Creative Planning Trims Stake in Kontoor Brands, Inc. (NYSE:KTB)

Creative Planning reduced its holdings in shares of Kontoor Brands, Inc. (NYSE:KTB) by 1.5% in the third quarter, Holdings Channel reports. The institutional investor owned 26,973 shares of the company’s stock after selling 423 shares during the period. Creative Planning’s holdings in Kontoor Brands were worth $2,206,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Quest Partners LLC bought a new position in Kontoor Brands during the second quarter valued at $27,000. Sound Income Strategies LLC bought a new position in Kontoor Brands during the third quarter valued at $48,000. GAMMA Investing LLC lifted its position in Kontoor Brands by 53.5% during the third quarter. GAMMA Investing LLC now owns 700 shares of the company’s stock valued at $57,000 after purchasing an additional 244 shares during the last quarter. Signaturefd LLC raised its stake in shares of Kontoor Brands by 49.9% in the second quarter. Signaturefd LLC now owns 973 shares of the company’s stock valued at $64,000 after acquiring an additional 324 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of Kontoor Brands by 72.4% in the second quarter. Blue Trust Inc. now owns 1,571 shares of the company’s stock valued at $95,000 after acquiring an additional 660 shares during the period. 93.06% of the stock is currently owned by institutional investors.

Kontoor Brands Trading Up 0.4 %

NYSE:KTB opened at $76.88 on Monday. The stock has a fifty day moving average price of $77.05 and a two-hundred day moving average price of $70.56. The stock has a market capitalization of $4.28 billion, a price-to-earnings ratio of 18.17, a PEG ratio of 2.04 and a beta of 1.20. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.43 and a current ratio of 2.74. Kontoor Brands, Inc. has a 1 year low of $39.90 and a 1 year high of $84.21.

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

Kontoor Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Monday, December 9th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Monday, December 9th. This is an increase from Kontoor Brands’s previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a yield of 2.71%. Kontoor Brands’s payout ratio is currently 47.28%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. 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 research note on Friday, August 2nd. Stifel Nicolaus raised their target price on shares of Kontoor Brands from $80.00 to $89.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Wells Fargo & Company raised their target price on shares of Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. UBS Group raised their price target on shares of Kontoor Brands from $90.00 to $103.00 and gave the company a “buy” rating in a report on Friday, October 18th. Finally, Guggenheim raised their price target 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. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $87.00.

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.