Meritage Portfolio Management Boosts Holdings in Kontoor Brands, Inc. (NYSE:KTB)

Meritage Portfolio Management lifted its holdings in Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 43.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 51,246 shares of the company's stock after purchasing an additional 15,618 shares during the period. Meritage Portfolio Management owned approximately 0.09% of Kontoor Brands worth $3,286,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Marshall Wace LLP increased its position in shares of Kontoor Brands by 97.3% during the fourth quarter. Marshall Wace LLP now owns 579,844 shares of the company's stock worth $49,524,000 after acquiring an additional 285,897 shares during the period. Man Group plc increased its holdings in Kontoor Brands by 119.1% during the 4th quarter. Man Group plc now owns 466,065 shares of the company's stock worth $39,807,000 after purchasing an additional 253,360 shares during the period. Norges Bank acquired a new stake in Kontoor Brands in the 4th quarter valued at about $17,630,000. Geode Capital Management LLC raised its position in Kontoor Brands by 16.6% in the 4th quarter. Geode Capital Management LLC now owns 1,402,701 shares of the company's stock valued at $119,827,000 after purchasing an additional 199,601 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Kontoor Brands by 28.4% in the 4th quarter. JPMorgan Chase & Co. now owns 849,712 shares of the company's stock valued at $72,574,000 after buying an additional 188,001 shares during the period. 93.06% of the stock is currently owned by institutional investors and hedge funds.

Kontoor Brands Stock Performance

Shares of KTB stock traded up $0.36 during mid-day trading on Friday, hitting $71.98. 368,124 shares of the stock were exchanged, compared to its average volume of 568,287. The stock has a market capitalization of $4.00 billion, a price-to-earnings ratio of 17.64, a P/E/G ratio of 1.73 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. Kontoor Brands, Inc. has a 12-month low of $50.00 and a 12-month high of $96.80. The stock's fifty day simple moving average is $67.38 and its two-hundred day simple moving average is $72.17.

Kontoor Brands (NYSE:KTB - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $1.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.04. The business had revenue of $622.90 million for the quarter, compared to analyst estimates of $625.44 million. Kontoor Brands had a net margin of 8.82% and a return on equity of 71.33%. 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 firm posted $1.16 earnings per share. On average, analysts forecast that Kontoor Brands, Inc. will post 4.82 EPS for the current year.

Kontoor Brands Announces Dividend

The firm also recently announced 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 of this dividend was Tuesday, June 10th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.89%. Kontoor Brands's payout ratio is 50.98%.

Analysts Set New Price Targets

KTB has been the subject of several analyst reports. The Goldman Sachs Group set a $85.00 price target on shares of Kontoor Brands and gave the stock a "buy" rating in a report on Tuesday, June 10th. UBS Group raised their price target on Kontoor Brands from $83.00 to $92.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Stifel Nicolaus lowered their price objective on Kontoor Brands from $83.00 to $72.00 and set a "hold" rating for the company in a research report on Thursday, April 10th. Barclays boosted their target price on Kontoor Brands from $75.00 to $86.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 20th. Finally, Wells Fargo & Company increased their price target 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 analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Kontoor Brands has a consensus rating of "Moderate Buy" and an average price target of $87.50.

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.