Kontoor Brands, Inc. $KTB Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. lessened its holdings in Kontoor Brands, Inc. (NYSE:KTB) by 1.3% in the third quarter, HoldingsChannel.com reports. The firm owned 6,167,143 shares of the company’s stock after selling 78,506 shares during the period. Vanguard Group Inc. owned 0.11% of Kontoor Brands worth $491,953,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Royal Bank of Canada boosted its holdings in shares of Kontoor Brands by 29.1% in the 1st quarter. Royal Bank of Canada now owns 105,895 shares of the company’s stock valued at $6,793,000 after buying an additional 23,880 shares during the period. AQR Capital Management LLC raised its stake in Kontoor Brands by 49.3% during the first quarter. AQR Capital Management LLC now owns 14,641 shares of the company’s stock worth $939,000 after acquiring an additional 4,836 shares during the period. Integrated Wealth Concepts LLC lifted its holdings in Kontoor Brands by 250.8% in the first quarter. Integrated Wealth Concepts LLC now owns 9,388 shares of the company’s stock worth $602,000 after acquiring an additional 6,712 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Kontoor Brands by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,779 shares of the company’s stock valued at $2,102,000 after acquiring an additional 1,432 shares during the period. Finally, Millennium Management LLC boosted its stake in Kontoor Brands by 222.5% in the first quarter. Millennium Management LLC now owns 156,332 shares of the company’s stock valued at $10,026,000 after acquiring an additional 107,855 shares during the period. 93.06% of the stock is owned by institutional investors and hedge funds.

Kontoor Brands Trading Down 1.2%

NYSE:KTB opened at $66.62 on Thursday. The stock has a market cap of $3.70 billion, a price-to-earnings ratio of 17.17 and a beta of 1.19. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.82 and a current ratio of 1.91. Kontoor Brands, Inc. has a 1 year low of $50.00 and a 1 year high of $87.00. The business has a fifty day moving average of $62.74 and a 200-day moving average of $71.76.

Kontoor Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Tuesday, March 10th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Tuesday, March 10th. Kontoor Brands’s dividend payout ratio is currently 54.64%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on KTB. Barclays set a $74.00 price target on Kontoor Brands in a research report on Tuesday, January 6th. BNP Paribas Exane set a $50.00 target price on Kontoor Brands in a research report on Tuesday, December 9th. BTIG Research reiterated a “buy” rating and issued a $95.00 target price on shares of Kontoor Brands in a research note on Tuesday, November 4th. Wall Street Zen lowered shares of Kontoor Brands from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, Stifel Nicolaus increased their price objective on shares of Kontoor Brands from $73.00 to $75.00 and gave the stock a “hold” rating in a report on Tuesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $84.67.

About Kontoor Brands

Kontoor Brands, Inc is a global apparel company best known for its Wrangler and Lee denim and lifestyle brands. Established as an independent, publicly traded company in May 2019 following a spin-off from VF Corporation, Kontoor leverages a legacy that dates back to 1889 with the founding of Lee and to 1947 with the introduction of the Wrangler brand. The company focuses on designing, manufacturing and distributing premium, casual and workwear apparel, including jeans, pants, shorts, shirts, jackets and complementary accessories.

Kontoor Brands operates a diversified sales model that combines wholesale partnerships with leading retailers, distribution through e-commerce channels and select direct-to-consumer formats.