Victory Capital Management Inc. Raises Stock Position in Kontoor Brands, Inc. (NYSE:KTB)

Victory Capital Management Inc. grew its position in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 60.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,602,908 shares of the company's stock after acquiring an additional 601,646 shares during the quarter. Victory Capital Management Inc. owned 2.85% of Kontoor Brands worth $100,054,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in KTB. McGlone Suttner Wealth Management Inc. bought a new stake in shares of Kontoor Brands during the 4th quarter worth approximately $25,000. Cary Street Partners Investment Advisory LLC lifted its position in Kontoor Brands by 5,710.0% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 581 shares of the company's stock worth $26,000 after acquiring an additional 571 shares during the last quarter. Oakworth Capital Inc. boosted its holdings in Kontoor Brands by 157.8% in the 4th quarter. Oakworth Capital Inc. now owns 781 shares of the company's stock valued at $49,000 after purchasing an additional 478 shares during the period. Jones Financial Companies Lllp raised its holdings in Kontoor Brands by 121.4% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,304 shares of the company's stock valued at $57,000 after acquiring an additional 715 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Kontoor Brands during the 4th quarter worth $81,000. 93.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

KTB has been the subject of several recent analyst reports. Edward Jones cut Kontoor Brands from a "buy" rating to a "hold" rating in a research note on Friday, January 26th. UBS Group boosted their target price on Kontoor Brands from $83.00 to $85.00 and gave the stock a "buy" rating in a research note on Friday, February 16th. The Goldman Sachs Group raised their price target on shares of Kontoor Brands from $68.00 to $77.00 and gave the company a "buy" rating in a research note on Friday. Finally, Barclays upped their price target on shares of Kontoor Brands from $65.00 to $76.00 and gave the stock an "overweight" rating in a report on Friday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $75.20.

Kontoor Brands Stock Down 2.6 %

Shares of KTB traded down $1.72 during trading hours on Friday, reaching $65.65. The stock had a trading volume of 1,008,480 shares, compared to its average volume of 581,672. The firm has a 50-day simple moving average of $59.10 and a 200 day simple moving average of $57.18. Kontoor Brands, Inc. has a 12 month low of $37.10 and a 12 month high of $69.69. The company has a current ratio of 2.66, a quick ratio of 1.38 and a debt-to-equity ratio of 2.05. The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of 16.17, a P/E/G ratio of 1.65 and a beta of 1.11.

Kontoor Brands (NYSE:KTB - Get Free Report) last released its quarterly earnings data on Thursday, May 2nd. The company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.90 by $0.26. The firm had revenue of $631.20 million for the quarter, compared to analyst estimates of $607.91 million. Kontoor Brands had a net margin of 8.86% and a return on equity of 76.30%. The business's quarterly revenue was down 5.4% compared to the same quarter last year. During the same period last year, the firm earned $1.16 earnings per share. Equities research analysts predict that Kontoor Brands, Inc. will post 4.7 earnings per share for the current fiscal year.

Kontoor Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Monday, June 10th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.05%. Kontoor Brands's payout ratio is presently 49.26%.

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.