Victory Capital Management Inc. Lowers Stock Holdings in Kontoor Brands, Inc. (NYSE:KTB)

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

A number of other large investors also recently made changes to their positions in KTB. Aigen Investment Management LP purchased a new stake in shares of Kontoor Brands in the third quarter valued at $1,002,000. Versor Investments LP boosted its stake in Kontoor Brands by 112.0% in the 3rd quarter. Versor Investments LP now owns 17,624 shares of the company’s stock worth $1,441,000 after buying an additional 9,312 shares during the last quarter. Kennebec Savings Bank purchased a new stake in Kontoor Brands in the 3rd quarter valued at about $32,000. State of New Jersey Common Pension Fund D increased its stake in shares of Kontoor Brands by 3.2% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 26,940 shares of the company’s stock valued at $2,203,000 after acquiring an additional 830 shares during the last quarter. Finally, Crossmark Global Holdings Inc. lifted its holdings in shares of Kontoor Brands by 17.5% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,841 shares of the company’s stock worth $560,000 after acquiring an additional 1,020 shares during the period. Hedge funds and other institutional investors own 93.06% of the company’s stock.

Insider Transactions at Kontoor Brands

In related news, CEO Scott H. Baxter sold 119,160 shares of the firm’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 of the company’s stock, valued at approximately $27,748,177.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $80.71, for a total value of $729,537.69. Following the transaction, the executive vice president now owns 18,179 shares in the company, valued at approximately $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 can be accessed through this link. Also, 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 completion of the transaction, the chief executive officer now directly owns 331,916 shares of the company’s stock, valued at $27,748,177.60. This represents a 0.00 % decrease in their position. 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 equities research analysts recently issued reports on KTB shares. 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 report on Friday, November 1st. Guggenheim upped 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. Barclays lifted their target price on Kontoor Brands from $83.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Stifel Nicolaus lowered Kontoor Brands from a “buy” rating to a “hold” rating and upped their price target for the stock from $89.00 to $93.00 in a research note on Friday, November 1st. Finally, Wells Fargo & Company raised their price objective on Kontoor Brands from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Kontoor Brands presently has an average rating of “Moderate Buy” and a consensus target price of $95.00.

Kontoor Brands Stock Down 0.2 %

Shares of NYSE KTB opened at $90.29 on Thursday. The stock has a fifty day moving average price of $79.75 and a 200 day moving average price of $72.98. 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 $49.52 and a 12-month high of $92.48. The company has a market cap of $4.98 billion, a P/E ratio of 20.34, a P/E/G ratio of 2.34 and a beta of 1.19.

Kontoor Brands (NYSE:KTB) last issued 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. The company had revenue of $670.19 million during the quarter, compared to the consensus estimate 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 business earned $1.22 earnings per share. Research analysts anticipate that Kontoor Brands, Inc. will post 4.83 EPS for the current fiscal year.

Kontoor Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Monday, December 9th will be given a dividend of $0.52 per share. This is a boost 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 2.30%. The ex-dividend date of this dividend is Monday, December 9th. Kontoor Brands’s payout ratio is presently 45.05%.

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.