Meritage Portfolio Management Has $3.29 Million Stake in Kontoor Brands, Inc. (NYSE:KTB)

Meritage Portfolio Management raised its position in Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 43.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,246 shares of the company's stock after purchasing an additional 15,618 shares during the quarter. Meritage Portfolio Management owned 0.09% of Kontoor Brands worth $3,286,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Kontoor Brands by 5.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 697,326 shares of the company's stock valued at $59,559,000 after acquiring an additional 35,932 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Kontoor Brands by 4,248.1% in the 1st quarter. GAMMA Investing LLC now owns 38,350 shares of the company's stock valued at $2,459,000 after acquiring an additional 37,468 shares in the last quarter. Dana Investment Advisors Inc. bought a new position in shares of Kontoor Brands in the 4th quarter valued at about $654,000. Moran Wealth Management LLC bought a new position in shares of Kontoor Brands in the 1st quarter valued at about $2,685,000. Finally, Ensign Peak Advisors Inc grew its holdings in shares of Kontoor Brands by 33.1% in the 4th quarter. Ensign Peak Advisors Inc now owns 30,735 shares of the company's stock valued at $2,625,000 after acquiring an additional 7,640 shares in the last quarter. Institutional investors and hedge funds own 93.06% of the company's stock.

Kontoor Brands Stock Performance

KTB stock traded down $0.99 during mid-day trading on Monday, hitting $71.03. 587,620 shares of the company were exchanged, compared to its average volume of 569,531. The business has a 50 day simple moving average of $67.79 and a 200-day simple moving average of $71.75. The company has a current ratio of 2.78, a quick ratio of 1.65 and a debt-to-equity ratio of 1.72. The stock has a market capitalization of $3.95 billion, a PE ratio of 17.41, a price-to-earnings-growth ratio of 1.73 and a beta of 1.12. Kontoor Brands, Inc. has a 1-year low of $50.00 and a 1-year high of $96.80.

Kontoor Brands (NYSE:KTB - Get Free Report) last issued 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 the consensus estimate of $625.44 million. Kontoor Brands had a net margin of 8.82% and a return on equity of 71.33%. The business'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. On average, equities analysts forecast that Kontoor Brands, Inc. will post 4.82 earnings per share for the current year.

Kontoor Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Tuesday, June 10th were given 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 2.93%. Kontoor Brands's payout ratio is 50.98%.

Analysts Set New Price Targets

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