Bank of New York Mellon Corp Grows Holdings in 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 its most recent 13F filing with the Securities & Exchange Commission. 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 SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Huntington National Bank raised its holdings in Kontoor Brands by 62.4% during the fourth quarter. Huntington National Bank now owns 385 shares of the company's stock worth $33,000 after purchasing an additional 148 shares in the last quarter. CX Institutional purchased a new position in shares of Kontoor Brands during the 1st quarter worth approximately $32,000. Versant Capital Management Inc lifted its holdings 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 buying an additional 207 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Kontoor Brands by 229.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 722 shares of the company's stock valued at $62,000 after buying an additional 503 shares in the last quarter. Finally, Quarry LP boosted its stake in shares of Kontoor Brands by 161.3% in the fourth quarter. Quarry LP now owns 729 shares of the company's stock valued at $62,000 after buying an additional 450 shares in the last quarter. Institutional investors and hedge funds own 93.06% of the company's stock.

Kontoor Brands Price Performance

Shares of Kontoor Brands stock traded up $0.83 on Thursday, hitting $65.02. The company's stock had a trading volume of 593,109 shares, compared to its average volume of 576,159. 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 company has a market capitalization of $3.61 billion, a P/E ratio of 15.94, a price-to-earnings-growth ratio of 1.56 and a beta of 1.12. The firm has a fifty day moving average price of $68.46 and a 200-day moving average price of $71.06. 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 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 for the quarter, compared to analyst estimates of $625.44 million. During the same period in the prior year, the business earned $1.16 earnings per share. The company's quarterly revenue was down 1.3% on a year-over-year basis. On average, equities research analysts expect that Kontoor Brands, Inc. will post 4.82 earnings per share for the current fiscal year.

Kontoor Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Tuesday, June 10th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.20%. The ex-dividend date was Tuesday, June 10th. Kontoor Brands's payout ratio is 50.98%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wells Fargo & Company raised their target price on Kontoor Brands from $85.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, May 14th. Barclays raised their price objective on shares of Kontoor Brands from $75.00 to $86.00 and gave the company an "overweight" rating in a research note on Tuesday, May 20th. 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 report on Tuesday, June 10th. UBS Group increased 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. Finally, Stifel Nicolaus decreased their price target on Kontoor Brands from $83.00 to $72.00 and set a "hold" rating on the stock in a research note on Thursday, April 10th. One equities 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.

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.