JPMorgan Chase & Co. Has $54.12 Million Holdings in Kontoor Brands, Inc. (NYSE:KTB)

JPMorgan Chase & Co. trimmed its position in shares of Kontoor Brands, Inc. (NYSE:KTB) by 10.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 661,711 shares of the company’s stock after selling 74,872 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.20% of Kontoor Brands worth $54,115,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Synovus Financial Corp acquired a new stake in shares of Kontoor Brands in the third quarter valued at $220,000. Sanctuary Advisors LLC bought a new stake in Kontoor Brands during the 3rd quarter worth about $332,000. TD Private Client Wealth LLC increased its position in Kontoor Brands by 35.7% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,594 shares of the company’s stock valued at $130,000 after acquiring an additional 419 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Kontoor Brands by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,203,100 shares of the company’s stock worth $98,409,000 after acquiring an additional 15,058 shares during the last quarter. Finally, Barclays PLC lifted its position in shares of Kontoor Brands by 316.3% during the third quarter. Barclays PLC now owns 101,522 shares of the company’s stock worth $8,303,000 after purchasing an additional 77,137 shares in the last quarter. Institutional investors and hedge funds own 93.06% of the company’s stock.

Kontoor Brands Stock Performance

Shares of NYSE:KTB opened at $86.48 on Friday. The firm’s 50 day simple moving average is $87.90 and its 200 day simple moving average is $78.01. Kontoor Brands, Inc. has a fifty-two week low of $52.95 and a fifty-two week high of $94.82. The company has a market capitalization of $4.77 billion, a price-to-earnings ratio of 19.48, a P/E/G ratio of 2.30 and a beta of 1.20. The company has a debt-to-equity ratio of 2.09, a current ratio of 2.50 and a quick ratio of 1.42.

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

Kontoor Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 19th. Shareholders of record on Monday, December 9th were issued a $0.52 dividend. This is an increase from Kontoor Brands’s previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend was Monday, December 9th. Kontoor Brands’s dividend payout ratio is 46.85%.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Kontoor Brands

In other news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the 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 of the company’s stock, valued at $1,467,227.09. This represents a 33.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 sale, the chief executive officer now directly owns 331,916 shares in the company, valued at $27,748,177.60. This represents a 26.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.

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.