Kontoor Brands (NYSE:KTB) CFO Joseph Alkire Sells 9,472 Shares of Stock

Kontoor Brands, Inc. (NYSE:KTB) CFO Joseph Alkire sold 9,472 shares of the stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $75.92, for a total transaction of $719,114.24. Following the completion of the transaction, the chief financial officer directly owned 44,803 shares of the company’s stock, valued at approximately $3,401,443.76. The trade was a 17.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Kontoor Brands Stock Performance

Shares of Kontoor Brands stock opened at $82.92 on Wednesday. The company’s 50 day moving average price is $70.75 and its two-hundred day moving average price is $73.18. The firm has a market capitalization of $4.53 billion, a P/E ratio of 23.10 and a beta of 0.85. Kontoor Brands, Inc. has a fifty-two week low of $56.19 and a fifty-two week high of $88.96. The company has a debt-to-equity ratio of 1.99, a current ratio of 1.69 and a quick ratio of 0.92.

Kontoor Brands (NYSE:KTB) last announced its quarterly earnings results on Thursday, November 5th. The company reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.16. Kontoor Brands had a net margin of 6.51% and a return on equity of 59.17%. The company had revenue of $685.35 million during the quarter, compared to the consensus estimate of $694.18 million. During the same period in the prior year, the business earned $1.44 earnings per share. The company’s revenue for the quarter was down 19.7% compared to the same quarter last year. On average, equities analysts forecast that Kontoor Brands, Inc. will post 5.41 earnings per share for the current fiscal year.

Kontoor Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Tuesday, December 8th will be given a dividend of $0.54 per share. The ex-dividend date is Tuesday, December 8th. This represents a $2.16 dividend on an annualized basis and a yield of 2.6%. This is an increase from Kontoor Brands’s previous quarterly dividend of $0.53. Kontoor Brands’s dividend payout ratio is presently 59.05%.

Analysts Set New Price Targets

KTB has been the topic of a number of recent research reports. Needham & Company LLC started coverage on Kontoor Brands in a research note on Friday, October 16th. They set a “hold” rating on the stock. BTIG Research restated a “buy” rating and set a $105.00 price target on shares of Kontoor Brands in a report on Tuesday, September 15th. Jefferies Financial Group raised Kontoor Brands from a “hold” rating to a “buy” rating and upped their price objective for the company from $82.00 to $89.00 in a research note on Wednesday, October 14th. Weiss Ratings lowered shares of Kontoor Brands from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Kontoor Brands from $90.00 to $105.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Seven analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Kontoor Brands presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.33.

Institutional Trading of Kontoor Brands

Institutional investors have recently modified their holdings of the business. Private Advisor Group LLC grew its position in shares of Kontoor Brands by 135.9% in the 3rd quarter. Private Advisor Group LLC now owns 6,030 shares of the company’s stock valued at $380,000 after buying an additional 3,474 shares during the last quarter. Landscape Capital Management L.L.C. bought a new position in shares of Kontoor Brands during the third quarter worth about $1,575,000. Public Sector Pension Investment Board raised its position in shares of Kontoor Brands by 78.9% during the third quarter. Public Sector Pension Investment Board now owns 312,486 shares of the company’s stock worth $21,590,000 after acquiring an additional 137,780 shares during the last quarter. Edgestream Partners L.P. bought a new position in shares of Kontoor Brands during the third quarter worth about $765,000. Finally, HighTower Advisors LLC raised its position in shares of Kontoor Brands by 15.2% during the third quarter. HighTower Advisors LLC now owns 5,827 shares of the company’s stock worth $367,000 after acquiring an additional 770 shares during the last quarter. Institutional investors own 93.06% of the company’s stock.

About Kontoor Brands

Kontoor Brands is an apparel company focused on denim and casual clothing. Its portfolio includes Wrangler and Lee, brands known for jeans and other everyday apparel, as well as Rock & Republic. The company sells products such as jeans, shirts, jackets, shorts and related apparel through wholesale partners and direct-to-consumer channels, including its own retail stores and e-commerce operations. Kontoor Brands serves customers in markets around the world. It became an independent public company in 2019 after being spun off from VF Corporation.