Oppenheimer & Co. Inc. Sells 22,236 Shares of Tapestry Inc (TPR)

Oppenheimer & Co. Inc. trimmed its position in shares of Tapestry Inc (NYSE:TPR) by 66.9% during the third quarter, HoldingsChannel reports. The firm owned 11,018 shares of the luxury accessories retailer’s stock after selling 22,236 shares during the period. Oppenheimer & Co. Inc.’s holdings in Tapestry were worth $554,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Russell Investments Group Ltd. lifted its stake in shares of Tapestry by 11.4% in the third quarter. Russell Investments Group Ltd. now owns 888,591 shares of the luxury accessories retailer’s stock worth $44,647,000 after acquiring an additional 90,921 shares during the period. Robeco Institutional Asset Management B.V. lifted its stake in Tapestry by 37.5% in the third quarter. Robeco Institutional Asset Management B.V. now owns 71,164 shares of the luxury accessories retailer’s stock valued at $3,392,000 after buying an additional 19,401 shares during the period. Palo Capital Inc. lifted its stake in Tapestry by 17.4% in the third quarter. Palo Capital Inc. now owns 16,218 shares of the luxury accessories retailer’s stock valued at $815,000 after buying an additional 2,400 shares during the period. NuWave Investment Management LLC lifted its stake in Tapestry by 166,880.0% in the third quarter. NuWave Investment Management LLC now owns 8,349 shares of the luxury accessories retailer’s stock valued at $420,000 after buying an additional 8,344 shares during the period. Finally, IFM Investors Pty Ltd lifted its stake in Tapestry by 13.7% in the third quarter. IFM Investors Pty Ltd now owns 15,907 shares of the luxury accessories retailer’s stock valued at $800,000 after buying an additional 1,913 shares during the period. 90.13% of the stock is currently owned by hedge funds and other institutional investors.

In related news, insider Ian Bickley sold 48,071 shares of the company’s 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ivan Menezes sold 2,068 shares of the company’s stock in a transaction on Friday, August 31st. The stock was 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. In the last 90 days, insiders have sold 50,602 shares of company stock valued at $2,633,939. Corporate insiders own 0.70% of the company’s stock.

TPR has been the topic of several recent analyst reports. Piper Jaffray Companies reissued a “buy” rating and issued a $59.00 price target on shares of Tapestry in a research note on Thursday, August 16th. Bank of America boosted their price target on Tapestry from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, August 15th. Loop Capital set a $59.00 price target on Tapestry and gave the company a “buy” rating in a research note on Tuesday, August 14th. UBS Group dropped their price target on Tapestry from $62.00 to $59.00 and set a “buy” rating on the stock in a research note on Tuesday, July 31st. Finally, Canaccord Genuity reissued a “buy” rating and issued a $63.00 price target on shares of Tapestry in a research note on Monday, October 29th. Ten analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $54.50.

NYSE TPR opened at $42.43 on Thursday. The company has a market cap of $12.29 billion, a PE ratio of 16.13, a PEG ratio of 1.31 and a beta of 0.70. Tapestry Inc has a 52 week low of $39.28 and a 52 week high of $55.50. The company has a quick ratio of 1.83, a current ratio of 2.74 and a debt-to-equity ratio of 0.48.

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

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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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Want to see what other hedge funds are holding TPR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tapestry Inc (NYSE:TPR).

Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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