Summit Global Investments Decreases Stock Holdings in Kontoor Brands, Inc. (NYSE:KTB)

Summit Global Investments trimmed its holdings in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 66.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,876 shares of the company's stock after selling 11,805 shares during the period. Summit Global Investments' holdings in Kontoor Brands were worth $502,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. State Street Corp increased its holdings in Kontoor Brands by 1.2% in the 3rd quarter. State Street Corp now owns 2,205,592 shares of the company's stock worth $180,373,000 after acquiring an additional 26,759 shares during the last quarter. Pacer Advisors Inc. lifted its stake in shares of Kontoor Brands by 2.5% during the 4th quarter. Pacer Advisors Inc. now owns 1,786,250 shares of the company's stock valued at $152,564,000 after buying an additional 44,287 shares in the last quarter. Geode Capital Management LLC grew its stake in Kontoor Brands by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,203,100 shares of the company's stock valued at $98,409,000 after buying an additional 15,058 shares in the last quarter. Jennison Associates LLC raised its holdings in Kontoor Brands by 4.6% during the 4th quarter. Jennison Associates LLC now owns 792,078 shares of the company's stock valued at $67,651,000 after acquiring an additional 34,652 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position 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 valued at $59,559,000 after acquiring an additional 35,932 shares during the period. Hedge funds and other institutional investors own 93.06% of the company's stock.

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Wall Street Analysts Forecast Growth

Several research firms have issued reports on KTB. Wells Fargo & Company lowered their target price on shares of Kontoor Brands from $100.00 to $90.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. UBS Group cut their target price on Kontoor Brands from $108.00 to $96.00 and set a "buy" rating for the company in a research note on Friday, February 28th. Finally, Barclays cut their price objective on shares of Kontoor Brands from $100.00 to $93.00 and set an "overweight" rating for the company in a research note on Wednesday, February 26th. One 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 company has an average rating of "Moderate Buy" and an average price target of $91.50.

Kontoor Brands Stock Down 2.5 %

Shares of NYSE:KTB traded down $1.61 during trading on Friday, hitting $63.78. The stock had a trading volume of 563,107 shares, compared to its average volume of 515,176. The company has a market capitalization of $3.53 billion, a PE ratio of 14.36, a PEG ratio of 2.12 and a beta of 1.23. The company has a quick ratio of 1.42, a current ratio of 2.50 and a debt-to-equity ratio of 2.09. The firm's fifty day moving average is $76.64 and its 200 day moving average is $81.66. Kontoor Brands, Inc. has a 12 month low of $52.95 and a 12 month high of $96.80.

Kontoor Brands (NYSE:KTB - Get Free Report) last posted 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 during the quarter, compared to the consensus estimate of $698.07 million. During the same quarter in the prior year, the company earned $1.28 earnings per share. The firm's quarterly revenue was up 4.4% compared to the same quarter last year. Analysts anticipate that Kontoor Brands, Inc. will post 4.82 EPS for the current fiscal year.

Kontoor Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Monday, March 10th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date was Monday, March 10th. Kontoor Brands's dividend payout ratio (DPR) 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.