Cullen Capital Management LLC Sells 2,485,744 Shares of Kontoor Brands, Inc. (NYSE:KTB)

Cullen Capital Management LLC cut its stake in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 56.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,888,769 shares of the company's stock after selling 2,485,744 shares during the period. Kontoor Brands makes up about 1.8% of Cullen Capital Management LLC's holdings, making the stock its 26th biggest position. Cullen Capital Management LLC owned 3.43% of Kontoor Brands worth $161,320,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of KTB. Mendel Money Management grew its holdings in shares of Kontoor Brands by 2.8% during the fourth quarter. Mendel Money Management now owns 4,934 shares of the company's stock valued at $421,000 after buying an additional 135 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Kontoor Brands by 3.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 4,775 shares of the company's stock valued at $408,000 after purchasing an additional 141 shares during the period. Huntington National Bank lifted its position in shares of Kontoor Brands by 62.4% in the fourth quarter. Huntington National Bank now owns 385 shares of the company's stock worth $33,000 after purchasing an additional 148 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Kontoor Brands by 26.0% during the fourth quarter. GAMMA Investing LLC now owns 882 shares of the company's stock worth $75,000 after purchasing an additional 182 shares during the period. Finally, U.S. Capital Wealth Advisors LLC grew its position in Kontoor Brands by 7.1% during the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 2,956 shares of the company's stock valued at $252,000 after purchasing an additional 197 shares in the last quarter. 93.06% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

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

Kontoor Brands Trading Down 6.7 %

Shares of KTB stock traded down $3.97 on Thursday, hitting $55.52. The stock had a trading volume of 174,244 shares, compared to its average volume of 762,411. The firm has a market cap of $3.07 billion, a P/E ratio of 12.52, a PEG ratio of 2.12 and a beta of 0.93. Kontoor Brands, Inc. has a twelve month low of $50.00 and a twelve month high of $96.80. The company has a current ratio of 2.50, a quick ratio of 1.42 and a debt-to-equity ratio of 2.09. The company has a fifty day moving average price of $69.77 and a two-hundred day moving average price of $80.45.

Kontoor Brands (NYSE:KTB - Get Free Report) last released its quarterly earnings results 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 analyst estimates of $698.07 million. During the same quarter last year, the firm posted $1.28 earnings per share. Kontoor Brands's revenue was up 4.4% compared to the same quarter last year. As a group, analysts forecast that Kontoor Brands, Inc. will post 4.82 earnings per share for the current fiscal year.

Kontoor Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Monday, March 10th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date was Monday, March 10th. Kontoor Brands's payout ratio is presently 47.60%.

About Kontoor Brands

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.