Kontoor Brands (NYSE:KTB) Reaches New 1-Year High – Here’s What Happened

Kontoor Brands, Inc. (NYSE:KTB) hit a new 52-week high on Friday . The company traded as high as $90.37 and last traded at $90.28, with a volume of 63707 shares traded. The stock had previously closed at $89.01.

Wall Street Analyst Weigh In

KTB has been the topic of several analyst reports. Barclays upped 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 lifted 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. Stifel Nicolaus lowered 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. Guggenheim raised their price target on shares of Kontoor Brands from $80.00 to $100.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, UBS Group boosted their price objective 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. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $95.00.

Kontoor Brands Stock Performance

The business’s fifty day moving average is $79.10 and its 200-day moving average is $72.51. The company has a quick ratio of 1.42, a current ratio of 2.50 and a debt-to-equity ratio of 2.09. The company has a market cap of $4.97 billion, a PE ratio of 20.28, a P/E/G ratio of 2.24 and a beta of 1.19.

Kontoor Brands (NYSE:KTB) last issued its quarterly 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 business had revenue of $670.19 million for the quarter, compared to analysts’ expectations of $663.45 million. Kontoor Brands had a net margin of 9.72% and a return on equity of 73.99%. The company’s revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.22 EPS. As a group, research analysts predict that Kontoor Brands, Inc. will post 4.83 EPS for the current fiscal year.

Kontoor Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Monday, December 9th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $2.08 annualized dividend and a dividend yield of 2.31%. This is an increase from Kontoor Brands’s previous quarterly dividend of $0.50. Kontoor Brands’s dividend payout ratio (DPR) is 45.05%.

Insider Activity

In related news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $80.71, for a total value of $729,537.69. Following the completion of the sale, the executive vice president now directly owns 18,179 shares of the company’s stock, valued at approximately $1,467,227.09. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the company’s stock in a transaction on Friday, November 1st. The shares were 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 owns 18,179 shares of the company’s stock, valued at approximately $1,467,227.09. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Scott H. Baxter sold 119,160 shares of the firm’s 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 in the company, valued at approximately $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. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in KTB. BNP Paribas Financial Markets boosted its position in shares of Kontoor Brands by 12.4% during the first quarter. BNP Paribas Financial Markets now owns 54,637 shares of the company’s stock worth $3,292,000 after acquiring an additional 6,009 shares during the last quarter. Texas Permanent School Fund Corp boosted its holdings in shares of Kontoor Brands by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 43,760 shares of the company’s stock valued at $2,637,000 after purchasing an additional 567 shares during the last quarter. Swiss National Bank grew its position in shares of Kontoor Brands by 0.3% during the first quarter. Swiss National Bank now owns 99,814 shares of the company’s stock valued at $6,014,000 after purchasing an additional 300 shares in the last quarter. Headlands Technologies LLC increased its holdings in shares of Kontoor Brands by 22.7% in the first quarter. Headlands Technologies LLC now owns 1,584 shares of the company’s stock worth $95,000 after purchasing an additional 293 shares during the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of Kontoor Brands by 7.5% in the first quarter. ProShare Advisors LLC now owns 11,198 shares of the company’s stock worth $675,000 after buying an additional 780 shares in the last quarter. 93.06% of the stock is currently owned by institutional investors.

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.