Panagora Asset Management Inc. Takes Position in Kontoor Brands (NYSE:KTB)

Panagora Asset Management Inc. bought a new stake in shares of Kontoor Brands (NYSE:KTB) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 46,269 shares of the company’s stock, valued at approximately $1,296,000. Panagora Asset Management Inc. owned 0.08% of Kontoor Brands at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Legacy Advisors LLC acquired a new stake in shares of Kontoor Brands in the 2nd quarter worth approximately $76,000. AMG National Trust Bank bought a new stake in shares of Kontoor Brands in the 2nd quarter worth $5,679,000. Robeco Institutional Asset Management B.V. bought a new stake in shares of Kontoor Brands in the 2nd quarter worth $489,000. Whittier Trust Co. acquired a new stake in shares of Kontoor Brands in the second quarter valued at $155,000. Finally, Tufton Capital Management acquired a new stake in shares of Kontoor Brands in the second quarter valued at $422,000. 85.38% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:KTB traded up $1.08 during midday trading on Wednesday, reaching $35.77. The company had a trading volume of 1,329 shares, compared to its average volume of 570,369. The company has a quick ratio of 1.07, a current ratio of 2.49 and a debt-to-equity ratio of 12.64. Kontoor Brands has a 1-year low of $25.78 and a 1-year high of $41.75. The company has a fifty day simple moving average of $32.44.

Kontoor Brands (NYSE:KTB) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.29. The company had revenue of $609.74 million for the quarter, compared to analyst estimates of $591.36 million. During the same quarter in the previous year, the firm posted $1.18 EPS. Kontoor Brands’s quarterly revenue was down 8.2% on a year-over-year basis. Equities analysts predict that Kontoor Brands will post 3.8 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Tuesday, September 10th will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 6.26%. The ex-dividend date of this dividend is Monday, September 9th.

In other news, Director Juliana L. Chugg acquired 8,400 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average price of $29.96 per share, with a total value of $251,664.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard Carucci acquired 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was purchased at an average cost of $33.15 per share, with a total value of $165,750.00. The disclosure for this purchase can be found here.

A number of research analysts recently issued reports on the company. Piper Jaffray Companies assumed coverage on Kontoor Brands in a report on Monday, June 17th. They set a “neutral” rating and a $29.00 target price on the stock. Guggenheim reiterated a “buy” rating on shares of Kontoor Brands in a report on Thursday, August 22nd. Susquehanna Bancshares began coverage on shares of Kontoor Brands in a research note on Thursday, June 13th. They set a “positive” rating and a $36.00 target price for the company. Goldman Sachs Group started coverage on shares of Kontoor Brands in a report on Friday, May 17th. They set a “neutral” rating for the company. Finally, Edward Jones began coverage on shares of Kontoor Brands in a research report on Friday, May 24th. They issued a “hold” rating on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $31.36.

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Institutional Ownership by Quarter for Kontoor Brands (NYSE:KTB)

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