Kontoor Brands, Inc. (NYSE:KTB) Shares Sold by Covestor Ltd

Covestor Ltd reduced its position in Kontoor Brands, Inc. (NYSE:KTB) by 18.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,428 shares of the company’s stock after selling 314 shares during the quarter. Covestor Ltd’s holdings in Kontoor Brands were worth $116,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Millennium Management LLC increased its stake in Kontoor Brands by 351.7% during the 2nd quarter. Millennium Management LLC now owns 347,325 shares of the company’s stock worth $22,976,000 after buying an additional 270,427 shares during the period. Marshall Wace LLP increased its position in shares of Kontoor Brands by 159.0% during the second quarter. Marshall Wace LLP now owns 335,385 shares of the company’s stock worth $22,186,000 after acquiring an additional 205,885 shares during the period. Pacer Advisors Inc. raised its stake in shares of Kontoor Brands by 10.9% in the second quarter. Pacer Advisors Inc. now owns 2,043,637 shares of the company’s stock valued at $135,187,000 after acquiring an additional 201,399 shares in the last quarter. Bwcp LP purchased a new position in Kontoor Brands in the second quarter valued at $11,890,000. Finally, Squarepoint Ops LLC grew its stake in Kontoor Brands by 123.7% during the 2nd quarter. Squarepoint Ops LLC now owns 220,065 shares of the company’s stock worth $14,557,000 after purchasing an additional 121,689 shares in the last quarter. 93.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $80.71, for a total transaction of $729,537.69. Following the transaction, the executive vice president now owns 18,179 shares of the company’s stock, valued at $1,467,227.09. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $80.71, for a total transaction of $729,537.69. Following the completion of the sale, the executive vice president now directly owns 18,179 shares of the company’s stock, valued at $1,467,227.09. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Scott H. Baxter sold 119,160 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $83.60, for a total transaction of $9,961,776.00. Following the completion of the transaction, the chief executive officer now directly owns 331,916 shares in the company, valued at $27,748,177.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wells Fargo & Company lifted their price objective on Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Guggenheim boosted their price target on shares of Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Stifel Nicolaus lowered shares of Kontoor Brands from a “buy” rating to a “hold” rating and raised their price objective for the company from $89.00 to $93.00 in a report on Friday, November 1st. Barclays boosted their target price on shares of Kontoor Brands from $83.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. Finally, UBS Group raised their price target on Kontoor Brands from $103.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Kontoor Brands presently has an average rating of “Moderate Buy” and an average target price of $95.00.

Kontoor Brands Price Performance

Kontoor Brands stock opened at $90.49 on Wednesday. The company has a market capitalization of $4.99 billion, a P/E ratio of 20.36, a PEG ratio of 2.33 and a beta of 1.19. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.42 and a current ratio of 2.50. Kontoor Brands, Inc. has a fifty-two week low of $47.33 and a fifty-two week high of $92.48. The stock has a 50-day simple moving average of $79.41 and a 200-day simple moving average of $72.78.

Kontoor Brands (NYSE:KTB) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.11. The business had revenue of $670.19 million during the quarter, compared to the consensus estimate of $663.45 million. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The company’s revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.22 earnings per share. Equities research analysts expect that Kontoor Brands, Inc. will post 4.83 earnings per share for the current year.

Kontoor Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Monday, December 9th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Monday, December 9th. This is a positive change from Kontoor Brands’s previous quarterly dividend of $0.50. This represents a $2.08 dividend on an annualized basis and a yield of 2.30%. Kontoor Brands’s payout ratio is currently 45.05%.

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.