Summit Global Investments purchased a new position in shares of Kontoor Brands, Inc. (NYSE:KTB – Free Report) during the second quarter, Holdings Channel.com reports. The fund purchased 8,754 shares of the company’s stock, valued at approximately $730,000.
Several other hedge funds have also recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in shares of Kontoor Brands by 15.8% in the 4th quarter. JPMorgan Chase & Co. now owns 3,019,204 shares of the company’s stock valued at $184,443,000 after purchasing an additional 413,005 shares during the last quarter. Geode Capital Management LLC grew its position in Kontoor Brands by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 1,419,700 shares of the company’s stock worth $86,741,000 after purchasing an additional 13,725 shares during the last quarter. Morgan Stanley increased its stake in Kontoor Brands by 8.8% during the 4th quarter. Morgan Stanley now owns 1,283,592 shares of the company’s stock valued at $78,415,000 after purchasing an additional 104,296 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Kontoor Brands by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,268,336 shares of the company’s stock valued at $89,132,000 after purchasing an additional 6,477 shares in the last quarter. Finally, Jennison Associates LLC raised its holdings in shares of Kontoor Brands by 0.9% in the first quarter. Jennison Associates LLC now owns 1,225,371 shares of the company’s stock worth $86,131,000 after buying an additional 10,540 shares during the last quarter. Institutional investors and hedge funds own 93.06% of the company’s stock.
Kontoor Brands Trading Up 1.0%
Shares of Kontoor Brands stock opened at $84.87 on Friday. The stock has a market cap of $4.64 billion, a PE ratio of 17.72 and a beta of 0.88. The firm has a fifty day moving average price of $82.08 and a 200 day moving average price of $73.66. Kontoor Brands, Inc. has a 1 year low of $56.19 and a 1 year high of $88.96. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.83 and a quick ratio of 1.10.
Kontoor Brands Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Tuesday, September 8th will be paid a $0.53 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.5%. Kontoor Brands’s dividend payout ratio is presently 44.26%.
Insider Activity
In related news, EVP Thomas L. Doerr, Jr. sold 7,660 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $83.43, for a total transaction of $639,073.80. Following the sale, the executive vice president directly owned 25,063 shares of the company’s stock, valued at $2,091,006.09. This trade represents a 23.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jennifer H. Broyles sold 4,000 shares of Kontoor Brands stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $81.02, for a total value of $324,080.00. Following the transaction, the executive vice president owned 40,261 shares of the company’s stock, valued at approximately $3,261,946.22. This represents a 9.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.80% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on KTB shares. Wells Fargo & Company lifted their price objective on shares of Kontoor Brands from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Wednesday. UBS Group upped their target price on Kontoor Brands from $131.00 to $136.00 and gave the company a “buy” rating in a research report on Thursday. Wall Street Zen cut Kontoor Brands from a “strong-buy” rating to a “hold” rating in a research report on Saturday, May 9th. JPMorgan Chase & Co. boosted their price target on Kontoor Brands from $90.00 to $105.00 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings cut Kontoor Brands from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Kontoor Brands has an average rating of “Moderate Buy” and an average price target of $95.00.
Get Our Latest Stock Report on KTB
Kontoor Brands Profile
Kontoor Brands, Inc is a global apparel company best known for its Wrangler and Lee denim and lifestyle brands. Established as an independent, publicly traded company in May 2019 following a spin-off from VF Corporation, Kontoor leverages a legacy that dates back to 1889 with the founding of Lee and to 1947 with the introduction of the Wrangler brand. The company focuses on designing, manufacturing and distributing premium, casual and workwear apparel, including jeans, pants, shorts, shirts, jackets and complementary accessories.
Kontoor Brands operates a diversified sales model that combines wholesale partnerships with leading retailers, distribution through e-commerce channels and select direct-to-consumer formats.
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