First Trust Advisors LP lowered its position in Kontoor Brands, Inc. (NYSE:KTB – Free Report) by 42.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 340,050 shares of the company’s stock after selling 246,142 shares during the quarter. First Trust Advisors LP’s holdings in Kontoor Brands were worth $23,902,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its position in Kontoor Brands by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,268,336 shares of the company’s stock worth $89,132,000 after buying an additional 6,477 shares in the last quarter. Jennison Associates LLC increased its stake in Kontoor Brands by 0.9% in the 1st quarter. Jennison Associates LLC now owns 1,225,371 shares of the company’s stock worth $86,131,000 after acquiring an additional 10,540 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Kontoor Brands by 54.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 298,072 shares of the company’s stock valued at $21,133,000 after acquiring an additional 104,466 shares in the last quarter. D.A. Davidson & CO. raised its holdings in shares of Kontoor Brands by 11.8% in the 1st quarter. D.A. Davidson & CO. now owns 15,959 shares of the company’s stock valued at $1,122,000 after acquiring an additional 1,690 shares in the last quarter. Finally, Sanctuary Advisors LLC raised its stake in Kontoor Brands by 11.9% in the first quarter. Sanctuary Advisors LLC now owns 4,138 shares of the company’s stock valued at $291,000 after purchasing an additional 439 shares in the last quarter. Hedge funds and other institutional investors own 93.06% of the company’s stock.
Kontoor Brands Price Performance
Shares of Kontoor Brands stock opened at $88.13 on Wednesday. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.87 and a quick ratio of 1.10. Kontoor Brands, Inc. has a one year low of $53.55 and a one year high of $88.96. The business’s 50 day simple moving average is $79.07 and its two-hundred day simple moving average is $71.72. The stock has a market capitalization of $4.87 billion, a P/E ratio of 17.84 and a beta of 0.87.
Kontoor Brands Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Tuesday, September 8th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $2.12 annualized dividend and a yield of 2.4%. Kontoor Brands’s dividend payout ratio is presently 42.91%.
Analysts Set New Price Targets
Several research firms have recently weighed in on KTB. BTIG Research restated a “buy” rating and set a $100.00 price objective on shares of Kontoor Brands in a research report on Friday, May 1st. Weiss Ratings upgraded shares of Kontoor Brands from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, July 20th. Barclays raised their price target on Kontoor Brands from $93.00 to $96.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Wall Street Zen cut Kontoor Brands from a “strong-buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Zacks Research upgraded shares of Kontoor Brands from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $91.20.
Check Out Our Latest Analysis on Kontoor Brands
Insiders Place Their Bets
In other Kontoor Brands news, EVP Jennifer H. Broyles sold 4,000 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $81.02, for a total value of $324,080.00. Following the sale, the executive vice president owned 40,261 shares of the company’s stock, valued at $3,261,946.22. This trade represents a 9.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.80% of the stock is owned by insiders.
Kontoor Brands Profile
Kontoor Brands, Inc is a global apparel company best known for its Wrangler and Lee denim and lifestyle brands. Established as an independent, publicly traded company in May 2019 following a spin-off from VF Corporation, Kontoor leverages a legacy that dates back to 1889 with the founding of Lee and to 1947 with the introduction of the Wrangler brand. The company focuses on designing, manufacturing and distributing premium, casual and workwear apparel, including jeans, pants, shorts, shirts, jackets and complementary accessories.
Kontoor Brands operates a diversified sales model that combines wholesale partnerships with leading retailers, distribution through e-commerce channels and select direct-to-consumer formats.
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