Foxhaven Asset Management Lp Exits Position in Kate Spade & Co (KATE)

Kate Spade & Co (KATE) : Foxhaven Asset Management Lp has sold out all of its stake in Kate Spade & Co during the most recent quarter, according to the disclosure filed by the company on Aug 15, 2016 with the SEC. The investment management company has sold out 1,351,807 shares of Kate Spade & Co which is valued at $25,616,743.

Other Hedge Funds, Including , Arizona State Retirement System boosted its stake in KATE in the latest quarter, The investment management firm added 2,000 additional shares and now holds a total of 64,193 shares of Kate Spade & Co which is valued at $1,216,457. Kate Spade & Co makes up approx 0.01% of Arizona State Retirement System’s portfolio.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.Louisiana State Employees Retirement System reduced its stake in KATE by selling 1,500 shares or 4.23% in the most recent quarter. The Hedge Fund company now holds 34,000 shares of KATE which is valued at $736,440. Kate Spade & Co makes up approx 0.04% of Louisiana State Employees Retirement System’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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