Balyasny Asset Management L.P. Acquires New Position in Kontoor Brands, Inc. (NYSE:KTB)

Balyasny Asset Management L.P. acquired a new position in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 151,758 shares of the company's stock, valued at approximately $12,962,000. Balyasny Asset Management L.P. owned 0.28% of Kontoor Brands at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in KTB. Marshall Wace LLP grew its position in Kontoor Brands by 97.3% during the fourth quarter. Marshall Wace LLP now owns 579,844 shares of the company's stock valued at $49,524,000 after buying an additional 285,897 shares during the period. Norges Bank purchased a new position in Kontoor Brands during the fourth quarter worth approximately $17,630,000. Geode Capital Management LLC grew its holdings in Kontoor Brands by 16.6% in the fourth quarter. Geode Capital Management LLC now owns 1,402,701 shares of the company's stock valued at $119,827,000 after purchasing an additional 199,601 shares during the period. JPMorgan Chase & Co. grew its holdings in Kontoor Brands by 28.4% in the fourth quarter. JPMorgan Chase & Co. now owns 849,712 shares of the company's stock valued at $72,574,000 after purchasing an additional 188,001 shares during the period. Finally, Ameriprise Financial Inc. increased its position in shares of Kontoor Brands by 11.8% in the fourth quarter. Ameriprise Financial Inc. now owns 1,355,286 shares of the company's stock valued at $115,755,000 after buying an additional 142,956 shares in the last quarter. 93.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on KTB shares. Barclays lifted their price target on shares of Kontoor Brands from $69.00 to $75.00 and gave the company an "overweight" rating in a research note on Wednesday. Wells Fargo & Company decreased their price objective on shares of Kontoor Brands from $90.00 to $85.00 and set an "overweight" rating on the stock in a report on Wednesday, April 30th. UBS Group upped their price target on shares of Kontoor Brands from $83.00 to $92.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Stifel Nicolaus lowered their price objective on Kontoor Brands from $83.00 to $72.00 and set a "hold" rating on the stock in a report on Thursday, April 10th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Kontoor Brands currently has an average rating of "Moderate Buy" and a consensus price target of $84.80.

Kontoor Brands Trading Down 0.8 %

KTB stock traded down $0.56 during trading on Friday, reaching $68.62. 557,672 shares of the stock were exchanged, compared to its average volume of 538,786. The business has a 50 day moving average price of $60.87 and a 200-day moving average price of $77.36. Kontoor Brands, Inc. has a 1 year low of $50.00 and a 1 year 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 firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of 15.45, a P/E/G ratio of 2.12 and a beta of 1.05.

Kontoor Brands (NYSE:KTB - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $1.20 EPS for the quarter, beating analysts' consensus estimates of $1.16 by $0.04. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The firm had revenue of $622.90 million for the quarter, compared to analysts' expectations of $625.44 million. During the same period in the prior year, the firm posted $1.16 earnings per share. The firm's quarterly revenue was down 1.3% on a year-over-year basis. On average, research analysts predict that Kontoor Brands, Inc. will post 4.82 earnings per share for the current year.

Kontoor Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Tuesday, June 10th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend is Tuesday, June 10th. Kontoor Brands's payout ratio is 50.98%.

About Kontoor Brands

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.