Tapestry Inc (TPR) Stake Lifted by ING Groep NV

ING Groep NV lifted its holdings in shares of Tapestry Inc (NYSE:TPR) by 1,962.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 111,039 shares of the luxury accessories retailer’s stock after acquiring an additional 105,654 shares during the period. ING Groep NV’s holdings in Tapestry were worth $5,582,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Poplar Forest Capital LLC raised its holdings in shares of Tapestry by 1.8% during the third quarter. Poplar Forest Capital LLC now owns 976,015 shares of the luxury accessories retailer’s stock valued at $49,064,000 after acquiring an additional 16,928 shares in the last quarter. Cadence Capital Management LLC raised its holdings in Tapestry by 6.5% in the third quarter. Cadence Capital Management LLC now owns 29,826 shares of the luxury accessories retailer’s stock worth $1,499,000 after purchasing an additional 1,816 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Tapestry by 11.4% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 24,223 shares of the luxury accessories retailer’s stock worth $1,218,000 after purchasing an additional 2,475 shares in the last quarter. Stratos Wealth Partners LTD. bought a new position in Tapestry in the third quarter worth $145,000. Finally, TD Asset Management Inc. raised its holdings in Tapestry by 1.2% in the third quarter. TD Asset Management Inc. now owns 626,770 shares of the luxury accessories retailer’s stock worth $31,508,000 after purchasing an additional 7,450 shares in the last quarter. 90.13% of the stock is owned by institutional investors.

NYSE TPR opened at $41.27 on Tuesday. Tapestry Inc has a 12 month low of $39.28 and a 12 month high of $55.50. The firm has a market capitalization of $12.16 billion, a PE ratio of 15.69, a P/E/G ratio of 1.29 and a beta of 0.70. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.83 and a current ratio of 2.74.

Tapestry (NYSE:TPR) last released its earnings results on Tuesday, October 30th. The luxury accessories retailer reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.03. Tapestry had a return on equity of 24.73% and a net margin of 9.00%. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same period in the prior year, the firm posted $0.42 earnings per share. The company’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, equities analysts anticipate that Tapestry Inc will post 2.78 earnings per share for the current year.

In related news, insider Ian Bickley sold 48,071 shares of the stock in a transaction on Monday, August 20th. The stock was sold at an average price of $52.13, for a total transaction of $2,505,941.23. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Ivan Menezes sold 2,068 shares of the stock in a transaction on Friday, August 31st. The shares were sold at an average price of $50.70, for a total value of $104,847.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,602 shares of company stock worth $2,633,939. Insiders own 0.70% of the company’s stock.

TPR has been the subject of a number of research reports. Needham & Company LLC upgraded Tapestry from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, October 16th. They noted that the move was a valuation call. Evercore ISI downgraded Tapestry to a “hold” rating in a report on Monday, October 15th. Loop Capital downgraded Tapestry from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $59.00 to $45.00 in a report on Monday, October 15th. Goldman Sachs Group set a $61.00 price objective on Tapestry and gave the stock a “buy” rating in a report on Wednesday, August 15th. Finally, Canaccord Genuity decreased their price objective on Tapestry to $55.00 and set a “buy” rating for the company in a report on Monday, August 13th. Eleven analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $54.50.

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Tapestry Profile

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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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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