Gallacher Capital Management LLC Lowers Stock Position in Kontoor Brands, Inc. (NYSE:KTB)

Gallacher Capital Management LLC lessened its holdings in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 44.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,908 shares of the company's stock after selling 4,757 shares during the period. Gallacher Capital Management LLC's holdings in Kontoor Brands were worth $379,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Huntington National Bank increased its holdings in shares of Kontoor Brands by 62.4% during the fourth quarter. Huntington National Bank now owns 385 shares of the company's stock valued at $33,000 after acquiring an additional 148 shares in the last quarter. CX Institutional bought a new position in shares of Kontoor Brands during the first quarter valued at $32,000. Versant Capital Management Inc increased its holdings in shares of Kontoor Brands by 46.7% during the first quarter. Versant Capital Management Inc now owns 650 shares of the company's stock valued at $42,000 after acquiring an additional 207 shares in the last quarter. Quarry LP increased its holdings in shares of Kontoor Brands by 161.3% during the fourth quarter. Quarry LP now owns 729 shares of the company's stock valued at $62,000 after acquiring an additional 450 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Kontoor Brands during the fourth quarter valued at $98,000. 93.06% of the stock is currently owned by institutional investors.

Kontoor Brands Stock Performance

Shares of NYSE KTB traded down $0.87 during midday trading on Friday, hitting $62.22. 143,757 shares of the company's stock traded hands, compared to its average volume of 710,488. Kontoor Brands, Inc. has a 1 year low of $50.00 and a 1 year high of $96.80. The stock has a market capitalization of $3.46 billion, a price-to-earnings ratio of 15.25, a price-to-earnings-growth ratio of 1.56 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. The firm has a fifty day moving average of $67.53 and a 200 day moving average of $70.16.

Kontoor Brands (NYSE:KTB - Get Free Report) last released 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 firm had revenue of $622.90 million during the quarter, compared to analyst estimates of $625.44 million. During the same quarter in the prior year, the firm earned $1.16 EPS. The business's revenue for the quarter was down 1.3% compared to the same quarter last year. On average, analysts forecast that Kontoor Brands, Inc. will post 4.82 earnings per share for the current year.

Kontoor Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Tuesday, September 9th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.34%. Kontoor Brands's payout ratio is currently 50.98%.

Wall Street Analyst Weigh In

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

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.