Edgestream Partners L.P. Cuts Holdings in Kontoor Brands, Inc. (NYSE:KTB)

Edgestream Partners L.P. cut its position in Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 42.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,684 shares of the company's stock after selling 6,314 shares during the period. Edgestream Partners L.P.'s holdings in Kontoor Brands were worth $710,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of KTB. Quest Partners LLC acquired a new stake in Kontoor Brands during the second quarter worth about $27,000. Northwest Investment Counselors LLC acquired a new stake in shares of Kontoor Brands during the 3rd quarter worth approximately $30,000. Kennebec Savings Bank purchased a new stake in shares of Kontoor Brands during the 3rd quarter valued at approximately $32,000. Farther Finance Advisors LLC raised its position in shares of Kontoor Brands by 242.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 387 shares of the company's stock valued at $32,000 after buying an additional 274 shares during the period. Finally, Sound Income Strategies LLC acquired a new position in Kontoor Brands in the third quarter valued at approximately $48,000. Hedge funds and other institutional investors own 93.06% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company lifted their price target on shares of Kontoor Brands from $80.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, October 23rd. 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 research report on Friday, November 1st. UBS Group increased their price objective on Kontoor Brands from $103.00 to $110.00 and gave the company a "buy" rating in a research note on Friday, November 1st. Barclays lifted their target price on Kontoor Brands from $83.00 to $100.00 and gave the company an "overweight" rating in a report on Friday, November 1st. Finally, Stifel Nicolaus lowered Kontoor Brands from a "buy" rating to a "hold" rating and increased their price target for the company from $89.00 to $93.00 in a research 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $95.00.

Insider Activity

In other Kontoor Brands news, CEO Scott H. Baxter sold 119,160 shares of the business's stock in a transaction on 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 transaction, the chief executive officer now directly owns 331,916 shares of the company's stock, valued at approximately $27,748,177.60. The trade was a 26.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the firm's stock in a transaction on Friday, November 1st. The stock was 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 of the company's stock, valued at $1,467,227.09. This trade represents a 33.21 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company's stock.

Kontoor Brands Stock Down 2.3 %

Shares of NYSE KTB traded down $2.14 during midday trading on Friday, hitting $90.14. 251,283 shares of the company's stock were exchanged, compared to its average volume of 476,829. The firm's fifty day simple moving average is $85.11 and its 200-day simple moving average is $75.78. The company has a market cap of $4.97 billion, a PE ratio of 20.80, a P/E/G ratio of 2.43 and a beta of 1.20. Kontoor Brands, Inc. has a twelve month low of $52.95 and a twelve month high of $94.82. 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 - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.11. The company had revenue of $670.19 million for the quarter, compared to analyst estimates of $663.45 million. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The business's quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.22 earnings per share. Research analysts predict that Kontoor Brands, Inc. will post 4.83 EPS for the current fiscal year.

Kontoor Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Monday, December 9th will be paid a $0.52 dividend. The ex-dividend date is Monday, December 9th. This is a positive change from Kontoor Brands's previous quarterly dividend of $0.50. This represents a $2.08 dividend on an annualized basis and a yield of 2.31%. Kontoor Brands's payout ratio is currently 45.05%.

Kontoor Brands Company 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.