Algert Global LLC Invests $334,000 in Kontoor Brands, Inc. (NYSE:KTB)

Algert Global LLC purchased a new stake in shares of Kontoor Brands, Inc. (NYSE:KTB) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 5,055 shares of the company’s stock, valued at approximately $334,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its position in Kontoor Brands by 10.9% during the second quarter. Pacer Advisors Inc. now owns 2,043,637 shares of the company’s stock valued at $135,187,000 after buying an additional 201,399 shares during the period. Victory Capital Management Inc. lifted its position in Kontoor Brands by 1.0% during the 2nd quarter. Victory Capital Management Inc. now owns 1,270,540 shares of the company’s stock valued at $84,046,000 after acquiring an additional 12,019 shares during the period. Dimensional Fund Advisors LP boosted its stake in Kontoor Brands by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,250,293 shares of the company’s stock worth $82,707,000 after acquiring an additional 60,926 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Kontoor Brands by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 712,579 shares of the company’s stock worth $47,137,000 after purchasing an additional 7,526 shares during the period. Finally, Millennium Management LLC increased its stake in shares of Kontoor Brands by 351.7% during the second quarter. Millennium Management LLC now owns 347,325 shares of the company’s stock valued at $22,976,000 after purchasing an additional 270,427 shares in the last quarter. 93.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on KTB. Barclays boosted their price target on Kontoor Brands from $76.00 to $83.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Guggenheim boosted their target price on Kontoor Brands from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Finally, Stifel Nicolaus raised their price target on Kontoor Brands from $80.00 to $89.00 and gave the company a “buy” rating in a report on Monday. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Kontoor Brands presently has an average rating of “Moderate Buy” and an average price target of $80.33.

Kontoor Brands Stock Up 1.1 %

Kontoor Brands stock opened at $80.46 on Wednesday. The firm has a market cap of $4.49 billion, a price-to-earnings ratio of 20.37, a PEG ratio of 2.02 and a beta of 1.20. The company has a current ratio of 2.74, a quick ratio of 1.43 and a debt-to-equity ratio of 2.04. Kontoor Brands, Inc. has a 12 month low of $39.90 and a 12 month high of $83.50. The stock has a fifty day simple moving average of $74.15 and a two-hundred day simple moving average of $68.44.

Kontoor Brands (NYSE:KTB) last issued its earnings results on Thursday, August 1st. The company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.10. The business had revenue of $607.00 million during 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%. Kontoor Brands’s revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.77 EPS. Equities analysts predict that Kontoor Brands, Inc. will post 4.8 EPS for the current fiscal year.

Kontoor Brands Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Tuesday, September 10th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.49%. The ex-dividend date was Tuesday, September 10th. Kontoor Brands’s dividend payout ratio is currently 50.63%.

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.