Renaissance Technologies LLC Acquires 24,500 Shares of Kontoor Brands, Inc. (NYSE:KTB)

Renaissance Technologies LLC increased its stake in Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 395.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 30,700 shares of the company's stock after buying an additional 24,500 shares during the quarter. Renaissance Technologies LLC owned about 0.06% of Kontoor Brands worth $2,622,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in KTB. Invesco Ltd. grew its holdings in Kontoor Brands by 10.3% in the 4th quarter. Invesco Ltd. now owns 868,117 shares of the company's stock worth $74,146,000 after buying an additional 81,321 shares in the last quarter. Bank of Montreal Can boosted its position in shares of Kontoor Brands by 5.6% in the 4th quarter. Bank of Montreal Can now owns 9,646 shares of the company's stock valued at $824,000 after purchasing an additional 514 shares during the period. Polymer Capital Management US LLC acquired a new stake in shares of Kontoor Brands during the fourth quarter valued at approximately $391,000. Quadrant Capital Group LLC boosted its position in shares of Kontoor Brands by 14.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,177 shares of the company's stock worth $101,000 after buying an additional 145 shares during the period. Finally, Wells Fargo & Company MN grew its stake in Kontoor Brands by 44.1% during the 4th quarter. Wells Fargo & Company MN now owns 43,379 shares of the company's stock valued at $3,705,000 after acquiring an additional 13,276 shares in the last quarter. 93.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on KTB shares. Stifel Nicolaus reduced their price target on Kontoor Brands from $83.00 to $72.00 and set a "hold" rating for the company in a research report on Thursday, April 10th. Barclays cut their target price on Kontoor Brands from $93.00 to $69.00 and set an "overweight" rating for the company in a research report on Monday. 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. Finally, UBS Group reduced their target price 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. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Kontoor Brands currently has an average rating of "Moderate Buy" and a consensus price target of $84.00.

Kontoor Brands Stock Down 0.9 %

KTB traded down $0.53 during trading on Monday, hitting $60.94. The company had a trading volume of 552,478 shares, compared to its average volume of 538,186. 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 one year low of $50.00 and a one year high of $96.80. The company has a market capitalization of $3.37 billion, a PE ratio of 13.73, a PEG 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 $78.56.

Kontoor Brands (NYSE:KTB - Get Free Report) last announced 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. The company had revenue of $699.00 million for the quarter, compared to analysts' expectations of $698.07 million. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The business's revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.28 EPS. As a group, equities analysts expect that Kontoor Brands, Inc. will post 4.82 earnings per share for the current year.

Kontoor Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Tuesday, June 10th will be given a $0.52 dividend. The ex-dividend date is Tuesday, June 10th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.41%. 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.