Wealth Enhancement Advisory Services LLC Boosts Position in Kontoor Brands, Inc. (NYSE:KTB)

Wealth Enhancement Advisory Services LLC lifted its position in shares of Kontoor Brands, Inc. (NYSE:KTB) by 14.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,908 shares of the company’s stock after purchasing an additional 611 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Kontoor Brands were worth $315,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in KTB. Geode Capital Management LLC grew its stake in Kontoor Brands by 16.6% in the 4th quarter. Geode Capital Management LLC now owns 1,402,701 shares of the company’s stock valued at $119,827,000 after acquiring an additional 199,601 shares during the period. Ameriprise Financial Inc. grew its stake in Kontoor Brands by 11.8% in the 4th quarter. Ameriprise Financial Inc. now owns 1,355,286 shares of the company’s stock valued at $115,755,000 after acquiring an additional 142,956 shares during the period. Dimensional Fund Advisors LP grew its stake in Kontoor Brands by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,267,431 shares of the company’s stock valued at $108,252,000 after acquiring an additional 5,207 shares during the period. Northern Trust Corp grew its stake in Kontoor Brands by 9.8% in the 4th quarter. Northern Trust Corp now owns 1,123,677 shares of the company’s stock valued at $95,973,000 after acquiring an additional 100,397 shares during the period. Finally, First Trust Advisors LP grew its stake in Kontoor Brands by 15.5% in the 4th quarter. First Trust Advisors LP now owns 1,043,684 shares of the company’s stock valued at $89,141,000 after acquiring an additional 140,068 shares during the period. Institutional investors and hedge funds own 93.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Wells Fargo & Company raised their price objective on Kontoor Brands from $85.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, May 14th. The Goldman Sachs Group set a $85.00 price objective on Kontoor Brands and gave the company a “buy” rating in a report on Tuesday, June 10th. Barclays raised their price objective on Kontoor Brands from $75.00 to $86.00 and gave the company an “overweight” rating in a report on Tuesday, May 20th. UBS Group raised their price objective on Kontoor Brands from $83.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, May 7th. Finally, Stifel Nicolaus decreased their price objective on Kontoor Brands from $83.00 to $72.00 and set a “hold” rating on the stock in a 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’s stock. According to MarketBeat, Kontoor Brands has a consensus rating of “Moderate Buy” and a consensus target price of $87.50.

Kontoor Brands Stock Down 1.4%

NYSE KTB opened at $71.03 on Tuesday. Kontoor Brands, Inc. has a 52 week low of $50.00 and a 52 week high of $96.80. The company has a quick ratio of 1.65, a current ratio of 2.78 and a debt-to-equity ratio of 1.72. The business’s fifty day simple moving average is $67.79 and its 200-day simple moving average is $71.75. The firm has a market cap of $3.95 billion, a PE ratio of 17.41, a P/E/G ratio of 1.73 and a beta of 1.12.

Kontoor Brands (NYSE:KTB) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.04. The firm had revenue of $622.90 million for the quarter, compared to analyst estimates of $625.44 million. Kontoor Brands had a net margin of 8.82% and a return on equity of 71.33%. Kontoor Brands’s revenue was down 1.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.16 EPS. As a group, equities analysts anticipate that Kontoor Brands, Inc. will post 4.82 earnings per share for the current year.

Kontoor Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Tuesday, June 10th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend was Tuesday, June 10th. Kontoor Brands’s dividend payout ratio is currently 50.98%.

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.