Convergence Investment Partners LLC Invests $455,000 in Kontoor Brands, Inc. (NYSE:KTB)

Convergence Investment Partners LLC acquired a new position in Kontoor Brands, Inc. (NYSE:KTB) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 5,333 shares of the company’s stock, valued at approximately $455,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of KTB. Principal Financial Group Inc. increased its stake in shares of Kontoor Brands by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 261,022 shares of the company’s stock worth $22,294,000 after purchasing an additional 7,445 shares during the period. Monument Capital Management increased its position in Kontoor Brands by 1,033.5% in the 4th quarter. Monument Capital Management now owns 37,701 shares of the company’s stock worth $3,220,000 after buying an additional 34,375 shares during the period. James Investment Research Inc. lifted its holdings in shares of Kontoor Brands by 12.7% during the fourth quarter. James Investment Research Inc. now owns 27,781 shares of the company’s stock worth $2,373,000 after buying an additional 3,135 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of Kontoor Brands by 825.6% during the fourth quarter. Allworth Financial LP now owns 2,851 shares of the company’s stock worth $253,000 after buying an additional 2,543 shares during the last quarter. Finally, New York State Teachers Retirement System boosted its position in shares of Kontoor Brands by 6.5% in the fourth quarter. New York State Teachers Retirement System now owns 76,066 shares of the company’s stock valued at $6,497,000 after acquiring an additional 4,613 shares during the period. Institutional investors and hedge funds own 93.06% of the company’s stock.

Kontoor Brands Trading Up 4.2 %

Shares of KTB stock opened at $89.33 on Thursday. Kontoor Brands, Inc. has a 52-week low of $52.95 and a 52-week high of $96.80. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.42 and a current ratio of 2.50. The stock has a market cap of $4.93 billion, a price-to-earnings ratio of 20.12, a P/E/G ratio of 1.98 and a beta of 1.19. The firm has a fifty day moving average of $87.13 and a 200-day moving average of $82.73.

Kontoor Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Monday, March 10th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend is Monday, March 10th. Kontoor Brands’s dividend payout ratio (DPR) is presently 46.85%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on KTB. Guggenheim boosted their target price on shares of Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Barclays upped their target price on shares of Kontoor Brands from $83.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. Stifel Nicolaus lowered shares of Kontoor Brands from a “buy” rating to a “hold” rating and upped their price objective for the company from $89.00 to $93.00 in a research report on Friday, November 1st. UBS Group cut their price objective on shares of Kontoor Brands from $112.00 to $108.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Wells Fargo & Company upped their price target on Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $94.67.

Kontoor Brands Company 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.