Capital World Investors Decreases Stock Position in Kontoor Brands, Inc. (NYSE:KTB)

Capital World Investors cut its holdings in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 50.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 708,372 shares of the company's stock after selling 729,312 shares during the quarter. Capital World Investors owned about 1.28% of Kontoor Brands worth $60,502,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of KTB. Marshall Wace LLP boosted 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 worth $49,524,000 after acquiring an additional 285,897 shares during the last quarter. Norges Bank acquired a new position in Kontoor Brands during the fourth quarter worth about $17,630,000. Geode Capital Management LLC boosted its position in Kontoor Brands by 16.6% during the fourth quarter. Geode Capital Management LLC now owns 1,402,701 shares of the company's stock worth $119,827,000 after acquiring an additional 199,601 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Kontoor Brands by 28.4% during the fourth quarter. JPMorgan Chase & Co. now owns 849,712 shares of the company's stock worth $72,574,000 after acquiring an additional 188,001 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in Kontoor Brands by 15.5% during the fourth quarter. First Trust Advisors LP now owns 1,043,684 shares of the company's stock worth $89,141,000 after acquiring an additional 140,068 shares during the last quarter. 93.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

KTB has been the topic of a number of analyst reports. Wells Fargo & Company reduced their target price on shares of Kontoor Brands from $100.00 to $90.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. UBS Group reduced their price target on shares of Kontoor Brands from $108.00 to $96.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. Barclays lowered their price objective on Kontoor Brands from $100.00 to $93.00 and set an "overweight" rating for the company in a research report on Wednesday, February 26th. Finally, Stifel Nicolaus lowered their price objective on Kontoor Brands from $83.00 to $72.00 and set a "hold" rating for the company in a research report on Thursday, April 10th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $88.00.

Kontoor Brands Trading Down 1.7 %

Kontoor Brands stock traded down $1.07 during mid-day trading on Friday, hitting $61.38. The company's stock had a trading volume of 530,084 shares, compared to its average volume of 538,129. The firm has a market capitalization of $3.40 billion, a PE ratio of 13.82, a price-to-earnings-growth ratio of 2.12 and a beta of 0.93. 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 stock's fifty day moving average is $63.16 and its two-hundred day moving average is $78.56.

Kontoor Brands (NYSE:KTB - Get Free Report) last released its quarterly earnings results on Tuesday, February 25th. The company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.31 by $0.07. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The business had revenue of $699.00 million during the quarter, compared to analyst estimates of $698.07 million. During the same period last year, the business posted $1.28 earnings per share. The company's quarterly revenue was up 4.4% on a year-over-year basis. On average, analysts anticipate that Kontoor Brands, Inc. will post 4.82 EPS for the current year.

Kontoor Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Tuesday, June 10th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $2.08 annualized dividend and a dividend yield of 3.39%. Kontoor Brands's dividend payout ratio is currently 47.60%.

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.