Norges Bank Invests $36.19 Million in Kontoor Brands, Inc. $KTB

Key Points

• Norges Bank opened a new position in Kontoor Brands during the fourth quarter, buying 592,317 shares worth about $36.19 million and owning roughly 1.07% of the company.
• Kontoor Brands reported Q1 earnings that missed expectations, posting $1.06 EPS versus a $1.17 estimate and revenue of $613.32 million versus $784.76 million expected, even though revenue rose 45% year over year.
• The company declared a quarterly dividend of $0.53 per share, equal to a 2.9% annualized yield, while analysts currently rate the stock a Moderate Buy with a consensus price target of $91.20.

Norges Bank bought a new position in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 592,317 shares of the company's stock, valued at approximately $36,185,000. Norges Bank owned about 1.07% of Kontoor Brands at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. JPMorgan Chase & Co. grew its position in shares of Kontoor Brands by 2.1% during the third quarter. JPMorgan Chase & Co. now owns 2,606,199 shares of the company's stock worth $207,897,000 after acquiring an additional 53,107 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Kontoor Brands by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 1,419,700 shares of the company's stock worth $86,741,000 after acquiring an additional 13,725 shares during the last quarter. Capital World Investors grew its position in shares of Kontoor Brands by 8.5% during the third quarter. Capital World Investors now owns 1,276,410 shares of the company's stock worth $101,819,000 after acquiring an additional 100,000 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Kontoor Brands by 0.7% during the third quarter. Dimensional Fund Advisors LP now owns 1,246,646 shares of the company's stock worth $99,440,000 after buying an additional 8,834 shares during the last quarter. Finally, Jennison Associates LLC grew its holdings in shares of Kontoor Brands by 8.9% during the fourth quarter. Jennison Associates LLC now owns 1,214,831 shares of the company's stock worth $74,214,000 after buying an additional 99,593 shares during the last quarter. 93.06% of the stock is currently owned by hedge funds and other institutional investors.

Kontoor Brands Price Performance

Shares of NYSE KTB opened at $72.48 on Tuesday. The firm has a market capitalization of $4.01 billion, a P/E ratio of 14.67 and a beta of 0.89. Kontoor Brands, Inc. has a one year low of $53.55 and a one year high of $87.00. The company's fifty day moving average is $70.83 and its two-hundred day moving average is $67.92. The company has a debt-to-equity ratio of 1.83, a quick ratio of 1.10 and a current ratio of 1.87.

Kontoor Brands (NYSE:KTB - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $1.06 EPS for the quarter, missing the consensus estimate of $1.17 by ($0.11). The firm had revenue of $613.32 million for the quarter, compared to analysts' expectations of $784.76 million. Kontoor Brands had a return on equity of 60.17% and a net margin of 8.30%.Kontoor Brands's revenue was up 45.0% compared to the same quarter last year. During the same period last year, the firm earned $1.20 EPS. Kontoor Brands has set its FY 2026 guidance at 6.600-6.700 EPS. Analysts forecast that Kontoor Brands, Inc. will post 5.2 EPS for the current fiscal year.

Kontoor Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Monday, June 8th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Monday, June 8th. This represents a $2.12 annualized dividend and a dividend yield of 2.9%. Kontoor Brands's payout ratio is 42.91%.

Analyst Ratings Changes

KTB has been the topic of a number of research reports. The Goldman Sachs Group raised their price target on Kontoor Brands from $84.00 to $95.00 and gave the stock a "buy" rating in a report on Wednesday, March 4th. Wells Fargo & Company raised their price target on Kontoor Brands from $95.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, March 4th. Zacks Research lowered Kontoor Brands from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. Weiss Ratings raised Kontoor Brands from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, May 15th. Finally, UBS Group lifted their price objective on shares of Kontoor Brands from $118.00 to $131.00 and gave the company a "buy" rating in a research report on Wednesday, March 4th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Kontoor Brands presently has a consensus rating of "Moderate Buy" and a consensus price target of $91.20.

About Kontoor Brands

Kontoor Brands, Inc is a global apparel company best known for its Wrangler and Lee denim and lifestyle brands. Established as an independent, publicly traded company in May 2019 following a spin-off from VF Corporation, Kontoor leverages a legacy that dates back to 1889 with the founding of Lee and to 1947 with the introduction of the Wrangler brand. The company focuses on designing, manufacturing and distributing premium, casual and workwear apparel, including jeans, pants, shorts, shirts, jackets and complementary accessories.

Kontoor Brands operates a diversified sales model that combines wholesale partnerships with leading retailers, distribution through e-commerce channels and select direct-to-consumer formats.

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