Level Wealth Management LLC Acquires New Stake in Kontoor Brands, Inc. (NYSE:KTB)

Level Wealth Management LLC purchased a new position in Kontoor Brands, Inc. (NYSE:KTB - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 4,102 shares of the company's stock, valued at approximately $350,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. AQR Capital Management LLC raised its position in shares of Kontoor Brands by 10.7% in the 2nd quarter. AQR Capital Management LLC now owns 6,803 shares of the company's stock worth $450,000 after purchasing an additional 659 shares during the last quarter. Millennium Management LLC grew its stake in shares of Kontoor Brands by 351.7% during the 2nd quarter. Millennium Management LLC now owns 347,325 shares of the company's stock valued at $22,976,000 after purchasing an additional 270,427 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Kontoor Brands by 3.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,959 shares of the company's stock valued at $2,114,000 after purchasing an additional 934 shares during the period. Algert Global LLC bought a new stake in shares of Kontoor Brands during the 2nd quarter valued at about $334,000. Finally, Creative Planning grew its stake in shares of Kontoor Brands by 13.0% during the 2nd quarter. Creative Planning now owns 27,396 shares of the company's stock valued at $1,812,000 after purchasing an additional 3,149 shares during the period. Hedge funds and other institutional investors own 93.06% of the company's stock.

Kontoor Brands Stock Down 0.1 %

KTB traded down $0.05 on Wednesday, hitting $88.51. The company had a trading volume of 197,917 shares, compared to its average volume of 457,185. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.42 and a current ratio of 2.50. The stock has a market capitalization of $4.88 billion, a price-to-earnings ratio of 19.96, a P/E/G ratio of 2.18 and a beta of 1.19. The stock has a fifty day moving average price of $88.49 and a 200-day moving average price of $81.60. Kontoor Brands, Inc. has a 12-month low of $52.95 and a 12-month high of $96.80.

Analyst Ratings Changes

Several research firms recently issued reports on KTB. Stifel Nicolaus lowered shares of Kontoor Brands from a "buy" rating to a "hold" rating and increased their target price for the stock from $89.00 to $93.00 in a report on Friday, November 1st. UBS Group increased their target price on shares of Kontoor Brands from $103.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, November 1st. Wells Fargo & Company upped their price target on Kontoor Brands from $80.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 23rd. Guggenheim upped their price target on Kontoor Brands from $80.00 to $100.00 and gave the stock a "buy" rating in a research note on Friday, November 1st. Finally, Barclays upped their price target on Kontoor Brands from $83.00 to $100.00 and gave the stock an "overweight" rating in a research note on Friday, November 1st. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $95.00.

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.