Renaissance Technologies LLC Raises Stock Position in Kontoor Brands, Inc. (NYSE:KTB)

Renaissance Technologies LLC grew its stake in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 395.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,700 shares of the company's stock after buying an additional 24,500 shares during the period. Renaissance Technologies LLC owned 0.06% of Kontoor Brands worth $2,622,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Invesco Ltd. grew its position in Kontoor Brands by 10.3% in the fourth quarter. Invesco Ltd. now owns 868,117 shares of the company's stock worth $74,146,000 after acquiring an additional 81,321 shares in the last quarter. Bank of Montreal Can lifted its stake in Kontoor Brands by 5.6% in the fourth quarter. Bank of Montreal Can now owns 9,646 shares of the company's stock worth $824,000 after acquiring an additional 514 shares during the period. Polymer Capital Management US LLC purchased a new position in shares of Kontoor Brands during the fourth quarter valued at about $391,000. Quadrant Capital Group LLC raised its position in shares of Kontoor Brands by 14.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,177 shares of the company's stock worth $101,000 after acquiring an additional 145 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its stake in shares of Kontoor Brands by 44.1% in the 4th quarter. Wells Fargo & Company MN now owns 43,379 shares of the company's stock valued at $3,705,000 after purchasing an additional 13,276 shares during the period. 93.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on KTB shares. Wells Fargo & Company decreased their price objective on Kontoor Brands from $90.00 to $85.00 and set an "overweight" rating for the company in a report on Wednesday. Barclays lowered their price target on shares of Kontoor Brands from $93.00 to $69.00 and set an "overweight" rating for the company in a research report on Monday. UBS Group decreased their target price on shares of Kontoor Brands from $108.00 to $96.00 and set a "buy" rating for the company in a research note on Friday, February 28th. Finally, Stifel Nicolaus dropped their price target on Kontoor Brands from $83.00 to $72.00 and set a "hold" rating on the stock in a research report on Thursday, April 10th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Kontoor Brands presently has an average rating of "Moderate Buy" and a consensus target price of $83.17.

Kontoor Brands Price Performance

KTB stock traded down $0.62 during mid-day trading on Wednesday, hitting $60.16. The company had a trading volume of 688,145 shares, compared to its average volume of 538,321. Kontoor Brands, Inc. has a 12-month low of $50.00 and a 12-month high of $96.80. The company has a quick ratio of 1.42, a current ratio of 2.50 and a debt-to-equity ratio of 2.09. The company has a 50-day moving average price of $61.45 and a 200 day moving average price of $78.16. The company has a market capitalization of $3.33 billion, a price-to-earnings ratio of 13.55, a P/E/G ratio of 2.12 and a beta of 0.93.

Kontoor Brands (NYSE:KTB - Get Free Report) last posted its earnings results on Tuesday, February 25th. The company reported $1.38 EPS for the quarter, beating analysts' consensus estimates of $1.31 by $0.07. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The firm had revenue of $699.00 million during the quarter, compared to the consensus estimate of $698.07 million. During the same period in the prior year, the company earned $1.28 EPS. The company's quarterly revenue was up 4.4% compared to the same quarter last year. On average, research analysts anticipate that Kontoor Brands, Inc. will post 4.82 earnings per share for the current year.

Kontoor Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Tuesday, June 10th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date of this dividend is Tuesday, June 10th. Kontoor Brands's dividend payout ratio (DPR) is currently 47.60%.

Kontoor Brands Company 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.