State of New Jersey Common Pension Fund D boosted its stake in shares of Kontoor Brands, Inc. (NYSE:KTB – Get Rating) by 16.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 54,360 shares of the company’s stock after buying an additional 7,643 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Kontoor Brands were worth $2,248,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of KTB. Allspring Global Investments Holdings LLC acquired a new stake in Kontoor Brands during the 4th quarter worth about $1,189,000. Yousif Capital Management LLC purchased a new position in Kontoor Brands during the 4th quarter valued at about $2,260,000. Qube Research & Technologies Ltd purchased a new position in Kontoor Brands during the 4th quarter valued at about $687,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Kontoor Brands by 16.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,513 shares of the company’s stock valued at $334,000 after acquiring an additional 943 shares in the last quarter. Finally, Oppenheimer & Co. Inc. grew its stake in Kontoor Brands by 0.4% during the 4th quarter. Oppenheimer & Co. Inc. now owns 85,330 shares of the company’s stock valued at $4,373,000 after acquiring an additional 357 shares in the last quarter. Institutional investors and hedge funds own 99.18% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on the company. Wells Fargo & Company assumed coverage on Kontoor Brands in a research note on Monday, July 11th. They set an “overweight” rating and a $40.00 target price on the stock. Williams Capital reaffirmed a “downgrade” rating on shares of Kontoor Brands in a research note on Monday, July 25th. William Blair cut Kontoor Brands to a “hold” rating and set a $43.00 price target for the company. in a research note on Monday, July 25th. TheStreet raised Kontoor Brands from a “c” rating to a “b” rating in a research note on Friday, May 13th. Finally, UBS Group lowered their price target on Kontoor Brands from $78.00 to $50.00 in a research note on Friday, July 15th. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Kontoor Brands has a consensus rating of “Hold” and an average price target of $40.83.
Kontoor Brands Stock Up 2.5 %
Kontoor Brands (NYSE:KTB – Get Rating) last announced its earnings results on Thursday, May 5th. The company reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.20. The firm had revenue of $679.70 million during the quarter, compared to analysts’ expectations of $655.65 million. Kontoor Brands had a return on equity of 138.25% and a net margin of 8.46%. The company’s revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.43 earnings per share. Equities analysts expect that Kontoor Brands, Inc. will post 4.38 earnings per share for the current year.
Kontoor Brands Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, September 19th. Shareholders of record on Friday, September 9th will be given a dividend of $0.46 per share. The ex-dividend date is Thursday, September 8th. This represents a $1.84 dividend on an annualized basis and a yield of 4.86%. Kontoor Brands’s payout ratio is currently 50.83%.
Kontoor Brands Company Profile
Kontoor Brands, Inc, a lifestyle apparel company, designs, manufactures, procures, markets, and distributes denim, apparel, and accessories under the Wrangler, Lee, and Rock & Republic brands in the United States and internationally. It operates through two segments, Wrangler and Lee. The company sells its products primarily through mass merchants, specialty stores, mid-tier and traditional department stores, company-operated stores, and online.
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