SWS Partners Sells 32,695 Shares of Tapestry, Inc. (NYSE:TPR)

SWS Partners trimmed its stake in Tapestry, Inc. (NYSE:TPR) by 49.0% in the fourth quarter, Holdings Channel reports. The firm owned 34,078 shares of the luxury accessories retailer’s stock after selling 32,695 shares during the quarter. SWS Partners’ holdings in Tapestry were worth $2,226,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Tapestry by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock valued at $522,471,000 after buying an additional 382,856 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Tapestry by 1.0% in the third quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock valued at $285,580,000 after acquiring an additional 58,135 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Tapestry by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after acquiring an additional 80,681 shares during the period. Allianz Asset Management GmbH grew its position in shares of Tapestry by 16.4% in the 4th quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer’s stock valued at $138,596,000 after acquiring an additional 298,409 shares during the period. Finally, Westfield Capital Management Co. LP increased its stake in shares of Tapestry by 14.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after purchasing an additional 219,544 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Buying and Selling

In other news, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the transaction, the general counsel now owns 38,609 shares of the company’s stock, valued at approximately $3,397,592. This represents a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Kahn sold 7,786 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $87.59, for a total transaction of $681,975.74. Following the completion of the sale, the chief executive officer now owns 201,531 shares in the company, valued at approximately $17,652,100.29. The trade was a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,537 shares of company stock worth $5,730,589. Corporate insiders own 1.18% of the company’s stock.

Tapestry Price Performance

Tapestry stock opened at $84.04 on Tuesday. The firm has a market cap of $17.40 billion, a PE ratio of 24.36, a price-to-earnings-growth ratio of 2.01 and a beta of 1.58. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The stock’s fifty day moving average price is $75.17 and its two-hundred day moving average price is $58.72. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same period in the prior year, the firm earned $1.63 earnings per share. As a group, research analysts expect 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 will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Wall Street Analyst Weigh In

TPR has been the subject of a number of research analyst reports. UBS Group lifted their price target on Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. JPMorgan Chase & Co. lifted their target price on Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Daiwa America raised Tapestry to a “hold” rating in a report on Monday, November 18th. Barclays raised their price target on Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $65.00 price objective on shares of Tapestry in a report on Tuesday, January 21st. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $78.53.

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.