Bank of New York Mellon Corp Purchases 10,748 Shares of Kontoor Brands, Inc. (NYSE:KTB)

Bank of New York Mellon Corp boosted its stake in Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 1.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 597,638 shares of the company's stock after acquiring an additional 10,748 shares during the period. Bank of New York Mellon Corp owned 1.08% of Kontoor Brands worth $38,327,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Principal Financial Group Inc. raised its position in Kontoor Brands by 2.3% in the first quarter. Principal Financial Group Inc. now owns 266,977 shares of the company's stock worth $17,121,000 after acquiring an additional 5,955 shares during the period. Meritage Portfolio Management raised its position in Kontoor Brands by 43.8% in the first quarter. Meritage Portfolio Management now owns 51,246 shares of the company's stock worth $3,286,000 after acquiring an additional 15,618 shares during the period. Moran Wealth Management LLC bought a new stake in Kontoor Brands in the first quarter worth about $2,685,000. Blue Trust Inc. raised its position in Kontoor Brands by 23.4% in the first quarter. Blue Trust Inc. now owns 1,446 shares of the company's stock worth $93,000 after acquiring an additional 274 shares during the period. Finally, Ritholtz Wealth Management raised its position in Kontoor Brands by 52.6% in the first quarter. Ritholtz Wealth Management now owns 10,342 shares of the company's stock worth $663,000 after acquiring an additional 3,566 shares during the period. Institutional investors own 93.06% of the company's stock.

Analysts Set New Price Targets

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

Kontoor Brands Price Performance

KTB stock traded down $0.28 during midday trading on Friday, reaching $64.62. The company had a trading volume of 161,803 shares, compared to its average volume of 574,778. The company has a debt-to-equity ratio of 1.72, a current ratio of 2.78 and a quick ratio of 1.65. Kontoor Brands, Inc. has a 1 year low of $50.00 and a 1 year high of $96.80. The company has a market capitalization of $3.59 billion, a P/E ratio of 15.84, a P/E/G ratio of 1.55 and a beta of 1.12. The firm has a 50-day moving average price of $68.37 and a 200-day moving average price of $70.92.

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, topping analysts' consensus estimates 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 analysts' expectations of $625.44 million. During the same quarter in the previous year, the company earned $1.16 EPS. The business's quarterly revenue was down 1.3% compared to the same quarter last year. On average, research analysts anticipate that Kontoor Brands, Inc. will post 4.82 earnings per share for the current fiscal year.

Kontoor Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Tuesday, June 10th were issued a $0.52 dividend. The ex-dividend date was Tuesday, June 10th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.22%. Kontoor Brands's payout ratio is 50.98%.

Kontoor Brands 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.