TCW Group Inc. Buys 82,649 Shares of Tapestry, Inc. (NYSE:TPR)

TCW Group Inc. grew its stake in Tapestry, Inc. (NYSE:TPR) by 17.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 554,104 shares of the luxury accessories retailer’s stock after acquiring an additional 82,649 shares during the quarter. TCW Group Inc. owned 0.24% of Tapestry worth $26,032,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of TPR. Victory Capital Management Inc. boosted its stake in Tapestry by 7.5% in the 3rd quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock worth $20,381,000 after purchasing an additional 30,121 shares in the last quarter. Fiera Capital Corp raised its holdings in Tapestry by 1.2% in the second quarter. Fiera Capital Corp now owns 1,462,721 shares of the luxury accessories retailer’s stock worth $62,590,000 after buying an additional 17,497 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Tapestry in the third quarter worth approximately $5,446,000. Valley Wealth Managers Inc. grew its holdings in shares of Tapestry by 2.1% during the third quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock valued at $19,971,000 after buying an additional 8,833 shares during the last quarter. Finally, Westfield Capital Management Co. LP increased its position in shares of Tapestry by 14.8% during the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after acquiring an additional 219,544 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Stock Down 1.4 %

NYSE TPR opened at $61.39 on Wednesday. Tapestry, Inc. has a 52 week low of $33.29 and a 52 week high of $65.30. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The company has a market capitalization of $14.31 billion, a P/E ratio of 17.74, a price-to-earnings-growth ratio of 2.16 and a beta of 1.60. The stock’s 50-day moving average price is $52.22 and its 200-day moving average price is $45.35.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio is currently 40.46%.

Insiders Place Their Bets

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the sale, the vice president now directly owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Barclays reaffirmed an “equal weight” rating and issued a $57.00 price objective on shares of Tapestry in a research report on Wednesday, November 20th. The Goldman Sachs Group increased their price objective on Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Evercore ISI boosted their target price on Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Raymond James reaffirmed an “outperform” rating and set a $57.00 price target (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. Finally, Citigroup boosted their price objective on shares of Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a report on Friday, October 25th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.78.

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.