Choreo LLC Takes $803,000 Position in Kontoor Brands, Inc. (NYSE:KTB)

Choreo LLC bought a new position in shares of Kontoor Brands, Inc. (NYSE:KTB) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 12,372 shares of the company’s stock, valued at approximately $803,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in KTB. Norges Bank acquired a new stake in shares of Kontoor Brands during the fourth quarter worth about $23,695,000. Edgestream Partners L.P. raised its holdings in Kontoor Brands by 816.7% during the 1st quarter. Edgestream Partners L.P. now owns 75,276 shares of the company’s stock worth $4,535,000 after buying an additional 67,064 shares during the period. AMG National Trust Bank lifted its stake in Kontoor Brands by 18.5% in the fourth quarter. AMG National Trust Bank now owns 421,899 shares of the company’s stock valued at $26,335,000 after buying an additional 65,990 shares in the last quarter. Hussman Strategic Advisors Inc. acquired a new position in shares of Kontoor Brands in the first quarter valued at approximately $3,163,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Kontoor Brands by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,145,370 shares of the company’s stock worth $71,496,000 after acquiring an additional 35,637 shares in the last quarter. 93.06% of the stock is 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. The business has a 50-day moving average of $70.31 and a 200-day moving average of $66.16. The stock has a market capitalization of $4.17 billion, a price-to-earnings ratio of 18.96, a PEG ratio of 1.87 and a beta of 1.20. Kontoor Brands, Inc. has a fifty-two week low of $39.90 and a fifty-two week high of $75.32.

Kontoor Brands (NYSE:KTB) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.88 by $0.10. The firm had revenue of $607.00 million during the quarter, compared to analysts’ expectations of $592.97 million. Kontoor Brands had a return on equity of 72.43% and a net margin of 9.35%. The business’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.77 earnings per share. 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 company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Tuesday, September 10th will be paid a $0.50 dividend. The ex-dividend date is Tuesday, September 10th. This represents a $2.00 annualized dividend and a dividend yield of 2.67%. Kontoor Brands’s dividend payout ratio is presently 50.63%.

Wall Street Analyst Weigh In

KTB has been the subject of a number of research analyst reports. Stifel Nicolaus upped their target price on shares of Kontoor Brands from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Guggenheim boosted their price target on Kontoor Brands from $75.00 to $80.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, Barclays increased their price objective on Kontoor Brands from $76.00 to $83.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $78.83.

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.