shares of the luxury accessories retailer’s stock worth $442,000 after purchasing an additional 5,400 shares during the last quarter. Finally, ZWJ Investment Counsel Inc. bought a new stake in shares of Tapestry in the 1st quarter worth approximately $4,007,000. Institutional investors own 87.42% of the company’s stock.
Shares of TPR traded up $0.51 during midday trading on Friday, reaching $19.96. The stock had a trading volume of 13,891,500 shares, compared to its average volume of 4,838,665. Tapestry Inc has a 52 week low of $18.54 and a 52 week high of $52.49. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.79 and a quick ratio of 1.86. The firm’s 50 day moving average price is $29.33 and its 200-day moving average price is $31.72. The company has a market capitalization of $5.64 billion, a P/E ratio of 7.77, a P/E/G ratio of 0.64 and a beta of 0.88.
Several analysts recently issued reports on the company. Telsey Advisory Group downgraded Tapestry from an “outperform” rating to a “market perform” rating in a report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 target price (down previously from $42.00) on shares of Tapestry in a research note on Friday. Credit Suisse Group downgraded Tapestry from an “outperform” rating to a “neutral” rating and cut their target price for the company from $38.00 to $22.00 in a research note on Thursday. Zacks Investment Research raised Tapestry from a “sell” rating to a “hold” rating and set a $29.00 target price on the stock in a research note on Tuesday, August 6th. Finally, OTR Global downgraded Tapestry to a “positive” rating in a research note on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seventeen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $38.00.
In related news, Director Annabelle Yu Long sold 3,229 shares of Tapestry stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $28.93, for a total value of $93,414.97. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Darrell Cavens bought 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was bought at an average price of $30.01 per share, for a total transaction of $210,070.00. The disclosure for this purchase can be found here. 0.70% of the stock is currently owned by insiders.
Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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