Envestnet Asset Management Inc. Trims Holdings in Kontoor Brands, Inc. (NYSE:KTB)

Envestnet Asset Management Inc. cut its holdings in Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 17.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 89,160 shares of the company's stock after selling 18,934 shares during the period. Envestnet Asset Management Inc. owned about 0.16% of Kontoor Brands worth $5,718,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp increased its holdings in shares of Kontoor Brands by 1.8% in the 1st quarter. Bank of New York Mellon Corp now owns 597,638 shares of the company's stock worth $38,327,000 after buying an additional 10,748 shares during the last quarter. Moran Wealth Management LLC purchased a new position in shares of Kontoor Brands during the 1st quarter worth about $2,685,000. GAMMA Investing LLC boosted its stake in shares of Kontoor Brands by 4,248.1% during the 1st quarter. GAMMA Investing LLC now owns 38,350 shares of the company's stock worth $2,459,000 after purchasing an additional 37,468 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Kontoor Brands by 14.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,908 shares of the company's stock worth $315,000 after purchasing an additional 611 shares during the period. Finally, Ensign Peak Advisors Inc boosted its stake in shares of Kontoor Brands by 33.1% during the 4th quarter. Ensign Peak Advisors Inc now owns 30,735 shares of the company's stock worth $2,625,000 after purchasing an additional 7,640 shares during the period. 93.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on KTB shares. Stifel Nicolaus dropped their price target on shares of Kontoor Brands from $83.00 to $72.00 and set a "hold" rating for the company in a research note on Thursday, April 10th. The Goldman Sachs Group set a $85.00 price target on shares of Kontoor Brands and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Wells Fargo & Company boosted their price objective on shares of Kontoor Brands from $85.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, May 14th. Barclays boosted their price objective on shares of Kontoor Brands from $75.00 to $86.00 and gave the company an "overweight" rating in a research report on Tuesday, May 20th. Finally, UBS Group boosted their price objective on shares of Kontoor Brands from $83.00 to $92.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $87.50.

Kontoor Brands Stock Down 1.1%

Shares of NYSE:KTB traded down $0.67 during trading hours on Friday, hitting $62.43. The company's stock had a trading volume of 515,959 shares, compared to its average volume of 713,190. Kontoor Brands, Inc. has a 52 week low of $50.00 and a 52 week high of $96.80. The company has a debt-to-equity ratio of 1.72, a current ratio of 2.78 and a quick ratio of 1.65. The company has a market capitalization of $3.47 billion, a price-to-earnings ratio of 15.30, a P/E/G ratio of 1.56 and a beta of 1.12. The firm's fifty day moving average price is $67.53 and its 200 day moving average price is $70.16.

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

Kontoor Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Tuesday, September 9th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.33%. 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.