Victory Capital Management Inc. Trims Position in Kontoor Brands, Inc. (NYSE:KTB)

Victory Capital Management Inc. decreased its holdings in shares of Kontoor Brands, Inc. (NYSE:KTB) by 3.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,230,416 shares of the company’s stock after selling 40,124 shares during the period. Victory Capital Management Inc. owned approximately 2.23% of Kontoor Brands worth $100,623,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Quest Partners LLC purchased a new stake in Kontoor Brands during the 2nd quarter valued at approximately $27,000. Northwest Investment Counselors LLC acquired a new position in shares of Kontoor Brands in the third quarter valued at approximately $30,000. Kennebec Savings Bank purchased a new stake in shares of Kontoor Brands during the third quarter worth approximately $32,000. Farther Finance Advisors LLC raised its stake in shares of Kontoor Brands by 242.5% during the third quarter. Farther Finance Advisors LLC now owns 387 shares of the company’s stock worth $32,000 after purchasing an additional 274 shares during the last quarter. Finally, Sound Income Strategies LLC acquired a new stake in shares of Kontoor Brands during the third quarter worth $48,000. Hedge funds and other institutional investors own 93.06% of the company’s stock.

Wall Street Analysts Forecast Growth

KTB has been the topic of several recent research reports. Guggenheim boosted 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. 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. Barclays raised their price objective on shares of Kontoor Brands from $83.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. Stifel Nicolaus cut Kontoor Brands from a “buy” rating to a “hold” rating and boosted their target price for the stock from $89.00 to $93.00 in a research report 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 report on Friday, November 1st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $95.00.

Kontoor Brands Trading Down 0.2 %

Shares of KTB opened at $90.29 on Thursday. Kontoor Brands, Inc. has a twelve month low of $49.52 and a twelve month high of $92.48. The company has a current ratio of 2.50, a quick ratio of 1.42 and a debt-to-equity ratio of 2.09. The firm has a market capitalization of $4.98 billion, a P/E ratio of 20.34, a PEG ratio of 2.34 and a beta of 1.19. The firm’s 50-day moving average is $79.75 and its two-hundred day moving average is $72.98.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings results on Thursday, October 31st. The company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.11. The business had revenue of $670.19 million for the quarter, compared to analysts’ expectations 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 quarter in the prior year, the firm posted $1.22 EPS. On average, research analysts predict that Kontoor Brands, Inc. will post 4.83 earnings per share for the current fiscal year.

Kontoor Brands Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Monday, December 9th will be given a $0.52 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.30%. This is a boost from Kontoor Brands’s previous quarterly dividend of $0.50. Kontoor Brands’s dividend payout ratio (DPR) is currently 45.05%.

Insider Transactions at Kontoor Brands

In related news, CEO Scott H. Baxter sold 119,160 shares of the 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 sale, the chief executive officer now directly owns 331,916 shares of the company’s stock, valued at approximately $27,748,177.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $80.71, for a total value of $729,537.69. Following the completion of the transaction, the executive vice president now directly owns 18,179 shares of the company’s stock, valued at $1,467,227.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Scott H. Baxter sold 119,160 shares of the company’s stock in a transaction on 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 $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.

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.