PNC Financial Services Group Inc. Trims Stock Position in Kontoor Brands, Inc. (NYSE:KTB)

PNC Financial Services Group Inc. lessened its stake in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 1.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,330,033 shares of the company's stock after selling 112,579 shares during the period. PNC Financial Services Group Inc. owned 15.11% of Kontoor Brands worth $711,468,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Janney Montgomery Scott LLC boosted its holdings in shares of Kontoor Brands by 3.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 4,775 shares of the company's stock valued at $408,000 after purchasing an additional 141 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Kontoor Brands by 26.0% during the 4th quarter. GAMMA Investing LLC now owns 882 shares of the company's stock valued at $75,000 after purchasing an additional 182 shares during the last quarter. U.S. Capital Wealth Advisors LLC boosted its holdings in shares of Kontoor Brands by 7.1% during the 4th quarter. U.S. Capital Wealth Advisors LLC now owns 2,956 shares of the company's stock valued at $252,000 after purchasing an additional 197 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Kontoor Brands by 0.4% during the 4th quarter. UMB Bank n.a. now owns 51,305 shares of the company's stock valued at $4,382,000 after purchasing an additional 210 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Kontoor Brands by 242.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 387 shares of the company's stock valued at $32,000 after acquiring an additional 274 shares during the last quarter. Institutional investors own 93.06% of the company's stock.

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Wall Street Analyst Weigh In

A number of brokerages recently commented on KTB. UBS Group lowered their price target on shares of Kontoor Brands from $108.00 to $96.00 and set a "buy" rating for the company in a report on Friday, February 28th. Barclays lowered their price target on shares of Kontoor Brands from $100.00 to $93.00 and set an "overweight" rating for the company in a report on Wednesday, February 26th. Finally, Wells Fargo & Company increased their price target on shares of Kontoor Brands from $95.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $93.17.

Kontoor Brands Trading Down 1.2 %

NYSE KTB traded down $0.76 during trading on Friday, hitting $60.41. The stock had a trading volume of 686,413 shares, compared to its average volume of 681,541. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.42 and a current ratio of 2.50. The stock has a market capitalization of $3.34 billion, a price-to-earnings ratio of 13.61, a P/E/G ratio of 2.12 and a beta of 1.23. Kontoor Brands, Inc. has a one year low of $52.95 and a one year high of $96.80. The stock has a 50 day simple moving average of $83.17 and a 200 day simple moving average of $82.76.

Kontoor Brands (NYSE:KTB - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.07. The business had revenue of $699.00 million during the quarter, compared to the consensus estimate of $698.07 million. Kontoor Brands had a net margin of 9.72% and a return on equity of 73.99%. The firm's quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.28 earnings per share. Sell-side analysts predict that Kontoor Brands, Inc. will post 4.82 earnings per share for the current year.

Kontoor Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Monday, March 10th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend is Monday, March 10th. Kontoor Brands's payout ratio is currently 47.60%.

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.