Capital World Investors Sells 729,312 Shares of Kontoor Brands, Inc. (NYSE:KTB)

Capital World Investors decreased its stake in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 50.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 708,372 shares of the company's stock after selling 729,312 shares during the quarter. Capital World Investors owned about 1.28% of Kontoor Brands worth $60,502,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Sanctuary Advisors LLC purchased a new position in shares of Kontoor Brands in the 3rd quarter worth about $332,000. Principal Financial Group Inc. raised its holdings in Kontoor Brands by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 261,022 shares of the company's stock worth $22,294,000 after buying an additional 7,445 shares during the last quarter. Fortitude Family Office LLC lifted its stake in shares of 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 buying an additional 334 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Kontoor Brands by 5.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 697,326 shares of the company's stock worth $59,559,000 after purchasing an additional 35,932 shares during the last quarter. Finally, Level Wealth Management LLC bought a new position in shares of Kontoor Brands during the fourth quarter valued at $350,000. 93.06% of the stock is owned by institutional investors.

Kontoor Brands Price Performance

NYSE KTB traded down $1.07 on Friday, reaching $61.38. The company had a trading volume of 530,084 shares, compared to its average volume of 538,777. The stock has a market capitalization of $3.40 billion, a PE ratio of 13.82, a price-to-earnings-growth ratio of 2.12 and a beta of 0.93. The firm's 50 day moving average price is $63.16 and its 200 day moving average price is $78.57. The company has a quick ratio of 1.42, a current ratio of 2.50 and a debt-to-equity ratio of 2.09. Kontoor Brands, Inc. has a 12 month low of $50.00 and a 12 month high of $96.80.

Kontoor Brands (NYSE:KTB - Get Free Report) last released its quarterly earnings data on Tuesday, February 25th. The company reported $1.38 earnings per share (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 business 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 company posted $1.28 EPS. The company's revenue was up 4.4% compared to the same quarter last year. As a group, equities analysts predict that Kontoor Brands, Inc. will post 4.82 earnings per share for the current year.

Kontoor Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Tuesday, June 10th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.39%. Kontoor Brands's payout ratio is currently 47.60%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on KTB. UBS Group dropped their price target on shares of Kontoor Brands from $108.00 to $96.00 and set a "buy" rating on the stock in a research note on Friday, February 28th. Wells Fargo & Company cut their price target on Kontoor Brands from $100.00 to $90.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Barclays lowered their price objective on Kontoor Brands from $100.00 to $93.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 26th. Finally, Stifel Nicolaus dropped their price target on shares of Kontoor Brands from $83.00 to $72.00 and set a "hold" rating for the company in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $88.00.

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.