Prudential Financial Inc. Sells 19,661 Shares of Kontoor Brands, Inc. (NYSE:KTB)

Prudential Financial Inc. reduced its stake in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 18.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 86,059 shares of the company's stock after selling 19,661 shares during the period. Prudential Financial Inc. owned 0.16% of Kontoor Brands worth $7,350,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its stake in shares of Kontoor Brands by 2.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 661,394 shares of the company's stock valued at $54,089,000 after buying an additional 17,974 shares in the last quarter. Citigroup Inc. increased its stake in shares of Kontoor Brands by 76.5% during the 3rd quarter. Citigroup Inc. now owns 70,738 shares of the company's stock worth $5,785,000 after purchasing an additional 30,650 shares during the last quarter. Bridgewater Associates LP raised its holdings in shares of Kontoor Brands by 20.0% during the 3rd quarter. Bridgewater Associates LP now owns 38,981 shares of the company's stock valued at $3,188,000 after purchasing an additional 6,497 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Kontoor Brands by 2.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 118,225 shares of the company's stock valued at $9,668,000 after purchasing an additional 3,044 shares during the last quarter. Finally, Walleye Capital LLC bought a new stake in Kontoor Brands in the third quarter worth $8,479,000. 93.06% of the stock is owned by institutional investors and hedge funds.

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Kontoor Brands Stock Performance

NYSE:KTB traded down $8.73 during trading hours on Thursday, hitting $58.05. 250,805 shares of the company traded hands, compared to its average volume of 515,908. The company has a current ratio of 2.50, a quick ratio of 1.42 and a debt-to-equity ratio of 2.09. Kontoor Brands, Inc. has a twelve month low of $52.95 and a twelve month high of $96.80. The firm has a 50-day moving average of $74.81 and a 200 day moving average of $81.51. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of 13.07, a P/E/G ratio of 2.12 and a beta of 1.23.

Kontoor Brands (NYSE:KTB - Get Free Report) last released its earnings results on Tuesday, February 25th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.07. Kontoor Brands had a net margin of 9.72% and a return on equity of 73.99%. The business had revenue of $699.00 million during the quarter, compared to analysts' expectations of $698.07 million. During the same quarter last year, the company earned $1.28 earnings per share. The firm's revenue was up 4.4% on a year-over-year basis. On average, analysts forecast that Kontoor Brands, Inc. will post 4.82 EPS for the current year.

Kontoor Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Monday, March 10th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend was Monday, March 10th. Kontoor Brands's dividend payout ratio is presently 47.60%.

Analyst Ratings Changes

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

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.