Commonwealth Equity Services LLC Reduces Position in Kontoor Brands, Inc. (NYSE:KTB)

Commonwealth Equity Services LLC decreased its holdings in shares of Kontoor Brands, Inc. (NYSE:KTB) by 13.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,529 shares of the company’s stock after selling 1,762 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Kontoor Brands were worth $763,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. O Shaughnessy Asset Management LLC grew its holdings in shares of Kontoor Brands by 44.3% during the first quarter. O Shaughnessy Asset Management LLC now owns 24,311 shares of the company’s stock worth $1,465,000 after buying an additional 7,466 shares in the last quarter. Magnetar Financial LLC purchased a new stake in shares of Kontoor Brands during the first quarter worth $1,508,000. Capstone Investment Advisors LLC purchased a new stake in shares of Kontoor Brands during the first quarter worth $2,013,000. Nomura Holdings Inc. grew its holdings in shares of Kontoor Brands by 38.5% during the fourth quarter. Nomura Holdings Inc. now owns 65,215 shares of the company’s stock worth $4,071,000 after buying an additional 18,121 shares in the last quarter. Finally, Tidal Investments LLC purchased a new stake in shares of Kontoor Brands during the first quarter worth $527,000. Hedge funds and other institutional investors own 93.06% of the company’s stock.

Kontoor Brands Stock Down 0.1 %

Shares of KTB opened at $77.13 on Thursday. The company’s 50-day moving average price is $71.07 and its 200 day moving average price is $66.57. Kontoor Brands, Inc. has a 12-month low of $39.90 and a 12-month high of $78.97. The company has a current ratio of 2.74, a quick ratio of 1.43 and a debt-to-equity ratio of 2.04. The firm has a market cap of $4.31 billion, a P/E ratio of 19.53, a price-to-earnings-growth ratio of 1.87 and a beta of 1.20.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.98 earnings per share (EPS) for the quarter, beating 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 business had revenue of $607.00 million for the quarter, compared to the consensus estimate of $592.97 million. During the same period in the previous year, the firm earned $0.77 EPS. The business’s revenue was down 1.5% on a year-over-year basis. On average, sell-side analysts forecast that Kontoor Brands, Inc. will post 4.8 earnings per share for the current year.

Kontoor Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Tuesday, September 10th will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, September 10th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.59%. Kontoor Brands’s payout ratio is currently 50.63%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on KTB. Guggenheim upped their price objective on shares of Kontoor Brands from $75.00 to $80.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Stifel Nicolaus increased their price target on shares of Kontoor Brands from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Finally, Barclays raised their price target on shares of Kontoor Brands from $76.00 to $83.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock 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.