Meritage Portfolio Management Sells 527 Shares of Kontoor Brands, Inc. (NYSE:KTB)

Meritage Portfolio Management cut its holdings in shares of Kontoor Brands, Inc. (NYSE:KTB) by 0.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 86,232 shares of the company’s stock after selling 527 shares during the period. Meritage Portfolio Management owned 0.15% of Kontoor Brands worth $5,383,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in KTB. McGlone Suttner Wealth Management Inc. purchased a new position in Kontoor Brands in the 4th quarter valued at approximately $25,000. Cary Street Partners Investment Advisory LLC lifted its position in Kontoor Brands by 5,710.0% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 581 shares of the company’s stock valued at $26,000 after purchasing an additional 571 shares during the last quarter. Ronald Blue Trust Inc. increased its position in shares of Kontoor Brands by 225.8% in the third quarter. Ronald Blue Trust Inc. now owns 1,098 shares of the company’s stock worth $46,000 after acquiring an additional 761 shares in the last quarter. Oakworth Capital Inc. lifted its stake in shares of Kontoor Brands by 157.8% in the fourth quarter. Oakworth Capital Inc. now owns 781 shares of the company’s stock worth $49,000 after buying an additional 478 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its holdings in Kontoor Brands by 121.4% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,304 shares of the company’s stock valued at $57,000 after buying an additional 715 shares during the period. 93.06% of the stock is owned by hedge funds and other institutional investors.

Kontoor Brands Trading Up 0.9 %

KTB stock traded up $0.58 during mid-day trading on Friday, hitting $62.38. 365,844 shares of the company were exchanged, compared to its average volume of 551,348. The company has a quick ratio of 1.38, a current ratio of 2.66 and a debt-to-equity ratio of 2.05. Kontoor Brands, Inc. has a 12-month low of $37.10 and a 12-month high of $64.49. The firm has a market capitalization of $3.48 billion, a P/E ratio of 15.22, a PEG ratio of 1.64 and a beta of 1.13. The business has a fifty day simple moving average of $59.00 and a 200-day simple moving average of $56.34.

Kontoor Brands (NYSE:KTB) last posted its earnings results on Wednesday, February 28th. The company reported $1.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.02). The company had revenue of $669.80 million during the quarter, compared to the consensus estimate of $720.70 million. Kontoor Brands had a net margin of 8.86% and a return on equity of 76.30%. On average, equities research analysts predict that Kontoor Brands, Inc. will post 4.7 earnings per share for the current fiscal year.

Kontoor Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Monday, June 10th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $2.00 annualized dividend and a dividend yield of 3.21%. Kontoor Brands’s dividend payout ratio is currently 49.26%.

Analyst Ratings Changes

Several brokerages have issued reports on KTB. Barclays cut their price target on Kontoor Brands from $75.00 to $65.00 and set an “overweight” rating for the company in a report on Thursday, February 29th. The Goldman Sachs Group boosted their target price on shares of Kontoor Brands from $56.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Edward Jones cut shares of Kontoor Brands from a “buy” rating to a “hold” rating in a research note on Friday, January 26th. Finally, UBS Group raised their target price on shares of Kontoor Brands from $83.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Kontoor Brands has an average rating of “Moderate Buy” and a consensus target price of $70.40.

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.