Morse Asset Management Inc increased its stake in Coach, Inc. (NYSE:COH) by 122.1% during the second quarter, Holdings Channel reports. The fund owned 78,945 shares of the luxury accessories retailer’s stock after buying an additional 43,405 shares during the period. Coach accounts for approximately 1.2% of Morse Asset Management Inc’s investment portfolio, making the stock its 27th largest position. Morse Asset Management Inc’s holdings in Coach were worth $3,737,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of COH. Tompkins Financial Corp bought a new position in shares of Coach during the first quarter valued at $120,000. Winslow Evans & Crocker Inc. raised its position in shares of Coach by 18.1% in the second quarter. Winslow Evans & Crocker Inc. now owns 2,616 shares of the luxury accessories retailer’s stock valued at $124,000 after buying an additional 400 shares during the last quarter. NINE MASTS CAPITAL Ltd bought a new position in shares of Coach during the first quarter valued at $153,000. NEXT Financial Group Inc raised its position in shares of Coach by 5.0% in the second quarter. NEXT Financial Group Inc now owns 4,214 shares of the luxury accessories retailer’s stock valued at $199,000 after buying an additional 200 shares during the last quarter. Finally, MUFG Securities EMEA plc bought a new position in shares of Coach during the first quarter valued at $201,000. Institutional investors own 88.44% of the company’s stock.
Coach, Inc. (COH) opened at 47.83 on Wednesday. Coach, Inc. has a 52 week low of $34.07 and a 52 week high of $48.85. The stock has a market cap of $13.45 billion, a P/E ratio of 25.83 and a beta of 0.45. The stock has a 50 day moving average of $47.33 and a 200-day moving average of $42.30.
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Several brokerages have weighed in on COH. UBS AG restated a “buy” rating and set a $55.00 target price (up from $49.00) on shares of Coach in a research report on Thursday, May 25th. OTR Global upgraded shares of Coach to a “positive” rating in a research report on Friday, July 21st. Deutsche Bank AG restated a “hold” rating and set a $40.00 target price (up from $39.00) on shares of Coach in a research report on Wednesday, May 3rd. Oppenheimer Holdings, Inc. restated a “buy” rating on shares of Coach in a research report on Tuesday, July 4th. Finally, Piper Jaffray Companies upped their target price on shares of Coach from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 30th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-two have assigned a buy rating to the stock. Coach currently has a consensus rating of “Buy” and a consensus price target of $48.11.
In other Coach news, insider Sarah Dunn sold 7,595 shares of Coach stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $46.07, for a total value of $349,901.65. Following the completion of the sale, the insider now directly owns 74,627 shares in the company, valued at $3,438,065.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andre Cohen sold 2,988 shares of Coach stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $46.06, for a total transaction of $137,627.28. Following the completion of the sale, the insider now owns 43,198 shares of the company’s stock, valued at $1,989,699.88. The disclosure for this sale can be found here. Insiders sold 20,670 shares of company stock valued at $944,974 over the last quarter. Corporate insiders own 0.81% of the company’s stock.
About Coach
Coach, Inc (Coach) is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. Its segments include North America, International and Stuart Weitzman. The North America segment includes sales of Coach brand products to North American customers through Coach-operated stores (including the Internet) and sales to North American wholesale customers.
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