Choreo LLC Reduces Stock Position in Kontoor Brands, Inc. (NYSE:KTB)

Key Points

• Choreo LLC significantly reduced its stake in Kontoor Brands by 68%, now holding 3,331 shares worth $214,000.
• Contemporary stock analysts have set price targets for Kontoor Brands ranging from $72.00 to $90.00, with an average price target of $87.50 and a consensus rating of "Moderate Buy".
• Kontoor Brands announced a quarterly dividend of $0.52, translating to an annual yield of 3.62% and a payout ratio of 50.98%.

Choreo LLC decreased its holdings in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 68.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,331 shares of the company's stock after selling 7,080 shares during the quarter. Choreo LLC's holdings in Kontoor Brands were worth $214,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in KTB. Huntington National Bank raised its position in shares of Kontoor Brands by 62.4% in the 4th quarter. Huntington National Bank now owns 385 shares of the company's stock valued at $33,000 after purchasing an additional 148 shares during the last quarter. CX Institutional purchased a new position in shares of Kontoor Brands in the 1st quarter valued at approximately $32,000. Versant Capital Management Inc raised its position in shares of Kontoor Brands by 46.7% in the 1st quarter. Versant Capital Management Inc now owns 650 shares of the company's stock valued at $42,000 after purchasing an additional 207 shares during the last quarter. Quarry LP raised its position in shares of Kontoor Brands by 161.3% in the 4th quarter. Quarry LP now owns 729 shares of the company's stock valued at $62,000 after purchasing an additional 450 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Kontoor Brands in the 4th quarter valued at approximately $98,000. Hedge funds and other institutional investors own 93.06% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Barclays lifted their target price on shares of Kontoor Brands from $75.00 to $86.00 and gave the company an "overweight" rating in a report on Tuesday, May 20th. The Goldman Sachs Group set a $85.00 target price on shares of Kontoor Brands and gave the company a "buy" rating in a report on Tuesday, June 10th. UBS Group lifted their target price on shares of Kontoor Brands from $83.00 to $92.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Wells Fargo & Company lifted their target price on shares of Kontoor Brands from $85.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, May 14th. Finally, Stifel Nicolaus cut their price target on shares of Kontoor Brands from $83.00 to $72.00 and set a "hold" rating for the company in a report on Thursday, April 10th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $87.50.

Kontoor Brands Trading Down 1.2%

NYSE:KTB traded down $0.66 on Friday, reaching $55.00. 1,393,052 shares of the company's stock were exchanged, compared to its average volume of 648,142. The company has a quick ratio of 1.65, a current ratio of 2.78 and a debt-to-equity ratio of 1.72. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of 13.48, a price-to-earnings-growth ratio of 1.32 and a beta of 1.11. The business has a fifty day moving average of $65.98 and a 200-day moving average of $68.91. Kontoor Brands, Inc. has a 52-week low of $50.00 and a 52-week high of $96.80.

Kontoor Brands (NYSE:KTB - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $1.20 earnings per share for the quarter, topping analysts' consensus estimates of $1.16 by $0.04. The firm had revenue of $622.90 million for the quarter, compared to analyst estimates of $625.44 million. Kontoor Brands had a net margin of 8.82% and a return on equity of 71.33%. The business's quarterly revenue was down 1.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.16 earnings per share. As a group, analysts expect that Kontoor Brands, Inc. will post 4.82 earnings per share for the current year.

Kontoor Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Tuesday, September 9th will be given a $0.52 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.8%. Kontoor Brands's dividend payout ratio (DPR) is currently 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.