Kontoor Brands, Inc. (NYSE:KTB) Shares Sold by Summit Global Investments

Summit Global Investments cut its holdings in shares of Kontoor Brands, Inc. (NYSE:KTB) by 66.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,876 shares of the company’s stock after selling 11,805 shares during the quarter. Summit Global Investments’ holdings in Kontoor Brands were worth $502,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new stake in shares of Kontoor Brands in the third quarter valued at $332,000. Janus Henderson Group PLC grew its stake in Kontoor Brands by 31.4% during the 3rd quarter. Janus Henderson Group PLC now owns 47,474 shares of the company’s stock worth $3,883,000 after purchasing an additional 11,337 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Kontoor Brands by 2.9% during the 4th quarter. Principal Financial Group Inc. now owns 261,022 shares of the company’s stock worth $22,294,000 after purchasing an additional 7,445 shares during the period. Fortitude Family Office LLC raised its position in Kontoor Brands by 407.3% in the 4th quarter. Fortitude Family Office LLC now owns 416 shares of the company’s stock valued at $36,000 after purchasing an additional 334 shares in the last quarter. Finally, Natixis Advisors LLC boosted its stake in shares of Kontoor Brands by 6.7% in the 3rd quarter. Natixis Advisors LLC now owns 17,383 shares of the company’s stock valued at $1,422,000 after buying an additional 1,087 shares during the period. Hedge funds and other institutional investors own 93.06% of the company’s stock.

Kontoor Brands Stock Up 1.9 %

KTB stock opened at $64.93 on Tuesday. The company’s 50 day moving average is $77.86 and its two-hundred day moving average is $81.95. Kontoor Brands, Inc. has a twelve month low of $52.95 and a twelve month high of $96.80. The company has a current ratio of 2.50, a quick ratio of 1.42 and a debt-to-equity ratio of 2.09. The stock has a market cap of $3.59 billion, a P/E ratio of 14.62, a PEG ratio of 2.12 and a beta of 1.23.

Kontoor Brands (NYSE:KTB) last announced its quarterly earnings results on Tuesday, February 25th. The company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.07. The firm had revenue of $699.00 million during the quarter, compared to analysts’ expectations of $698.07 million. Kontoor Brands had a net margin of 9.72% and a return on equity of 73.99%. Kontoor Brands’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.28 earnings per share. Research analysts expect that Kontoor Brands, Inc. will post 4.82 earnings per share for the current fiscal year.

Kontoor Brands Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Monday, March 10th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $2.08 dividend on an annualized basis and a yield of 3.20%. Kontoor Brands’s dividend payout ratio is presently 47.60%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Barclays cut their target price on shares of Kontoor Brands from $100.00 to $93.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Wells Fargo & Company reduced their price objective on shares of Kontoor Brands from $100.00 to $90.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, UBS Group lowered their target price on shares of Kontoor Brands from $108.00 to $96.00 and set a “buy” rating for the company in a research note on Friday, February 28th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Kontoor Brands currently has an average rating of “Moderate Buy” and an average price target of $91.50.

Kontoor Brands Company Profile

Kontoor Brands, Inc, a lifestyle apparel company, designs, produces, procures, markets, distributes, and licenses denim, apparel, footwear, and accessories, primarily under the Wrangler and Lee brands. The company operates through two segments: Wrangler and Lee. It licenses and sells apparel under the Rock & Republic brand name.