Kontoor Brands, Inc. (NYSE:KTB) Shares Purchased by Renaissance Technologies LLC

Renaissance Technologies LLC lifted its stake in Kontoor Brands, Inc. (NYSE:KTB) by 395.2% in the fourth quarter, HoldingsChannel reports. The fund owned 30,700 shares of the company’s stock after purchasing an additional 24,500 shares during the quarter. Renaissance Technologies LLC’s holdings in Kontoor Brands were worth $2,622,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. HHM Wealth Advisors LLC bought a new stake in shares of Kontoor Brands in the 4th quarter worth $29,000. Huntington National Bank raised its position in Kontoor Brands by 62.4% in the fourth quarter. Huntington National Bank now owns 385 shares of the company’s stock worth $33,000 after acquiring an additional 148 shares in the last quarter. Fortitude Family Office LLC raised its position in Kontoor Brands by 407.3% in the fourth quarter. Fortitude Family Office LLC now owns 416 shares of the company’s stock worth $36,000 after acquiring an additional 334 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of 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 purchasing an additional 503 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Kontoor Brands by 26.0% in the 4th quarter. GAMMA Investing LLC now owns 882 shares of the company’s stock worth $75,000 after purchasing an additional 182 shares during the last quarter. 93.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

KTB has been the subject of several recent research reports. Wells Fargo & Company cut their target price on shares of Kontoor Brands from $100.00 to $90.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. UBS Group reduced their price objective on Kontoor Brands from $108.00 to $96.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Stifel Nicolaus reduced their target price on Kontoor Brands from $83.00 to $72.00 and set a “hold” rating for the company in a report on Thursday, April 10th. Finally, Barclays cut their price objective on Kontoor Brands from $100.00 to $93.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Kontoor Brands currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.00.

Kontoor Brands Price Performance

Shares of KTB opened at $62.48 on Friday. Kontoor Brands, Inc. has a fifty-two week low of $50.00 and a fifty-two week high of $96.80. The company has a debt-to-equity ratio of 2.09, a current ratio of 2.50 and a quick ratio of 1.42. The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 14.07, a P/E/G ratio of 2.12 and a beta of 0.93. The business’s 50-day moving average is $63.64 and its 200-day moving average is $78.70.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings data on Tuesday, February 25th. The company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.07. The firm had revenue of $699.00 million for the quarter, compared to the consensus estimate of $698.07 million. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The firm’s revenue was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.28 earnings per share. Equities research analysts expect that Kontoor Brands, Inc. will post 4.82 EPS for the current fiscal year.

Kontoor Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Tuesday, June 10th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend is Tuesday, June 10th. Kontoor Brands’s payout ratio is 47.60%.

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.