State of Michigan Retirement System Has $4.13 Million Position in Tapestry, Inc. (NYSE:TPR)

State of Michigan Retirement System raised its stake in Tapestry, Inc. (NYSE:TPR) by 0.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 63,199 shares of the luxury accessories retailer’s stock after purchasing an additional 500 shares during the period. State of Michigan Retirement System’s holdings in Tapestry were worth $4,129,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Steward Partners Investment Advisory LLC increased its holdings in shares of Tapestry by 1.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 102,957 shares of the luxury accessories retailer’s stock valued at $6,726,000 after purchasing an additional 1,028 shares during the last quarter. Winslow Asset Management Inc. increased its holdings in shares of Tapestry by 0.4% in the fourth quarter. Winslow Asset Management Inc. now owns 113,359 shares of the luxury accessories retailer’s stock valued at $7,406,000 after purchasing an additional 437 shares during the last quarter. NINE MASTS CAPITAL Ltd acquired a new position in shares of Tapestry in the fourth quarter valued at $558,000. SBI Securities Co. Ltd. acquired a new position in shares of Tapestry in the fourth quarter valued at $359,000. Finally, Jones Financial Companies Lllp increased its holdings in shares of Tapestry by 37.1% in the fourth quarter. Jones Financial Companies Lllp now owns 131,844 shares of the luxury accessories retailer’s stock valued at $8,613,000 after purchasing an additional 35,651 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Down 3.5 %

TPR stock opened at $75.00 on Friday. The stock has a market capitalization of $15.53 billion, a P/E ratio of 21.74, a price-to-earnings-growth ratio of 2.01 and a beta of 1.58. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85. The firm has a 50-day moving average price of $76.04 and a 200-day moving average price of $59.29.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period in the previous year, the company earned $1.63 earnings per share. As a group, equities research analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 1.87%. Tapestry’s dividend payout ratio is presently 40.58%.

Insider Buying and Selling

In related news, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the sale, the chief financial officer now directly owns 146,587 shares in the company, valued at $12,688,570.72. This trade represents a 14.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd Kahn sold 21,107 shares of Tapestry stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the sale, the chief executive officer now owns 176,985 shares in the company, valued at approximately $14,866,740. This represents a 10.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,537 shares of company stock worth $5,730,589 in the last ninety days. Company insiders own 1.18% of the company’s stock.

Wall Street Analysts Forecast Growth

TPR has been the topic of several research reports. Morgan Stanley restated an “equal weight” rating and issued a $65.00 price target on shares of Tapestry in a research note on Tuesday, January 21st. Robert W. Baird upped their price target on shares of Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Guggenheim upped their price target on shares of Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Jefferies Financial Group upped their price target on shares of Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Finally, Raymond James restated an “outperform” rating and issued a $88.00 price target (up from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $78.53.

About Tapestry

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.