Moran Wealth Management LLC Purchases New Stake in Kontoor Brands, Inc. (NYSE:KTB)

Moran Wealth Management LLC purchased a new position in Kontoor Brands, Inc. (NYSE:KTB - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 41,868 shares of the company's stock, valued at approximately $2,685,000. Moran Wealth Management LLC owned about 0.08% of Kontoor Brands at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in KTB. Y Intercept Hong Kong Ltd increased its holdings in shares of Kontoor Brands by 43.8% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 18,192 shares of the company's stock worth $1,554,000 after buying an additional 5,540 shares during the last quarter. Illinois Municipal Retirement Fund grew its position in Kontoor Brands by 2.3% during the fourth quarter. Illinois Municipal Retirement Fund now owns 27,407 shares of the company's stock valued at $2,341,000 after acquiring an additional 608 shares during the period. Smartleaf Asset Management LLC increased its stake in Kontoor Brands by 206.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,560 shares of the company's stock worth $133,000 after acquiring an additional 1,051 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Kontoor Brands by 65.5% during the fourth quarter. Jones Financial Companies Lllp now owns 47,662 shares of the company's stock worth $4,071,000 after acquiring an additional 18,861 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised 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 worth $59,559,000 after purchasing an additional 35,932 shares during the period. Hedge funds and other institutional investors own 93.06% of the company's stock.

Kontoor Brands Stock Up 2.5%

KTB stock traded up $1.61 during trading on Thursday, reaching $65.09. The stock had a trading volume of 563,504 shares, compared to its average volume of 560,835. 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 firm has a fifty day moving average price of $66.13 and a 200 day moving average price of $73.01. The company has a market capitalization of $3.62 billion, a P/E ratio of 15.95, a PEG ratio of 1.56 and a beta of 1.16. 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 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 return on equity of 71.33% and a net margin of 8.82%. The company's revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.16 earnings per share. On average, equities analysts anticipate that Kontoor Brands, Inc. will post 4.82 earnings per share 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 paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend was Tuesday, June 10th. Kontoor Brands's dividend payout ratio (DPR) is currently 50.98%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on KTB. UBS Group boosted their target price on Kontoor Brands from $83.00 to $92.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Barclays boosted their price objective 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. The Goldman Sachs Group set a $85.00 target price on shares of Kontoor Brands and gave the company a "buy" rating in a report on Tuesday, June 10th. Stifel Nicolaus decreased their price target on shares of Kontoor Brands from $83.00 to $72.00 and set a "hold" rating for the company in a research report on Thursday, April 10th. Finally, 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 research report on Wednesday, May 14th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Kontoor Brands currently has a consensus rating of "Moderate Buy" and a consensus 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.