PNC Financial Services Group Inc. Has $690.44 Million Stake in Kontoor Brands, Inc. (NYSE:KTB)

PNC Financial Services Group Inc. decreased its holdings in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 0.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,442,612 shares of the company's stock after selling 77,884 shares during the quarter. PNC Financial Services Group Inc. owned approximately 15.31% of Kontoor Brands worth $690,437,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quest Partners LLC acquired a new stake in Kontoor Brands in the 2nd quarter worth approximately $27,000. Northwest Investment Counselors LLC acquired a new stake in shares of Kontoor Brands in the third quarter worth $30,000. Kennebec Savings Bank acquired a new position in Kontoor Brands in the 3rd quarter valued at $32,000. Farther Finance Advisors LLC raised its holdings in Kontoor Brands by 242.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 387 shares of the company's stock worth $32,000 after acquiring an additional 274 shares during the period. Finally, Sound Income Strategies LLC bought a new position in Kontoor Brands in the 3rd quarter worth $48,000. Institutional investors own 93.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Stifel Nicolaus lowered Kontoor Brands from a "buy" rating to a "hold" rating and raised their target price for the company from $89.00 to $93.00 in a report on Friday, November 1st. Wells Fargo & Company boosted their price target on Kontoor Brands from $80.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, October 23rd. Guggenheim increased their price objective 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 target on Kontoor Brands from $83.00 to $100.00 and gave the company an "overweight" rating in a research note on Friday, November 1st. Finally, UBS Group boosted their price target on shares of Kontoor Brands from $103.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, November 1st. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $95.00.

Kontoor Brands Price Performance

NYSE KTB traded up $0.25 during midday trading on Tuesday, hitting $90.91. The company had a trading volume of 223,589 shares, compared to its average volume of 483,344. The company has a current ratio of 2.50, a quick ratio of 1.42 and a debt-to-equity ratio of 2.09. Kontoor Brands, Inc. has a twelve month low of $51.76 and a twelve month high of $92.48. The company has a market capitalization of $5.01 billion, a PE ratio of 20.43, a P/E/G ratio of 2.33 and a beta of 1.19. The firm has a 50-day moving average price of $81.19 and a 200-day moving average price of $73.73.

Kontoor Brands (NYSE:KTB - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.11. The company had revenue of $670.19 million during 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 firm's revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.22 earnings per share. As a group, analysts anticipate that Kontoor Brands, Inc. will post 4.83 earnings per share for the current fiscal year.

Kontoor Brands Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Monday, December 9th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Monday, December 9th. This is a boost from Kontoor Brands's previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a yield of 2.29%. Kontoor Brands's dividend payout ratio is presently 45.05%.

Insider Buying and Selling at Kontoor Brands

In related news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the business's stock in a transaction on Friday, November 1st. The shares were sold at an average price of $80.71, for a total transaction of $729,537.69. Following the transaction, the executive vice president now owns 18,179 shares in the company, valued at $1,467,227.09. The trade was a 33.21 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Scott H. Baxter sold 119,160 shares of the firm's stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $83.60, for a total transaction of $9,961,776.00. Following the completion of the sale, the chief executive officer now owns 331,916 shares of the company's stock, 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. Insiders own 2.50% of the company's stock.

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.