AMG National Trust Bank Sells 108,993 Shares of Kontoor Brands, Inc. (NYSE:KTB)

AMG National Trust Bank cut its stake in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 26.5% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 303,061 shares of the company's stock after selling 108,993 shares during the period. AMG National Trust Bank owned about 0.55% of Kontoor Brands worth $24,784,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its stake in shares of Kontoor Brands by 10.9% in the 2nd quarter. Pacer Advisors Inc. now owns 2,043,637 shares of the company's stock valued at $135,187,000 after purchasing an additional 201,399 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Kontoor Brands by 1.0% in the second quarter. Victory Capital Management Inc. now owns 1,270,540 shares of the company's stock worth $84,046,000 after buying an additional 12,019 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Kontoor Brands by 5.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,250,293 shares of the company's stock worth $82,707,000 after acquiring an additional 60,926 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Kontoor Brands by 1.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 712,579 shares of the company's stock valued at $47,137,000 after acquiring an additional 7,526 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of Kontoor Brands by 351.7% in the 2nd quarter. Millennium Management LLC now owns 347,325 shares of the company's stock valued at $22,976,000 after acquiring an additional 270,427 shares in the last quarter. Institutional investors and hedge funds own 93.06% of the company's stock.

Insider Buying and Selling

In related news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $80.71, for a total transaction of $729,537.69. Following the completion of the sale, the executive vice president now owns 18,179 shares in the company, valued at $1,467,227.09. This trade represents 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 business'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 transaction, the chief executive officer now directly owns 331,916 shares in the company, valued at $27,748,177.60. The trade was a 26.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.60% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on KTB. Guggenheim upped their target price on Kontoor Brands from $80.00 to $100.00 and gave the stock a "buy" rating in a research report on Friday, November 1st. UBS Group lifted their target price on shares of Kontoor Brands from $103.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, November 1st. Barclays upped their price target on shares of Kontoor Brands from $83.00 to $100.00 and gave the company an "overweight" rating in a 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 research note on Wednesday, October 23rd. Finally, Stifel Nicolaus downgraded Kontoor Brands from a "buy" rating to a "hold" rating and increased their target price for the company from $89.00 to $93.00 in a research note on Friday, November 1st. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $95.00.

Kontoor Brands Stock Performance

KTB stock traded up $0.55 during trading on Monday, reaching $90.69. 286,739 shares of the stock were exchanged, compared to its average volume of 484,509. The stock has a 50 day simple moving average of $80.82 and a 200-day simple moving average of $73.57. The company has a current ratio of 2.50, a quick ratio of 1.42 and a debt-to-equity ratio of 2.09. The company has a market capitalization of $5.00 billion, a P/E ratio of 20.43, a price-to-earnings-growth ratio of 2.33 and a beta of 1.19. Kontoor Brands, Inc. has a twelve month low of $51.76 and a twelve month high of $92.48.

Kontoor Brands (NYSE:KTB - Get Free Report) last issued its earnings results on Thursday, October 31st. The company reported $1.37 EPS for the quarter, beating analysts' consensus estimates of $1.26 by $0.11. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The business had revenue of $670.19 million during the quarter, compared to analyst estimates of $663.45 million. During the same period in the prior year, the company posted $1.22 earnings per share. Kontoor Brands's revenue was up 2.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Kontoor Brands, Inc. will post 4.83 earnings per share for the current year.

Kontoor Brands Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Monday, December 9th will be paid a $0.52 dividend. The ex-dividend date is Monday, December 9th. This represents a $2.08 dividend on an annualized basis and a yield of 2.29%. This is a boost from Kontoor Brands's previous quarterly dividend of $0.50. Kontoor Brands's payout ratio is presently 46.85%.

Kontoor Brands 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.