Edgestream Partners L.P. Sells 60,278 Shares of Kontoor Brands, Inc. (NYSE:KTB)

Edgestream Partners L.P. cut its stake in shares of Kontoor Brands, Inc. (NYSE:KTB) by 80.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 14,998 shares of the company’s stock after selling 60,278 shares during the period. Edgestream Partners L.P.’s holdings in Kontoor Brands were worth $992,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Kontoor Brands in the 4th quarter valued at about $23,695,000. Achmea Investment Management B.V. increased its position in Kontoor Brands by 684.3% during the second quarter. Achmea Investment Management B.V. now owns 109,124 shares of the company’s stock worth $7,218,000 after buying an additional 95,211 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Kontoor Brands by 5.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,250,293 shares of the company’s stock valued at $82,707,000 after buying an additional 60,926 shares during the period. Hussman Strategic Advisors Inc. bought a new stake in Kontoor Brands in the first quarter valued at approximately $3,163,000. Finally, Boulder Hill Capital Management LP bought a new position in shares of Kontoor Brands during the 1st quarter worth approximately $2,024,000. 93.06% of the stock is owned by institutional investors and hedge funds.

Kontoor Brands Price Performance

NYSE:KTB opened at $78.72 on Friday. Kontoor Brands, Inc. has a 52 week low of $39.90 and a 52 week high of $79.06. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.43 and a current ratio of 2.74. The firm’s 50-day simple moving average is $71.59 and its 200 day simple moving average is $66.83. The firm has a market cap of $4.39 billion, a price-to-earnings ratio of 19.93, a P/E/G ratio of 1.87 and a beta of 1.20.

Kontoor Brands (NYSE:KTB) last announced its earnings results on Thursday, August 1st. The company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.88 by $0.10. The company had revenue of $607.00 million for the quarter, compared to analysts’ expectations of $592.97 million. Kontoor Brands had a net margin of 9.35% and a return on equity of 72.43%. The business’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period last year, the firm earned $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 year.

Kontoor Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Tuesday, September 10th were given a dividend of $0.50 per share. The ex-dividend date was Tuesday, September 10th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.54%. Kontoor Brands’s payout ratio is 50.63%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on KTB shares. Stifel Nicolaus increased their price target on Kontoor Brands from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Barclays raised their target price 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. Finally, Guggenheim upped their price target on shares of Kontoor Brands from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Kontoor Brands presently has an average rating of “Moderate Buy” and an average target price 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.