Jennison Associates LLC Sells 222,387 Shares of Kontoor Brands, Inc. (NYSE:KTB)

Jennison Associates LLC trimmed its holdings in shares of Kontoor Brands, Inc. (NYSE:KTB) by 20.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 874,849 shares of the company’s stock after selling 222,387 shares during the period. Jennison Associates LLC owned about 1.56% of Kontoor Brands worth $54,608,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new position in Kontoor Brands during the 4th quarter worth about $1,364,000. FMR LLC grew its holdings in Kontoor Brands by 3.1% during the 3rd quarter. FMR LLC now owns 3,866,900 shares of the company’s stock worth $169,796,000 after acquiring an additional 117,815 shares in the last quarter. Vanguard Group Inc. grew its holdings in Kontoor Brands by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 6,426,658 shares of the company’s stock worth $282,195,000 after acquiring an additional 20,964 shares in the last quarter. Nomura Holdings Inc. grew its holdings in Kontoor Brands by 34.3% during the 3rd quarter. Nomura Holdings Inc. now owns 47,094 shares of the company’s stock worth $2,068,000 after acquiring an additional 12,018 shares in the last quarter. Finally, Sequoia Financial Advisors LLC bought a new position in Kontoor Brands during the 4th quarter worth about $241,000. 93.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on KTB shares. Edward Jones cut shares of Kontoor Brands from a “buy” rating to a “hold” rating in a report on Friday, January 26th. Barclays lowered their price target on shares of Kontoor Brands from $75.00 to $65.00 and set an “overweight” rating on the stock in a report on Thursday, February 29th. UBS Group raised their price target on shares of Kontoor Brands from $83.00 to $85.00 and gave the company a “buy” rating in a report on Friday, February 16th. Finally, The Goldman Sachs Group raised their price target on shares of Kontoor Brands from $56.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, February 29th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $70.40.

Kontoor Brands Stock Performance

Shares of Kontoor Brands stock opened at $60.25 on Wednesday. The firm has a market capitalization of $3.36 billion, a P/E ratio of 14.84, a PEG ratio of 1.52 and a beta of 1.13. The company has a quick ratio of 1.38, a current ratio of 2.66 and a debt-to-equity ratio of 2.05. The company has a 50 day moving average price of $59.02 and a 200 day moving average price of $56.27. Kontoor Brands, Inc. has a 52 week low of $37.10 and a 52 week high of $64.49.

Kontoor Brands (NYSE:KTB) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $1.35 EPS for the quarter, missing the consensus estimate of $1.37 by ($0.02). The company had revenue of $669.80 million during the quarter, compared to analysts’ expectations of $720.70 million. Kontoor Brands had a net margin of 8.86% and a return on equity of 76.30%. Sell-side analysts expect that Kontoor Brands, Inc. will post 4.7 EPS for the current year.

Kontoor Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Monday, June 10th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Monday, June 10th. Kontoor Brands’s payout ratio is currently 49.26%.

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.