Kontoor Brands, Inc. (NYSE:KTB) Shares Sold by Lazard Asset Management LLC

Lazard Asset Management LLC cut its holdings in Kontoor Brands, Inc. (NYSE:KTB) by 47.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,413 shares of the company’s stock after selling 8,638 shares during the quarter. Lazard Asset Management LLC’s holdings in Kontoor Brands were worth $802,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. HHM Wealth Advisors LLC acquired a new stake in Kontoor Brands in the 4th quarter valued at $29,000. Huntington National Bank raised its position in Kontoor Brands by 62.4% during the fourth quarter. Huntington National Bank now owns 385 shares of the company’s stock worth $33,000 after acquiring an additional 148 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Kontoor Brands by 229.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 722 shares of the company’s stock valued at $62,000 after purchasing an additional 503 shares in the last quarter. Quarry LP grew its position in shares of Kontoor Brands by 161.3% in the fourth quarter. Quarry LP now owns 729 shares of the company’s stock valued at $62,000 after purchasing an additional 450 shares during the period. Finally, Quadrant Capital Group LLC increased its stake in shares of Kontoor Brands by 14.1% during the fourth quarter. Quadrant Capital Group LLC now owns 1,177 shares of the company’s stock worth $101,000 after purchasing an additional 145 shares in the last quarter. 93.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

KTB has been the topic of a number of research reports. Wells Fargo & Company raised their price target on shares of Kontoor Brands from $85.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, May 14th. Barclays lifted their price target on Kontoor Brands from $75.00 to $86.00 and gave the stock an “overweight” rating in a research note on Tuesday. UBS Group increased their price objective on Kontoor Brands from $83.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, May 7th. Finally, Stifel Nicolaus decreased their price objective on Kontoor Brands from $83.00 to $72.00 and set a “hold” rating on the stock in a report on Thursday, April 10th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $88.00.

Kontoor Brands Price Performance

NYSE:KTB opened at $72.99 on Wednesday. The stock has a 50 day moving average price of $62.65 and a 200 day moving average price of $77.08. The stock has a market cap of $4.06 billion, a PE ratio of 16.44, a P/E/G ratio of 2.12 and a beta of 1.05. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.42 and a current ratio of 2.50. Kontoor Brands, Inc. has a one year low of $50.00 and a one year high of $96.80.

Kontoor Brands (NYSE:KTB) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.16 by $0.04. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The business had revenue of $622.90 million for the quarter, compared to analyst estimates of $625.44 million. During the same quarter in the previous year, the firm earned $1.16 EPS. The company’s quarterly revenue was down 1.3% compared to the same quarter last year. Equities research analysts expect that Kontoor Brands, Inc. will post 4.82 EPS for the current fiscal year.

Kontoor Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Tuesday, June 10th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $2.08 annualized dividend and a dividend yield of 2.85%. Kontoor Brands’s dividend payout ratio (DPR) is 50.98%.

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.