Axa S.A. Takes Position in Kontoor Brands, Inc. (NYSE:KTB)

Posted by Defense World Staff on Mar 2nd, 2023

Axa S.A. acquired a new stake in Kontoor Brands, Inc. (NYSE:KTB – Get Rating) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 13,800 shares of the company’s stock, valued at approximately $464,000.

Several other hedge funds also recently modified their holdings of KTB. Cullen Capital Management LLC raised its stake in shares of Kontoor Brands by 18.6% in the third quarter. Cullen Capital Management LLC now owns 10,892,743 shares of the company’s stock valued at $15,714,000 after purchasing an additional 1,710,106 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Kontoor Brands by 1.6% in the first quarter. Vanguard Group Inc. now owns 5,713,342 shares of the company’s stock valued at $236,247,000 after purchasing an additional 88,296 shares in the last quarter. FMR LLC raised its stake in shares of Kontoor Brands by 10.2% in the second quarter. FMR LLC now owns 3,128,425 shares of the company’s stock valued at $104,395,000 after purchasing an additional 289,929 shares in the last quarter. State Street Corp raised its stake in Kontoor Brands by 1.5% during the second quarter. State Street Corp now owns 1,857,461 shares of the company’s stock worth $61,983,000 after acquiring an additional 27,741 shares in the last quarter. Finally, Jennison Associates LLC raised its stake in Kontoor Brands by 25.9% during the third quarter. Jennison Associates LLC now owns 1,790,775 shares of the company’s stock worth $60,188,000 after acquiring an additional 368,007 shares in the last quarter.

Kontoor Brands Price Performance

Kontoor Brands stock opened at $51.55 on Thursday. The business’s 50-day simple moving average is $45.03 and its 200 day simple moving average is $40.77. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of 12.45, a P/E/G ratio of 1.21 and a beta of 1.18. Kontoor Brands, Inc. has a 12-month low of $30.98 and a 12-month high of $53.83. The company has a quick ratio of 0.78, a current ratio of 2.12 and a debt-to-equity ratio of 3.96.

Kontoor Brands (NYSE:KTB – Get Rating) last posted its quarterly earnings results on Tuesday, February 28th. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.12. The business had revenue of $731.60 million for the quarter, compared to analysts’ expectations of $666.78 million. Kontoor Brands had a return on equity of 143.05% and a net margin of 9.21%. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.88 earnings per share. As a group, research analysts anticipate that Kontoor Brands, Inc. will post 4.39 earnings per share for the current year.

Kontoor Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 20th. Shareholders of record on Friday, March 10th will be issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date is Thursday, March 9th. Kontoor Brands’s dividend payout ratio (DPR) is currently 46.38%.

Analysts Set New Price Targets

KTB has been the subject of several recent analyst reports. Barclays dropped their price objective on Kontoor Brands from $40.00 to $37.00 and set an “equal weight” rating for the company in a research note on Monday, November 7th. Stifel Nicolaus upgraded Kontoor Brands from a “hold” rating to a “buy” rating and increased their price objective for the stock from $44.00 to $63.00 in a research note on Tuesday. The Goldman Sachs Group increased their price objective on Kontoor Brands from $41.00 to $47.00 and gave the stock a “neutral” rating in a research note on Wednesday. Wells Fargo & Company increased their price objective on Kontoor Brands from $48.00 to $59.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Williams Trading upgraded Kontoor Brands from a “hold” rating to a “buy” rating and set a $53.00 target price for the company in a research note on Tuesday, January 31st. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.50.

About Kontoor Brands

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Kontoor Brands, Inc engages in the design, manufacture, sourcing, marketing, and distribution of a portfolio of brands. It operates through the Wrangler and Lee segment. The company was founded on November 18, 2018 and is headquartered in Greensboro, NC.