Arizona State Retirement System Raises Position in Kontoor Brands, Inc. (NYSE:KTB)

Arizona State Retirement System lifted its stake in shares of Kontoor Brands, Inc. (NYSE:KTB) by 1.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,050 shares of the company’s stock after acquiring an additional 154 shares during the quarter. Arizona State Retirement System’s holdings in Kontoor Brands were worth $929,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of KTB. Principal Securities Inc. purchased a new stake in Kontoor Brands during the 4th quarter worth about $32,000. Signaturefd LLC increased its stake in shares of Kontoor Brands by 49.9% during the second quarter. Signaturefd LLC now owns 973 shares of the company’s stock worth $64,000 after buying an additional 324 shares during the period. Blue Trust Inc. increased its stake in shares of Kontoor Brands by 72.4% during the second quarter. Blue Trust Inc. now owns 1,571 shares of the company’s stock worth $95,000 after buying an additional 660 shares during the period. Headlands Technologies LLC raised its holdings in Kontoor Brands by 22.7% in the first quarter. Headlands Technologies LLC now owns 1,584 shares of the company’s stock valued at $95,000 after acquiring an additional 293 shares in the last quarter. Finally, Mather Group LLC. purchased a new position in Kontoor Brands in the first quarter worth approximately $165,000. 93.06% of the stock is currently owned by institutional investors and hedge funds.

Kontoor Brands Price Performance

Shares of NYSE:KTB opened at $74.88 on Friday. The company has a debt-to-equity ratio of 2.04, a current ratio of 2.74 and a quick ratio of 1.43. Kontoor Brands, Inc. has a 12 month low of $39.90 and a 12 month high of $75.32. The firm has a market capitalization of $4.17 billion, a P/E ratio of 18.96, a P/E/G ratio of 1.87 and a beta of 1.20. The company’s fifty day moving average price is $70.31 and its 200 day moving average price is $66.16.

Kontoor Brands (NYSE:KTB) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.10. Kontoor Brands had a net margin of 9.35% and a return on equity of 72.43%. The firm had revenue of $607.00 million during the quarter, compared to analysts’ expectations of $592.97 million. During the same quarter in the prior year, the business earned $0.77 EPS. Kontoor Brands’s quarterly revenue was down 1.5% compared to the same quarter last year. As a group, sell-side analysts predict that Kontoor Brands, Inc. will post 4.8 earnings per share for the current fiscal year.

Kontoor Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Tuesday, September 10th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Tuesday, September 10th. Kontoor Brands’s dividend payout ratio is presently 50.63%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on KTB shares. Barclays increased their price objective on shares of Kontoor Brands from $76.00 to $83.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Guggenheim increased their target price on Kontoor Brands from $75.00 to $80.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, Stifel Nicolaus lifted their price target on Kontoor Brands from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, June 14th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.83.

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.