Convergence Investment Partners LLC Invests $455,000 in Kontoor Brands, Inc. (NYSE:KTB)

Convergence Investment Partners LLC purchased a new stake in Kontoor Brands, Inc. (NYSE:KTB) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,333 shares of the company’s stock, valued at approximately $455,000.

Several other hedge funds have also made changes to their positions in the company. Janney Montgomery Scott LLC raised its stake in Kontoor Brands by 3.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 4,775 shares of the company’s stock valued at $408,000 after purchasing an additional 141 shares during the period. GAMMA Investing LLC raised its position in Kontoor Brands by 26.0% during the fourth quarter. GAMMA Investing LLC now owns 882 shares of the company’s stock valued at $75,000 after buying an additional 182 shares during the period. U.S. Capital Wealth Advisors LLC lifted its stake in Kontoor Brands by 7.1% in the 4th quarter. U.S. Capital Wealth Advisors LLC now owns 2,956 shares of the company’s stock worth $252,000 after acquiring an additional 197 shares in the last quarter. UMB Bank n.a. boosted its position in Kontoor Brands by 0.4% during the 4th quarter. UMB Bank n.a. now owns 51,305 shares of the company’s stock worth $4,382,000 after acquiring an additional 210 shares during the period. Finally, Farther Finance Advisors LLC boosted its position in Kontoor Brands by 242.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 387 shares of the company’s stock worth $32,000 after acquiring an additional 274 shares during the period. Hedge funds and other institutional investors own 93.06% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on KTB. Guggenheim raised their price objective on Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Barclays raised their price target on shares of Kontoor Brands from $83.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, November 1st. Stifel Nicolaus lowered shares of Kontoor Brands from a “buy” rating to a “hold” rating and lifted their target price for the company from $89.00 to $93.00 in a research note on Friday, November 1st. Wells Fargo & Company lifted their target price on shares of Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Finally, UBS Group reduced their price objective on Kontoor Brands from $112.00 to $108.00 and set a “buy” rating for the company in a research report on Tuesday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $94.67.

Kontoor Brands Price Performance

NYSE KTB opened at $89.33 on Thursday. The company has a quick ratio of 1.42, a current ratio of 2.50 and a debt-to-equity ratio of 2.09. Kontoor Brands, Inc. has a 12-month low of $52.95 and a 12-month high of $96.80. The company has a 50 day moving average price of $87.13 and a two-hundred day moving average price of $82.73. The stock has a market capitalization of $4.93 billion, a PE ratio of 20.12, a price-to-earnings-growth ratio of 1.98 and a beta of 1.19.

Kontoor Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Monday, March 10th will be given a $0.52 dividend. The ex-dividend date is Monday, March 10th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.33%. Kontoor Brands’s dividend payout ratio is currently 46.85%.

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.