Melvin Capital Management Lp buys $38,847,500 stake in Kate Spade & Co (KATE)

Kate Spade & Co (KATE) : Melvin Capital Management Lp scooped up 700,000 additional shares in Kate Spade & Co during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 2,050,000 shares of Kate Spade & Co which is valued at $38,847,500.Kate Spade & Co makes up approximately 1.65% of Melvin Capital Management Lp’s portfolio.

Other Hedge Funds, Including , Tudor Investment Corp Et Al reduced its stake in KATE by selling 5,700 shares or 20.95% in the most recent quarter. The Hedge Fund company now holds 21,513 shares of KATE which is valued at $407,671. Kate Spade & Co makes up approx 0.02% of Tudor Investment Corp Et Al’s portfolio. Bogle Investment Management L P De sold out all of its stake in KATE during the most recent quarter. The investment firm sold 305,906 shares of KATE which is valued $5,796,919.Citadel Advisors reduced its stake in KATE by selling 1,591,281 shares or 90.01% in the most recent quarter. The Hedge Fund company now holds 176,527 shares of KATE which is valued at $3,345,187. Kate Spade & Co makes up approx 0.01% of Citadel Advisors’s portfolio. Secor Capital Advisors Lp sold out all of its stake in KATE during the most recent quarter. The investment firm sold 8,397 shares of KATE which is valued $156,268.Ci Investments reduced its stake in KATE by selling 57,200 shares or 2.8% in the most recent quarter. The Hedge Fund company now holds 1,986,600 shares of KATE which is valued at $34,864,830. Kate Spade & Co makes up approx 0.42% of Ci Investments’s portfolio.

Kate Spade & Co opened for trading at $18.63 and hit $18.98 on the upside on Thursday, eventually ending the session at $18.86, with a gain of 1.07% or 0.2 points. The heightened volatility saw the trading volume jump to 12,58,772 shares. Company has a market cap of $2,415 M.

On the company’s financial health, Kate Spade & Co reported $0.19 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Aug 3, 2016. Analyst had a consensus of $0.14. The company had revenue of $320.00 million for the quarter, compared to analysts expectations of $318.20 million. The company’s revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.08 EPS.

Many Wall Street Analysts have commented on Kate Spade & Co. Shares were Reiterated by Wedbush on Aug 4, 2016 to “Outperform” and Lowered the Price Target to $ 22 from a previous price target of $30 .Shares were Reiterated by Telsey Advisory Group on Aug 4, 2016 to “Outperform” and Lowered the Price Target to $ 23 from a previous price target of $30 .Shares were Reiterated by Mizuho on Aug 4, 2016 to “Buy” and Lowered the Price Target to $ 22 from a previous price target of $30 .

Kate Spade & Company is engaged in the design and marketing of a range of accessories and apparel. The Company operates through three segments: KATE SPADE North America KATE SPADE International and Adelington Design Group. KATE SPADE North America segment consists of the Company’s kate spade new york KATE SPADE SATURDAY and JACK SPADE brands in North America. KATE SPADE International segment consists of the Company’s kate spade new york KATE SPADE SATURDAY and JACK SPADE brands in International markets. Adelington Design Group segment consists of exclusive arrangements to supply jewelry for the LIZ CLAIBORNE and MONET brands; the wholesale apparel and wholesale non-apparel operations of the licensed LIZWEAR brand and other brands and the licensed LIZ CLAIBORNE NEW YORK brand. The Company operates specialty retail stores outlet stores and concession stores.

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