Mutual of America Capital Management LLC Sells 630 Shares of Kontoor Brands, Inc. (NYSE:KTB)

Mutual of America Capital Management LLC lowered its position in shares of Kontoor Brands, Inc. (NYSE:KTB) by 7.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,538 shares of the company’s stock after selling 630 shares during the period. Mutual of America Capital Management LLC’s holdings in Kontoor Brands were worth $616,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Millennium Management LLC grew its stake in Kontoor Brands by 351.7% in 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 in the last quarter. Marshall Wace LLP lifted its stake in shares of Kontoor Brands by 159.0% in the 2nd quarter. Marshall Wace LLP now owns 335,385 shares of the company’s stock valued at $22,186,000 after acquiring an additional 205,885 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Kontoor Brands by 10.9% during the 2nd 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 during the period. Bwcp LP bought a new position in Kontoor Brands during the 2nd quarter worth approximately $11,890,000. Finally, Squarepoint Ops LLC increased its stake in Kontoor Brands by 123.7% in 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 during the period. 93.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Scott H. Baxter sold 119,160 shares of Kontoor Brands stock in a transaction that occurred 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 sale, the chief executive officer now owns 331,916 shares in the company, valued at $27,748,177.60. This trade represents a 26.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Thomas L. Doerr, Jr. sold 9,039 shares of Kontoor Brands stock in a transaction on Friday, November 1st. The shares were 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 owns 18,179 shares in the company, valued at approximately $1,467,227.09. This represents a 33.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.

Kontoor Brands Stock Performance

Shares of KTB stock opened at $92.05 on Wednesday. The company has a quick ratio of 1.42, a current ratio of 2.50 and a debt-to-equity ratio of 2.09. The company has a 50 day moving average price of $83.17 and a 200-day moving average price of $74.72. Kontoor Brands, Inc. has a 52 week low of $52.82 and a 52 week high of $94.41. The firm has a market capitalization of $5.08 billion, a PE ratio of 20.73, a P/E/G ratio of 2.36 and a beta of 1.19.

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

Kontoor Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders 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 represents a $2.08 annualized dividend and a dividend yield of 2.26%. This is an increase from Kontoor Brands’s previous quarterly dividend of $0.50. Kontoor Brands’s dividend payout ratio (DPR) is 45.05%.

Wall Street Analyst Weigh In

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

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.