Prudential Financial Inc. Sells 19,661 Shares of Kontoor Brands, Inc. (NYSE:KTB)

Prudential Financial Inc. reduced its stake in Kontoor Brands, Inc. (NYSE:KTB) by 18.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,059 shares of the company’s stock after selling 19,661 shares during the period. Prudential Financial Inc. owned 0.16% of Kontoor Brands worth $7,350,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. LPL Financial LLC grew its stake in Kontoor Brands by 35.7% in the fourth quarter. LPL Financial LLC now owns 34,529 shares of the company’s stock worth $2,949,000 after purchasing an additional 9,076 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Kontoor Brands during the 4th quarter worth $1,187,000. Hillsdale Investment Management Inc. purchased a new position in shares of Kontoor Brands during the fourth quarter valued at $4,774,000. Sei Investments Co. raised its holdings in shares of Kontoor Brands by 27.8% in the fourth quarter. Sei Investments Co. now owns 49,762 shares of the company’s stock valued at $4,250,000 after acquiring an additional 10,813 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in Kontoor Brands by 5.5% in the fourth quarter. American Century Companies Inc. now owns 40,774 shares of the company’s stock worth $3,483,000 after acquiring an additional 2,122 shares during the period. 93.06% of the stock is owned by hedge funds and other institutional investors.

Kontoor Brands Price Performance

NYSE KTB opened at $63.78 on Friday. Kontoor Brands, Inc. has a 12-month low of $52.95 and a 12-month high of $96.80. The firm’s fifty day simple moving average is $76.20 and its two-hundred day simple moving average is $81.67. The company has a current ratio of 2.50, a quick ratio of 1.42 and a debt-to-equity ratio of 2.09. The firm has a market capitalization of $3.53 billion, a P/E ratio of 14.36, a P/E/G ratio of 2.12 and a beta of 1.23.

Kontoor Brands (NYSE:KTB) last announced its earnings results on Tuesday, February 25th. The company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.07. The company had revenue of $699.00 million for the quarter, compared to analyst estimates of $698.07 million. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.28 EPS. Analysts forecast that Kontoor Brands, Inc. will post 4.82 EPS for the current fiscal year.

Kontoor Brands Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Monday, March 10th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date was Monday, March 10th. Kontoor Brands’s dividend payout ratio (DPR) is presently 47.60%.

Wall Street Analysts Forecast Growth

KTB has been the subject of several recent research reports. UBS Group reduced their price target on shares of Kontoor Brands from $108.00 to $96.00 and set a “buy” rating for the company in a report on Friday, February 28th. Barclays reduced their price objective on shares of Kontoor Brands from $100.00 to $93.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Finally, Wells Fargo & Company cut their price target on Kontoor Brands from $100.00 to $90.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.50.

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.