Kontoor Brands, Inc. (NYSE:KTB) Stock Holdings Increased by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its holdings in shares of Kontoor Brands, Inc. (NYSE:KTB) by 1.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 597,638 shares of the company’s stock after acquiring an additional 10,748 shares during the period. Bank of New York Mellon Corp owned approximately 1.08% of Kontoor Brands worth $38,327,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. CX Institutional bought a new stake in Kontoor Brands during the 1st quarter valued at $32,000. Huntington National Bank raised its stake 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 acquiring an additional 148 shares in the last quarter. Versant Capital Management Inc raised its stake in Kontoor Brands by 46.7% during the 1st quarter. Versant Capital Management Inc now owns 650 shares of the company’s stock valued at $42,000 after acquiring an additional 207 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Kontoor Brands by 229.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 722 shares of the company’s stock valued at $62,000 after acquiring an additional 503 shares in the last quarter. Finally, Quarry LP raised its stake in Kontoor Brands by 161.3% during the 4th quarter. Quarry LP now owns 729 shares of the company’s stock valued at $62,000 after acquiring an additional 450 shares in the last quarter. Institutional investors own 93.06% of the company’s stock.

Kontoor Brands Stock Performance

Shares of NYSE KTB opened at $66.60 on Tuesday. 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 stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of 16.32, a PEG ratio of 1.63 and a beta of 1.12. The stock’s fifty day simple moving average is $68.52 and its 200 day simple moving average is $71.15. Kontoor Brands, Inc. has a 52-week low of $50.00 and a 52-week high of $96.80.

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

Kontoor Brands Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders 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 dividend yield of 3.12%. Kontoor Brands’s dividend payout ratio is 50.98%.

Analyst Ratings Changes

A number of research firms have recently commented on KTB. Stifel Nicolaus dropped their price objective on Kontoor Brands from $83.00 to $72.00 and set a “hold” rating on the stock in a research note on Thursday, April 10th. Barclays boosted their price objective on Kontoor Brands from $75.00 to $86.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 20th. The Goldman Sachs Group set a $85.00 price objective on Kontoor Brands and gave the stock a “buy” rating in a research note on Tuesday, June 10th. Wells Fargo & Company boosted their price objective on Kontoor Brands from $85.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 14th. Finally, UBS Group boosted their price objective on Kontoor Brands from $83.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus 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.