Norges Bank Buys New Stake in Kontoor Brands, Inc. (NYSE:KTB)

Norges Bank acquired a new stake in Kontoor Brands, Inc. (NYSE:KTB - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 206,421 shares of the company's stock, valued at approximately $17,630,000. Norges Bank owned 0.37% of Kontoor Brands as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. HHM Wealth Advisors LLC acquired a new position in shares of Kontoor Brands during the 4th quarter worth $29,000. Fortitude Family Office LLC grew its position in Kontoor Brands by 407.3% during 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 during the period. EverSource Wealth Advisors LLC increased its holdings in Kontoor Brands by 229.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 722 shares of the company's stock valued at $62,000 after buying an additional 503 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Kontoor Brands by 26.0% during the 4th quarter. GAMMA Investing LLC now owns 882 shares of the company's stock valued at $75,000 after acquiring an additional 182 shares during the period. Finally, Tompkins Financial Corp purchased a new stake in shares of Kontoor Brands during the 4th quarter worth approximately $98,000. Hedge funds and other institutional investors own 93.06% of the company's stock.

Wall Street Analysts Forecast Growth

KTB has been the subject of several research analyst reports. Wells Fargo & Company dropped their price objective on Kontoor Brands from $100.00 to $90.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. UBS Group dropped their price target on Kontoor Brands from $108.00 to $96.00 and set a "buy" rating for the company in a research report on Friday, February 28th. Barclays decreased their price objective on shares of 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 reduced their target price on Kontoor Brands from $83.00 to $72.00 and set a "hold" rating on the stock in a research note on Thursday. 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 company presently has an average rating of "Moderate Buy" and an average target price of $88.00.

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Kontoor Brands Trading Up 0.3 %

NYSE KTB traded up $0.15 during mid-day trading on Friday, reaching $57.34. 449,706 shares of the stock were exchanged, compared to its average volume of 534,746. The stock has a market capitalization of $3.17 billion, a PE ratio of 12.92, a PEG ratio of 2.12 and a beta of 0.93. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.42 and a current ratio of 2.50. Kontoor Brands, Inc. has a 1-year low of $50.00 and a 1-year high of $96.80. The business's fifty day simple moving average is $68.56 and its 200 day simple moving average is $80.15.

Kontoor Brands (NYSE:KTB - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The company reported $1.38 EPS for the quarter, beating analysts' consensus estimates of $1.31 by $0.07. The business had revenue of $699.00 million during the quarter, compared to the consensus estimate 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 for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.28 earnings per share. On average, research analysts anticipate that Kontoor Brands, Inc. will post 4.82 earnings per share for the current fiscal year.

Kontoor Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Monday, March 10th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $2.08 annualized dividend and a dividend yield of 3.63%. Kontoor Brands's payout ratio is currently 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.