US Bancorp DE Raises Stock Position in Kontoor Brands, Inc. (NYSE:KTB)

US Bancorp DE boosted its stake in shares of Kontoor Brands, Inc. (NYSE:KTB) by 24.1% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 2,685 shares of the company’s stock after acquiring an additional 522 shares during the period. US Bancorp DE’s holdings in Kontoor Brands were worth $220,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Nisa Investment Advisors LLC lifted its stake in Kontoor Brands by 0.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 46,432 shares of the company’s stock valued at $3,797,000 after buying an additional 375 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of Kontoor Brands by 8,078.0% during the third quarter. International Assets Investment Management LLC now owns 28,623 shares of the company’s stock valued at $2,341,000 after acquiring an additional 28,273 shares during the last quarter. Northwest Investment Counselors LLC purchased a new position in shares of Kontoor Brands in the third quarter valued at approximately $30,000. Everence Capital Management Inc. grew its holdings in shares of Kontoor Brands by 39.3% during the third quarter. Everence Capital Management Inc. now owns 6,660 shares of the company’s stock worth $545,000 after buying an additional 1,880 shares in the last quarter. Finally, Vest Financial LLC grew its stake in Kontoor Brands by 16.6% during the 3rd quarter. Vest Financial LLC now owns 19,131 shares of the company’s stock valued at $1,565,000 after acquiring an additional 2,720 shares in the last quarter. 93.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

KTB has been the subject of a number of recent research reports. Barclays raised their target price on Kontoor Brands from $83.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. Guggenheim raised their price target on Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. UBS Group lifted their price objective on shares of Kontoor Brands from $103.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 1st. Wells Fargo & Company boosted their price target on shares of Kontoor Brands from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Stifel Nicolaus cut Kontoor Brands from a “buy” rating to a “hold” rating and increased their price objective for the company from $89.00 to $93.00 in a research note on Friday, November 1st. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.00.

Insider Transactions at Kontoor Brands

In other news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of Kontoor Brands 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 sale, the executive vice president now owns 18,179 shares in the company, valued at approximately $1,467,227.09. The trade was a 33.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Scott H. Baxter sold 119,160 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $83.60, for a total value of $9,961,776.00. Following the completion of the sale, the chief executive officer now directly owns 331,916 shares of the company’s stock, valued at approximately $27,748,177.60. This trade represents a 26.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Kontoor Brands Stock Performance

Shares of KTB stock opened at $90.77 on Friday. The company has a market cap of $5.01 billion, a P/E ratio of 20.26, a PEG ratio of 2.34 and a beta of 1.19. The firm has a fifty day moving average price of $80.10 and a 200 day moving average price of $73.10. The company has a current ratio of 2.50, a quick ratio of 1.42 and a debt-to-equity ratio of 2.09. Kontoor Brands, Inc. has a 12 month low of $51.12 and a 12 month high of $92.48.

Kontoor Brands (NYSE:KTB) last announced its quarterly earnings results on Thursday, October 31st. The company reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.11. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The company had revenue of $670.19 million during the quarter, compared to the consensus estimate of $663.45 million. During the same period in the previous year, the business earned $1.22 EPS. Kontoor Brands’s revenue for the quarter was up 2.4% on a year-over-year basis. Sell-side analysts predict that Kontoor Brands, Inc. will post 4.83 earnings per share for the current fiscal year.

Kontoor Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Monday, December 9th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $2.08 dividend on an annualized basis and a yield of 2.29%. This is a boost from Kontoor Brands’s previous quarterly dividend of $0.50. Kontoor Brands’s dividend payout ratio (DPR) is presently 46.85%.

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.