Fmr LLC Acquires 3,257 Shares of Kontoor Brands, Inc. (NYSE:KTB)

Fmr LLC boosted its holdings in Kontoor Brands, Inc. (NYSE:KTB) by 0.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,020,079 shares of the company’s stock after purchasing an additional 3,257 shares during the period. Fmr LLC owned approximately 5.48% of Kontoor Brands worth $246,982,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd increased its holdings in shares of Kontoor Brands by 164.4% in the third quarter. Dynamic Technology Lab Private Ltd now owns 26,872 shares of the company’s stock worth $2,198,000 after buying an additional 16,708 shares during the period. Citigroup Inc. grew its position in Kontoor Brands by 76.5% during the 3rd quarter. Citigroup Inc. now owns 70,738 shares of the company’s stock worth $5,785,000 after acquiring an additional 30,650 shares during the last quarter. Eagle Asset Management Inc. purchased a new position in Kontoor Brands in the 3rd quarter worth approximately $3,448,000. Charles Schwab Investment Management Inc. lifted its position in Kontoor Brands by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 661,394 shares of the company’s stock valued at $54,089,000 after purchasing an additional 17,974 shares during the last quarter. Finally, Intech Investment Management LLC boosted its stake in shares of Kontoor Brands by 222.2% during the third quarter. Intech Investment Management LLC now owns 13,038 shares of the company’s stock valued at $1,066,000 after purchasing an additional 8,991 shares during the period. 93.06% of the stock is currently owned by hedge funds and other institutional investors.

Kontoor Brands Price Performance

Shares of NYSE KTB opened at $91.78 on Monday. Kontoor Brands, Inc. has a 1 year low of $52.95 and a 1 year high of $94.41. The stock has a market capitalization of $5.06 billion, a P/E ratio of 20.67, a P/E/G ratio of 2.38 and a beta of 1.19. The company’s 50-day moving average is $83.96 and its 200 day moving average is $75.19. The company has a debt-to-equity ratio of 2.09, a current ratio of 2.50 and a quick ratio of 1.42.

Kontoor Brands (NYSE:KTB) last posted its 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 firm had revenue of $670.19 million for 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 business’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.22 EPS. On average, sell-side analysts expect that Kontoor Brands, Inc. will post 4.83 earnings per share for the current year.

Kontoor Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Monday, December 9th will be given a dividend of $0.52 per share. The ex-dividend date is Monday, December 9th. This represents a $2.08 annualized dividend and a yield of 2.27%. This is a positive change 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 other news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the business’s stock in a transaction that occurred 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 sale, 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 33.21 % decrease in their position. The sale was disclosed in a document filed 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 that occurred on Tuesday, November 5th. The stock was 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. The trade was a 26.42 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on KTB. Stifel Nicolaus downgraded shares of Kontoor Brands from a “buy” rating to a “hold” rating and lifted their target price for the stock from $89.00 to $93.00 in a research note on Friday, November 1st. Guggenheim raised their price target on shares of Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Barclays upped their price objective on shares of Kontoor Brands from $83.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. Wells Fargo & Company raised their target price on Kontoor Brands from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Finally, UBS Group upped their price target on Kontoor Brands from $103.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $95.00.

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.