Castleark Management LLC Acquires New Position in Tapestry, Inc. $TPR

Castleark Management LLC acquired a new position in shares of Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, HoldingsChannel reports. The firm acquired 265,749 shares of the luxury accessories retailer’s stock, valued at approximately $38,900,000. Tapestry accounts for about 1.0% of Castleark Management LLC’s portfolio, making the stock its 23rd biggest position.

Other institutional investors also recently bought and sold shares of the company. Eurizon Capital SGR S.p.A. acquired a new position in Tapestry in the fourth quarter valued at approximately $8,109,000. Norges Bank acquired a new stake in Tapestry during the fourth quarter worth $345,349,000. Keystone Investors PTE Ltd. raised its position in Tapestry by 17.4% in the fourth quarter. Keystone Investors PTE Ltd. now owns 62,622 shares of the luxury accessories retailer’s stock valued at $8,001,000 after purchasing an additional 9,303 shares during the period. SEB Asset Management AB purchased a new stake in Tapestry in the 1st quarter valued at about $59,525,000. Finally, North Dakota State Investment Board purchased a new position in Tapestry during the fourth quarter worth about $2,417,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Trading Down 1.6%

NYSE TPR opened at $130.08 on Wednesday. Tapestry, Inc. has a 52 week low of $93.00 and a 52 week high of $164.80. The firm has a 50 day moving average of $144.37 and a two-hundred day moving average of $144.90. The company has a quick ratio of 1.25, a current ratio of 1.75 and a debt-to-equity ratio of 3.44. The stock has a market capitalization of $25.94 billion, a PE ratio of 17.84, a price-to-earnings-growth ratio of 1.67 and a beta of 1.43.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.04. The business had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The company’s revenue was up 8.9% on a year-over-year basis. During the same period last year, the business earned $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, research analysts expect that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.

Tapestry Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be paid a $0.4625 dividend. This is a boost from Tapestry’s previous quarterly dividend of $0.40. This represents a $1.85 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, September 4th. Tapestry’s payout ratio is 21.95%.

Insider Transactions at Tapestry

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,761 shares of Tapestry stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the sale, the chief executive officer directly owned 666,149 shares of the company’s stock, valued at $88,244,758.03. The trade was a 4.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on TPR. Daiwa Securities Group upgraded shares of Tapestry from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 17th. Barclays increased their price objective on shares of Tapestry from $182.00 to $185.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. Weiss Ratings raised Tapestry from a “hold (c)” rating to a “buy (b-)” rating in a research report on Friday, August 14th. BTIG Research decreased their price target on Tapestry from $180.00 to $175.00 and set a “buy” rating on the stock in a research note on Friday, August 14th. Finally, JPMorgan Chase & Co. raised their price target on Tapestry from $205.00 to $211.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Tapestry has a consensus rating of “Moderate Buy” and an average price target of $175.12.

Tapestry Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.