Lazard Asset Management LLC Sells 8,638 Shares of Kontoor Brands, Inc. (NYSE:KTB)

Lazard Asset Management LLC reduced its position in Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 47.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,413 shares of the company's stock after selling 8,638 shares during the period. Lazard Asset Management LLC's holdings in Kontoor Brands were worth $802,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in KTB. HHM Wealth Advisors LLC bought a new position in Kontoor Brands in the fourth quarter worth approximately $29,000. Huntington National Bank boosted its holdings in shares of Kontoor Brands by 62.4% during 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. EverSource Wealth Advisors LLC grew its holdings in Kontoor Brands by 229.7% during the 4th 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. Quarry LP grew its holdings 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 purchasing an additional 450 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in shares of Kontoor Brands by 14.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,177 shares of the company's stock worth $101,000 after buying an additional 145 shares during the last quarter. 93.06% of the stock is owned by institutional investors.

Kontoor Brands Stock Performance

Shares of KTB opened at $72.99 on Wednesday. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.42 and a current ratio of 2.50. The stock has a 50-day moving average of $62.65 and a two-hundred day moving average of $77.08. The stock has a market cap of $4.06 billion, a P/E ratio of 16.44, a P/E/G ratio of 2.12 and a beta of 1.05. Kontoor Brands, Inc. has a one year low of $50.00 and a one year high of $96.80.

Kontoor Brands (NYSE:KTB - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.04. The firm had revenue of $622.90 million during the quarter, compared to analysts' expectations of $625.44 million. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The company's revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period last year, the business posted $1.16 earnings per share. As a group, research analysts predict that Kontoor Brands, Inc. will post 4.82 EPS for the current year.

Kontoor Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Tuesday, June 10th will be given a dividend of $0.52 per share. The ex-dividend date is Tuesday, June 10th. This represents a $2.08 dividend on an annualized basis and a yield of 2.85%. Kontoor Brands's dividend payout ratio is presently 50.98%.

Analyst Upgrades and Downgrades

KTB has been the subject of several analyst reports. Barclays raised their target price on shares of Kontoor Brands from $75.00 to $86.00 and gave the stock an "overweight" rating in a report on Tuesday. UBS Group raised their target price 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. Stifel Nicolaus decreased their price objective on Kontoor Brands from $83.00 to $72.00 and set a "hold" rating for the company in a research note on Thursday, April 10th. Finally, Wells Fargo & Company raised their target price on shares of Kontoor Brands from $85.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $88.00.

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.

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