The Manufacturers Life Insurance Company Sells 725 Shares of Kontoor Brands, Inc. (NYSE:KTB)

The Manufacturers Life Insurance Company lowered its stake in shares of Kontoor Brands, Inc. (NYSE:KTB) by 2.3% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 31,234 shares of the company’s stock after selling 725 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.06% of Kontoor Brands worth $2,554,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Northwest Investment Counselors LLC purchased a new stake in Kontoor Brands in the third quarter worth approximately $30,000. Farther Finance Advisors LLC lifted its holdings in shares of Kontoor Brands by 242.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 387 shares of the company’s stock valued at $32,000 after buying an additional 274 shares during the period. Kennebec Savings Bank purchased a new position in shares of Kontoor Brands in the 3rd quarter worth $32,000. Quest Partners LLC bought a new stake in shares of Kontoor Brands in the second quarter worth $27,000. Finally, Sound Income Strategies LLC purchased a new stake in Kontoor Brands during the third quarter valued at $48,000. Hedge funds and other institutional investors own 93.06% of the company’s stock.

Insider Activity

In other news, CEO Scott H. Baxter sold 119,160 shares of the firm’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 owns 331,916 shares in the company, valued at approximately $27,748,177.60. This trade represents a 26.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were 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 in the company, valued at $1,467,227.09. The trade was a 33.21 % 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.

Analysts Set New Price Targets

A number of research firms have issued reports on KTB. Guggenheim boosted their price target on Kontoor Brands from $80.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, November 1st. UBS Group boosted their target price on shares of Kontoor Brands from $103.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Wells Fargo & Company increased their price target on shares of Kontoor Brands from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Stifel Nicolaus downgraded shares of Kontoor Brands from a “buy” rating to a “hold” rating and boosted their price objective for the company from $89.00 to $93.00 in a research report on Friday, November 1st. Finally, Barclays raised their target price on Kontoor Brands from $83.00 to $100.00 and gave the stock an “overweight” rating in a 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $95.00.

Kontoor Brands Trading Down 2.6 %

Shares of Kontoor Brands stock opened at $89.90 on Monday. 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 firm has a market cap of $4.96 billion, a price-to-earnings ratio of 20.25, a PEG ratio of 2.43 and a beta of 1.20. Kontoor Brands, Inc. has a twelve month low of $52.95 and a twelve month high of $94.82. The business has a 50-day moving average price of $85.27 and a 200-day moving average price of $75.96.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings data 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 business had revenue of $670.19 million for the quarter, compared to the consensus estimate of $663.45 million. During the same quarter in the previous year, the company posted $1.22 EPS. The company’s revenue was up 2.4% compared to the same quarter last year. Equities research analysts anticipate that Kontoor Brands, Inc. will post 4.83 EPS for the current fiscal year.

Kontoor Brands Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Monday, December 9th will be issued a $0.52 dividend. The ex-dividend date is Monday, December 9th. This is an increase from Kontoor Brands’s previous quarterly dividend of $0.50. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.31%. Kontoor Brands’s payout ratio is 45.05%.

Kontoor Brands 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.