Allworth Financial LP Boosts Stock Position in Kontoor Brands, Inc. (NYSE:KTB)

Allworth Financial LP raised its stake in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 192.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,344 shares of the company's stock after acquiring an additional 5,493 shares during the period. Allworth Financial LP's holdings in Kontoor Brands were worth $521,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Marshall Wace LLP raised its stake in shares of Kontoor Brands by 97.3% during the 4th quarter. Marshall Wace LLP now owns 579,844 shares of the company's stock worth $49,524,000 after buying an additional 285,897 shares in the last quarter. Man Group plc raised its stake in shares of Kontoor Brands by 119.1% during the 4th quarter. Man Group plc now owns 466,065 shares of the company's stock worth $39,807,000 after buying an additional 253,360 shares in the last quarter. Norges Bank purchased a new position in shares of Kontoor Brands during the 4th quarter worth approximately $17,630,000. Geode Capital Management LLC raised its stake in shares of Kontoor Brands by 16.6% during the 4th quarter. Geode Capital Management LLC now owns 1,402,701 shares of the company's stock worth $119,827,000 after buying an additional 199,601 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Kontoor Brands by 28.4% during the 4th quarter. JPMorgan Chase & Co. now owns 849,712 shares of the company's stock worth $72,574,000 after buying an additional 188,001 shares in the last quarter. 93.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

KTB has been the subject of a number of analyst reports. Wells Fargo & Company increased their target price on Kontoor Brands from $85.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 14th. The Goldman Sachs Group set a $85.00 price target on Kontoor Brands and gave the stock a "buy" rating in a report on Tuesday, June 10th. Stifel Nicolaus lowered their price target on Kontoor Brands from $83.00 to $72.00 and set a "hold" rating on the stock in a report on Thursday, April 10th. UBS Group upped their price target on Kontoor Brands from $83.00 to $92.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Finally, Barclays upped their price target on Kontoor Brands from $75.00 to $86.00 and gave the stock an "overweight" rating in a report on Tuesday, May 20th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $87.50.

Kontoor Brands Price Performance

Shares of NYSE:KTB opened at $66.60 on Tuesday. The business's fifty day moving average price is $68.52 and its two-hundred day moving average price is $71.15. The stock has a market cap of $3.70 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 1.63 and a beta of 1.12. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.65 and a current ratio of 2.78. Kontoor Brands, Inc. has a one year low of $50.00 and a one year high of $96.80.

Kontoor Brands (NYSE:KTB - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $1.20 EPS for the quarter, beating analysts' consensus estimates of $1.16 by $0.04. The firm had revenue of $622.90 million for the quarter, compared to analysts' expectations of $625.44 million. Kontoor Brands had a return on equity of 71.33% and a net margin of 8.82%. Kontoor Brands's quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.16 EPS. On average, analysts forecast that Kontoor Brands, Inc. will post 4.82 EPS for the current fiscal year.

Kontoor Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Tuesday, June 10th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend was Tuesday, June 10th. Kontoor Brands's dividend payout ratio (DPR) is presently 50.98%.

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.

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