Envestnet Asset Management Inc. grew its stake in shares of Kontoor Brands, Inc. (NYSE:KTB – Get Rating) by 10.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 140,899 shares of the company’s stock after purchasing an additional 13,646 shares during the period. Envestnet Asset Management Inc. owned approximately 0.25% of Kontoor Brands worth $4,702,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also recently made changes to their positions in KTB. Parallel Advisors LLC raised its holdings in shares of Kontoor Brands by 552.5% during the first quarter. Parallel Advisors LLC now owns 659 shares of the company’s stock valued at $28,000 after purchasing an additional 558 shares during the period. Jones Financial Companies Lllp raised its holdings in shares of Kontoor Brands by 81.7% in the 1st quarter. Jones Financial Companies Lllp now owns 1,161 shares of the company’s stock worth $48,000 after acquiring an additional 522 shares during the last quarter. Mutual of America Capital Management LLC raised its holdings in shares of Kontoor Brands by 5.5% in the 1st quarter. Mutual of America Capital Management LLC now owns 6,855 shares of the company’s stock worth $283,000 after acquiring an additional 355 shares during the last quarter. WBI Investments Inc. acquired a new stake in shares of Kontoor Brands in the 1st quarter worth about $463,000. Finally, Guyasuta Investment Advisors Inc. raised its holdings in shares of Kontoor Brands by 0.8% in the 1st quarter. Guyasuta Investment Advisors Inc. now owns 35,816 shares of the company’s stock worth $1,481,000 after acquiring an additional 295 shares during the last quarter. Institutional investors and hedge funds own 99.18% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts have commented on KTB shares. The Goldman Sachs Group decreased their price objective on shares of Kontoor Brands from $41.00 to $34.00 and set a “neutral” rating for the company in a research note on Thursday, July 21st. Stifel Nicolaus cut their price target on shares of Kontoor Brands from $45.00 to $38.00 in a report on Wednesday, July 20th. Williams Capital reissued a “downgrade” rating on shares of Kontoor Brands in a report on Monday, July 25th. Barclays cut their price target on shares of Kontoor Brands from $40.00 to $37.00 and set an “equal weight” rating for the company in a report on Monday, November 7th. Finally, Wells Fargo & Company cut their price target on shares of Kontoor Brands from $48.00 to $44.00 and set an “overweight” rating for the company in a report on Wednesday, October 19th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $41.00.
Kontoor Brands Stock Performance
Kontoor Brands Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 19th. Stockholders of record on Friday, December 9th will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, December 8th. This represents a $1.92 annualized dividend and a dividend yield of 4.68%. This is a boost from Kontoor Brands’s previous quarterly dividend of $0.46. Kontoor Brands’s dividend payout ratio (DPR) is 44.44%.
About Kontoor Brands
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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