State of Alaska Department of Revenue Lowers Position in Kontoor Brands, Inc. (NYSE:KTB)

State of Alaska Department of Revenue decreased its stake in shares of Kontoor Brands, Inc. (NYSE:KTB) by 2.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 27,498 shares of the company’s stock after selling 706 shares during the quarter. State of Alaska Department of Revenue’s holdings in Kontoor Brands were worth $1,763,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Mendel Money Management grew its position in shares of Kontoor Brands by 2.8% during the fourth quarter. Mendel Money Management now owns 4,934 shares of the company’s stock valued at $421,000 after purchasing an additional 135 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in Kontoor Brands by 14.1% during the fourth quarter. Quadrant Capital Group LLC now owns 1,177 shares of the company’s stock valued at $101,000 after buying an additional 145 shares during the last quarter. Huntington National Bank grew its holdings in Kontoor Brands by 62.4% during the 4th quarter. Huntington National Bank now owns 385 shares of the company’s stock valued at $33,000 after buying an additional 148 shares in the last quarter. Beacon Pointe Advisors LLC increased its stake in Kontoor Brands by 3.4% in the 4th quarter. Beacon Pointe Advisors LLC now owns 6,206 shares of the company’s stock worth $530,000 after acquiring an additional 202 shares during the last quarter. Finally, Versant Capital Management Inc increased its stake in Kontoor Brands by 46.7% in the 1st quarter. Versant Capital Management Inc now owns 650 shares of the company’s stock worth $42,000 after acquiring an additional 207 shares during the last quarter. 93.06% of the stock is owned by hedge funds and other institutional investors.

Kontoor Brands Price Performance

Kontoor Brands stock opened at $64.55 on Tuesday. The company has a debt-to-equity ratio of 1.72, a current ratio of 2.78 and a quick ratio of 1.65. The stock has a market cap of $3.59 billion, a price-to-earnings ratio of 15.82, a price-to-earnings-growth ratio of 1.53 and a beta of 1.16. The firm has a 50-day moving average of $65.74 and a two-hundred day moving average of $73.14. Kontoor Brands, Inc. has a 1 year low of $50.00 and a 1 year high of $96.80.

Kontoor Brands (NYSE:KTB) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.04. Kontoor Brands had a return on equity of 71.33% and a net margin of 8.82%. The company had revenue of $622.90 million for the quarter, compared to analysts’ expectations of $625.44 million. During the same quarter in the prior year, the firm earned $1.16 earnings per share. Kontoor Brands’s revenue was down 1.3% compared to the same quarter last year. On average, research analysts forecast that Kontoor Brands, Inc. will post 4.82 earnings per share for the current year.

Kontoor Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Tuesday, June 10th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, June 10th. This represents a $2.08 dividend on an annualized basis and a yield of 3.22%. Kontoor Brands’s dividend payout ratio is currently 50.98%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on KTB shares. The Goldman Sachs Group set a $85.00 target price on shares of Kontoor Brands and gave the company a “buy” rating in a report on Tuesday, June 10th. Wells Fargo & Company lifted their price objective on shares of Kontoor Brands from $85.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 14th. UBS Group boosted 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. Barclays upped their target price on shares of Kontoor Brands from $75.00 to $86.00 and gave the company an “overweight” rating in a research report on Tuesday, May 20th. Finally, Stifel Nicolaus dropped their price target on Kontoor Brands from $83.00 to $72.00 and set a “hold” rating for the company in a research report on Thursday, April 10th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Kontoor Brands 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.