Jennison Associates LLC Cuts Stock Position in Kontoor Brands, Inc. (NYSE:KTB)

Jennison Associates LLC cut its holdings in shares of Kontoor Brands, Inc. (NYSE:KTB) by 20.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 874,849 shares of the company’s stock after selling 222,387 shares during the period. Jennison Associates LLC’s holdings in Kontoor Brands were worth $54,608,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of KTB. McGlone Suttner Wealth Management Inc. purchased a new stake in Kontoor Brands during the fourth quarter worth about $25,000. Cary Street Partners Investment Advisory LLC increased its stake in Kontoor Brands by 5,710.0% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 581 shares of the company’s stock worth $26,000 after purchasing an additional 571 shares during the period. Ronald Blue Trust Inc. increased its stake in Kontoor Brands by 225.8% during the third quarter. Ronald Blue Trust Inc. now owns 1,098 shares of the company’s stock worth $46,000 after purchasing an additional 761 shares during the period. Oakworth Capital Inc. increased its stake in Kontoor Brands by 157.8% during the fourth quarter. Oakworth Capital Inc. now owns 781 shares of the company’s stock worth $49,000 after purchasing an additional 478 shares during the period. Finally, Jones Financial Companies Lllp increased its stake in Kontoor Brands by 121.4% during the third quarter. Jones Financial Companies Lllp now owns 1,304 shares of the company’s stock worth $57,000 after purchasing an additional 715 shares during the period. 93.06% of the stock is currently owned by hedge funds and other institutional investors.

Kontoor Brands Price Performance

Shares of NYSE KTB opened at $60.25 on Wednesday. The company has a current ratio of 2.66, a quick ratio of 1.38 and a debt-to-equity ratio of 2.05. Kontoor Brands, Inc. has a twelve month low of $37.10 and a twelve month high of $64.49. The stock has a 50 day moving average of $59.02 and a two-hundred day moving average of $56.27. The stock has a market cap of $3.36 billion, a P/E ratio of 14.84, a P/E/G ratio of 1.52 and a beta of 1.13.

Kontoor Brands (NYSE:KTB) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $1.35 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.02). Kontoor Brands had a net margin of 8.86% and a return on equity of 76.30%. The firm had revenue of $669.80 million during the quarter, compared to analysts’ expectations of $720.70 million. On average, research analysts forecast that Kontoor Brands, Inc. will post 4.7 earnings per share for the current year.

Kontoor Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Monday, June 10th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Monday, June 10th. Kontoor Brands’s dividend payout ratio (DPR) is presently 49.26%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. UBS Group boosted their price objective on Kontoor Brands from $83.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Barclays lowered their price objective on Kontoor Brands from $75.00 to $65.00 and set an “overweight” rating for the company in a research report on Thursday, February 29th. The Goldman Sachs Group boosted their price objective on Kontoor Brands from $56.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Finally, Edward Jones downgraded Kontoor Brands from a “buy” rating to a “hold” rating in a research report on Friday, January 26th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $70.40.

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.