Pitcairn Co. Invests $524,000 in Kontoor Brands, Inc. (NYSE:KTB)

Pitcairn Co. acquired a new position in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 6,136 shares of the company's stock, valued at approximately $524,000.

A number of other hedge funds have also recently added to or reduced their stakes in KTB. Norges Bank acquired a new stake in shares of Kontoor Brands during the 4th quarter worth approximately $17,630,000. Geode Capital Management LLC grew its stake in Kontoor Brands by 16.6% during the 4th quarter. Geode Capital Management LLC now owns 1,402,701 shares of the company's stock worth $119,827,000 after buying an additional 199,601 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Kontoor Brands by 28.4% during the 4th quarter. JPMorgan Chase & Co. now owns 849,712 shares of the company's stock worth $72,574,000 after buying an additional 188,001 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its position in Kontoor Brands by 67.1% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 289,000 shares of the company's stock worth $24,626,000 after buying an additional 116,000 shares during the period. Finally, Schroder Investment Management Group bought a new stake in Kontoor Brands in the fourth quarter valued at $7,512,000. Institutional investors and hedge funds own 93.06% of the company's stock.

Kontoor Brands Price Performance

NYSE:KTB traded up $0.15 during midday trading on Friday, hitting $57.34. 449,706 shares of the stock were exchanged, compared to its average volume of 534,746. The company has a market capitalization of $3.17 billion, a price-to-earnings ratio of 12.92, a P/E/G ratio of 2.12 and a beta of 0.93. The company has a current ratio of 2.50, a quick ratio of 1.42 and a debt-to-equity ratio of 2.09. Kontoor Brands, Inc. has a one year low of $50.00 and a one year high of $96.80. The business has a 50-day moving average price of $68.56 and a two-hundred day moving average price of $80.15.

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Kontoor Brands (NYSE:KTB - Get Free Report) last posted 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. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The company had revenue of $699.00 million for the quarter, compared to the consensus estimate of $698.07 million. During the same quarter in the previous year, the business earned $1.28 EPS. The company's quarterly revenue was up 4.4% compared to the same quarter last year. Sell-side analysts predict that Kontoor Brands, Inc. will post 4.82 EPS for the current year.

Kontoor Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Monday, March 10th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $2.08 annualized dividend and a dividend yield of 3.63%. Kontoor Brands's dividend payout ratio (DPR) is 47.60%.

Wall Street Analysts Forecast Growth

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

Kontoor Brands Company 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.