Cubist Systematic Strategies LLC Buys New Position in Kontoor Brands, Inc. (NYSE:KTB)

Cubist Systematic Strategies LLC bought a new stake in shares of Kontoor Brands, Inc. (NYSE:KTB) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 55,215 shares of the company’s stock, valued at approximately $4,716,000. Cubist Systematic Strategies LLC owned 0.10% of Kontoor Brands as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in KTB. Principal Financial Group Inc. lifted its holdings in Kontoor Brands by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 261,022 shares of the company’s stock valued at $22,294,000 after buying an additional 7,445 shares during the period. Fortitude Family Office LLC boosted its position in shares of Kontoor Brands by 407.3% during the 4th quarter. Fortitude Family Office LLC now owns 416 shares of the company’s stock valued at $36,000 after purchasing an additional 334 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Kontoor Brands by 5.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 697,326 shares of the company’s stock worth $59,559,000 after purchasing an additional 35,932 shares in the last quarter. Level Wealth Management LLC acquired a new position in Kontoor Brands in the fourth quarter valued at approximately $350,000. Finally, Barclays PLC grew its position in shares of Kontoor Brands by 316.3% during the 3rd quarter. Barclays PLC now owns 101,522 shares of the company’s stock worth $8,303,000 after buying an additional 77,137 shares during the period. Institutional investors own 93.06% of the company’s stock.

Kontoor Brands Trading Down 0.8 %

Shares of Kontoor Brands stock opened at $68.62 on Friday. 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 stock has a fifty day simple moving average of $60.87 and a 200 day simple moving average of $77.36. Kontoor Brands, Inc. has a 12-month low of $50.00 and a 12-month high of $96.80. The company has a market capitalization of $3.80 billion, a P/E ratio of 15.45, a price-to-earnings-growth ratio of 2.12 and a beta of 1.05.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings results on Tuesday, May 6th. The company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.04. Kontoor Brands had a net margin of 9.72% and a return on equity of 73.99%. The company had revenue of $622.90 million for the quarter, compared to analyst estimates of $625.44 million. During the same period last year, the firm earned $1.16 earnings per share. The firm’s revenue was down 1.3% on a year-over-year basis. On average, sell-side analysts anticipate that Kontoor Brands, Inc. will post 4.82 earnings per share for the current fiscal year.

Kontoor Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Tuesday, June 10th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend is Tuesday, June 10th. Kontoor Brands’s payout ratio is 50.98%.

Analyst Ratings Changes

Several research analysts recently issued reports on KTB shares. Stifel Nicolaus cut their target price on shares of Kontoor Brands from $83.00 to $72.00 and set a “hold” rating on the stock in a research note on Thursday, April 10th. Wells Fargo & Company reduced their target price on Kontoor Brands from $90.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, April 30th. UBS Group increased their price target on Kontoor Brands from $83.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Barclays upped their target price on Kontoor Brands from $69.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.80.

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.