Envestnet Asset Management Inc. Cuts Stock Holdings in Kontoor Brands, Inc. (NYSE:KTB)

Envestnet Asset Management Inc. cut its position in shares of Kontoor Brands, Inc. (NYSE:KTB) by 4.4% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 157,095 shares of the company’s stock after selling 7,151 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Kontoor Brands were worth $10,392,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC raised its position in shares of Kontoor Brands by 44.3% in the first quarter. O Shaughnessy Asset Management LLC now owns 24,311 shares of the company’s stock worth $1,465,000 after acquiring an additional 7,466 shares during the period. Magnetar Financial LLC acquired a new position in Kontoor Brands in the 1st quarter worth about $1,508,000. Capstone Investment Advisors LLC purchased a new position in Kontoor Brands during the first quarter worth approximately $2,013,000. Nomura Holdings Inc. grew its holdings in Kontoor Brands by 38.5% in the fourth quarter. Nomura Holdings Inc. now owns 65,215 shares of the company’s stock valued at $4,071,000 after purchasing an additional 18,121 shares during the period. Finally, Tidal Investments LLC acquired a new stake in Kontoor Brands in the first quarter valued at approximately $527,000. Institutional investors and hedge funds own 93.06% of the company’s stock.

Kontoor Brands Stock Up 3.0 %

Shares of NYSE KTB opened at $81.30 on Friday. The company has a current ratio of 2.74, a quick ratio of 1.43 and a debt-to-equity ratio of 2.04. The company has a 50-day moving average of $72.22 and a 200 day moving average of $67.19. Kontoor Brands, Inc. has a 12-month low of $39.90 and a 12-month high of $81.75. The stock has a market cap of $4.53 billion, a PE ratio of 20.58, a P/E/G ratio of 2.02 and a beta of 1.20.

Kontoor Brands (NYSE:KTB) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.10. Kontoor Brands had a return on equity of 72.43% and a net margin of 9.35%. The business had revenue of $607.00 million during the quarter, compared to analyst estimates of $592.97 million. During the same period in the prior year, the business earned $0.77 earnings per share. The business’s revenue was down 1.5% compared to the same quarter last year. As a group, sell-side analysts predict that Kontoor Brands, Inc. will post 4.8 EPS for the current fiscal year.

Kontoor Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Tuesday, September 10th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.46%. The ex-dividend date was Tuesday, September 10th. Kontoor Brands’s payout ratio is currently 50.63%.

Wall Street Analyst Weigh In

KTB has been the subject of several recent analyst reports. Barclays boosted their price target on shares of Kontoor Brands from $76.00 to $83.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Guggenheim boosted their target price on shares of Kontoor Brands from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, Stifel Nicolaus upped their price target on shares of Kontoor Brands from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $78.83.

Kontoor Brands Profile

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.