Pacer Advisors Inc. Sells 1,373,957 Shares of Kontoor Brands, Inc. (NYSE:KTB)

Key Points

• Pacer Advisors Inc. sold 1,373,957 shares of Kontoor Brands, reducing its holdings by 76.9% to a total of 412,293 shares valued at approximately $26.4 million.
• Several hedge funds have increased their stakes in Kontoor Brands, with institutional investors now owning 93.06% of the company's stock.
• Kontoor Brands announced a quarterly dividend of $0.52, reflecting an annualized dividend yield of 3.33%.

Pacer Advisors Inc. cut its position in Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 76.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 412,293 shares of the company's stock after selling 1,373,957 shares during the period. Pacer Advisors Inc. owned about 0.75% of Kontoor Brands worth $26,440,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Homestead Advisers Corp raised its holdings in Kontoor Brands by 15.8% in the first quarter. Homestead Advisers Corp now owns 26,400 shares of the company's stock worth $1,693,000 after purchasing an additional 3,600 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Kontoor Brands in the first quarter worth $2,365,000. Optimist Retirement Group LLC raised its holdings in Kontoor Brands by 29.3% in the first quarter. Optimist Retirement Group LLC now owns 3,572 shares of the company's stock worth $229,000 after purchasing an additional 809 shares during the period. Teachers Retirement System of The State of Kentucky raised its holdings in Kontoor Brands by 129.3% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 36,580 shares of the company's stock worth $2,347,000 after purchasing an additional 20,625 shares during the period. Finally, Hussman Strategic Advisors Inc. acquired a new stake in Kontoor Brands in the first quarter worth $2,693,000. 93.06% of the stock is currently owned by institutional investors and hedge funds.

Kontoor Brands Stock Down 1.1%

KTB stock traded down $0.67 during midday trading on Friday, hitting $62.43. The company's stock had a trading volume of 515,959 shares, compared to its average volume of 623,434. The company has a debt-to-equity ratio of 1.72, a current ratio of 2.78 and a quick ratio of 1.65. Kontoor Brands, Inc. has a twelve month low of $50.00 and a twelve month high of $96.80. The company's fifty day moving average price is $67.32 and its 200 day moving average price is $69.74. The stock has a market capitalization of $3.47 billion, a P/E ratio of 15.30, a PEG ratio of 1.50 and a beta of 1.12.

Kontoor Brands (NYSE:KTB - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.04. Kontoor Brands had a net margin of 8.82% and a return on equity of 71.33%. The firm had revenue of $622.90 million for the quarter, compared to analyst estimates of $625.44 million. During the same period in the previous year, the business earned $1.16 EPS. The company's revenue was down 1.3% compared to the same quarter last year. As a group, equities research analysts predict that Kontoor Brands, Inc. will post 4.82 EPS for the current year.

Kontoor Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Tuesday, September 9th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.33%. Kontoor Brands's payout ratio is currently 50.98%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. UBS Group increased their target price on shares of Kontoor Brands from $83.00 to $92.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. The Goldman Sachs Group set a $85.00 price objective on shares of Kontoor Brands and gave the stock a "buy" rating in a report on Tuesday, June 10th. Barclays raised their price objective on shares of Kontoor Brands from $75.00 to $86.00 and gave the stock an "overweight" rating in a report on Tuesday, May 20th. Stifel Nicolaus dropped their price objective on shares of Kontoor Brands from $83.00 to $72.00 and set a "hold" rating on the stock in a report on Thursday, April 10th. Finally, Wells Fargo & Company raised their price objective on shares of Kontoor Brands from $85.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, May 14th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $87.50.

About Kontoor Brands

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.