Cullen Capital Management LLC Sells 2,485,744 Shares of Kontoor Brands, Inc. (NYSE:KTB)

Cullen Capital Management LLC lessened its position in shares of Kontoor Brands, Inc. (NYSE:KTB) by 56.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 1,888,769 shares of the company’s stock after selling 2,485,744 shares during the period. Kontoor Brands makes up about 1.8% of Cullen Capital Management LLC’s investment portfolio, making the stock its 26th largest position. Cullen Capital Management LLC’s holdings in Kontoor Brands were worth $161,320,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. HHM Wealth Advisors LLC bought a new position in shares of Kontoor Brands during the fourth quarter worth about $29,000. Huntington National Bank raised its holdings in shares of Kontoor Brands by 62.4% in the fourth quarter. Huntington National Bank now owns 385 shares of the company’s stock valued at $33,000 after purchasing an additional 148 shares during the last quarter. Fortitude Family Office LLC lifted its position in shares of Kontoor Brands by 407.3% in the fourth quarter. Fortitude Family Office LLC now owns 416 shares of the company’s stock worth $36,000 after purchasing an additional 334 shares in the last quarter. EverSource Wealth Advisors LLC boosted 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 worth $62,000 after purchasing an additional 503 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Kontoor Brands by 26.0% in the 4th 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 last quarter. Institutional investors and hedge funds own 93.06% of the company’s stock.

Kontoor Brands Stock Performance

Shares of NYSE KTB opened at $57.72 on Friday. The company has a debt-to-equity ratio of 2.09, a current ratio of 2.50 and a quick ratio of 1.42. The firm has a market cap of $3.19 billion, a price-to-earnings ratio of 13.00, a P/E/G ratio of 2.12 and a beta of 0.93. The stock’s fifty day moving average price is $73.49 and its two-hundred day moving average price is $81.21. Kontoor Brands, Inc. has a one year low of $52.95 and a one year high of $96.80.

Kontoor Brands (NYSE:KTB) last posted its quarterly earnings data on Tuesday, February 25th. The company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.07. The firm had revenue of $699.00 million for the quarter, compared to analyst estimates of $698.07 million. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The company’s revenue was up 4.4% on a year-over-year basis. During the same quarter last year, the company earned $1.28 EPS. On average, equities analysts forecast that Kontoor Brands, Inc. will post 4.82 EPS for the current year.

Kontoor Brands Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Monday, March 10th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date was Monday, March 10th. Kontoor Brands’s dividend payout ratio (DPR) is presently 47.60%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Barclays reduced their price objective on shares of Kontoor Brands from $100.00 to $93.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. UBS Group reduced their price target on Kontoor Brands from $108.00 to $96.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Finally, Wells Fargo & Company lowered their price target on Kontoor Brands from $100.00 to $90.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $91.50.

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.