Versor Investments LP Cuts Stock Holdings in Kontoor Brands, Inc. $KTB

Versor Investments LP lessened its stake in Kontoor Brands, Inc. (NYSE:KTB) by 54.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,205 shares of the company’s stock after selling 8,495 shares during the quarter. Versor Investments LP’s holdings in Kontoor Brands were worth $575,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Harbor Capital Advisors Inc. boosted its position in Kontoor Brands by 73.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 308 shares of the company’s stock worth $25,000 after purchasing an additional 130 shares during the period. Salomon & Ludwin LLC raised its position in Kontoor Brands by 2,614.3% in the third quarter. Salomon & Ludwin LLC now owns 380 shares of the company’s stock valued at $31,000 after purchasing an additional 366 shares during the period. First Horizon Corp acquired a new position in shares of Kontoor Brands during the third quarter worth about $31,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Kontoor Brands in the second quarter worth about $26,000. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Kontoor Brands in the second quarter worth about $35,000. 93.06% of the stock is currently owned by institutional investors and hedge funds.

Kontoor Brands Stock Performance

Kontoor Brands stock opened at $67.42 on Thursday. Kontoor Brands, Inc. has a 52 week low of $50.00 and a 52 week high of $91.85. The company has a current ratio of 1.91, a quick ratio of 0.82 and a debt-to-equity ratio of 2.53. The stock has a market cap of $3.75 billion, a P/E ratio of 17.38 and a beta of 1.19. The stock has a 50 day moving average of $63.09 and a 200-day moving average of $71.19.

Analysts Set New Price Targets

Several brokerages recently commented on KTB. BNP Paribas Exane set a $50.00 target price on Kontoor Brands in a report on Tuesday, December 9th. Stifel Nicolaus increased their price objective on shares of Kontoor Brands from $73.00 to $75.00 and gave the company a “hold” rating in a research report on Tuesday, November 4th. Robert W. Baird began coverage on shares of Kontoor Brands in a research report on Friday, October 17th. They set an “outperform” rating and a $105.00 target price on the stock. UBS Group upped their target price on shares of Kontoor Brands from $114.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Finally, Jefferies Financial Group initiated coverage on shares of Kontoor Brands in a report on Wednesday, February 4th. They set a “hold” rating and a $65.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Kontoor Brands presently has a consensus rating of “Moderate Buy” and an average target price of $84.67.

Kontoor Brands Profile

Kontoor Brands, Inc is a global apparel company best known for its Wrangler and Lee denim and lifestyle brands. Established as an independent, publicly traded company in May 2019 following a spin-off from VF Corporation, Kontoor leverages a legacy that dates back to 1889 with the founding of Lee and to 1947 with the introduction of the Wrangler brand. The company focuses on designing, manufacturing and distributing premium, casual and workwear apparel, including jeans, pants, shorts, shirts, jackets and complementary accessories.

Kontoor Brands operates a diversified sales model that combines wholesale partnerships with leading retailers, distribution through e-commerce channels and select direct-to-consumer formats.